The building at Aguonų St. 4 previously housed the State Labour Inspectorate, but the institution vacated the premises after moving to the renovated Property Bank building at Mindaugo St. 12. The vacated property was offered to the market in a public auction, and the funds received from the sale will be directed towards the renovation of state real estate.
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“The end of July was marked by several high-value property auctions. In just the past 2 weeks, real estate no longer needed for state functions was sold for more than 8.43 million euros. Active bidding allowed the final auction prices to increase by an average of 21%,” says Indrė Kajokienė, Director of the Property Bank’s Commercial Department.
The auction at Aguonų St. 4 continued the successful series of real estate sales by the Property Bank. This is the second consecutive week that properties valued over 1 million euros have been sold at auctions.
Last week, several properties in the center of Vilnius attracted market attention at the Property Bank auction. Administrative premises at Algirdo St. 31 in Vilnius were sold at auction. The starting price for the property on the fifth floor of the building was nearly 1.30 million euros, but after competition among participants, it was sold for the highest bid of 1.62 million euros. The final price is almost 25% higher than the starting price.
Active competition also took place for other administrative premises in the same building. The starting price for the property on the second floor and basement was nearly 210 thousand euros, and at auction it rose to 378 thousand euros. This means the final sale price was 80% higher than the starting price.
The successful auction series was further complemented by a property sold in the center of Klaipėda, for which the auction winner offered 640 thousand euros.
The steadily growing investor activity in Property Bank auctions allows the state to effectively realize unnecessary real estate and direct the received funds towards renewing the state real estate portfolio – creating modern workspaces, adapting them to institutional needs, and managing state property more efficiently.
