State real estate company sells Old Riga building for €2.61 million

Latvia’s state real estate company Valsts nekustamie īpašumi has sold a building at 7 Smilšu Street in Riga for €2.61 million, LSM reported. The building currently houses the State Education Quality Service, while part of it is unused.

A legal entity won the auction, according to Valsts nekustamie īpašumi. Six interested parties registered for the auction, which involved 41 bidding steps. The starting price was €2.2 million.

The property consists of an 831-square-metre land plot and an administrative building with a total floor area of 3,293.5 square metres.

It is located in Riga’s Vecrīga district, in a block formed by Smilšu, Mazā Smilšu and Meistaru streets. The property is next to the Jēkaba Barracks, the Ministry of Education and Science, the Powder Tower and the Latvian War Museum.

The surrounding area mainly contains two- to five-storey masonry buildings constructed in the 19th century, the first half of the 20th century or earlier. They house business and public institutions, shops and service providers. Riga Castle, the Saeima building, Dome Square, the Swedish Gate, Town Hall Square and Riga City Council are also nearby.

The old buildings in the neighbourhood are gradually being renovated, with hotels, high-end office spaces, apartments and representative premises being developed. The property has a medium-intensity pedestrian flow and low car traffic. The area has well-developed transport infrastructure, including several bus, trolleybus and tram routes, Valsts nekustamie īpašumi said.