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425 500 €
Listed: 2021-06-02
Type: Buy to Let
Mortgage rank: None
Interest payment schedule: Monthly
Min. amount of investment - € 0
Update from the originator:
Update on an important development concerning rental property Kadrioru Plaza - unit 2.
The tenant of this property is experiencing financial difficulties. Despite having a long-term rental agreement in place until August 2025, they moved out as they cannot maintain the monthly rental payments.
The originator has identified an interested buyer for the property and are currently in the final stages of negotiations. Expectation is to successfully complete the sale and secure a profitable exit for the investors within the upcoming weeks.
The originator will communicate all the details as soon as the deal is finalized.
Criteria | From a+ to d | Project rating |
---|---|---|
Macro Location Analysis | A+ | B Originator rating C+ EvoEstate Risk rating is of an informative nature only & can not be considered investment advice. |
Financial Cost | D+ | |
Tenant | B- | |
Experience Developer | B+ | |
Occupancy | D- | |
Elevator | A+ | |
Parking | A+ |
Kadrioru Plaza is a commercial and residential building commissioned in 2020 and. The newly developed building is located in the center of Tallinn, Kadriorg district. Floors 1 to 4 are commercial spaces and 5-9 residential apartments. Our office space is located on the 3rd floor - nr. 303, with a total area of 186,6 sqm. The office space comes with 2 parking space in the underground parking area.
The area
The great location of Kadrioru Plaza deserves special mention. It is located next to one of the busiest traffic junctions and in the immediate vicinity of important service companies and government agencies. Connections to the city center and the airport, as well as Kadriorg with its parks, cafés and museums, add value. Visitors and residents will fully enjoy the admirable location.
Main facilities:
The property
Kadrioru Plaza building, with its outstanding architecture, is characterized by a modern interpretation of Art Nouveau architecture and a streamlined Art Deco style. It is the largest and most comfortable residential and business complex in Kadriorg, completed by the renowned Estonian architectural firm Künnapu & Padrik Architects. In addition to excellent apartments, Kadrioru Plaza combines unique facilities with relaxation areas, common areas and sports facilities.
The investment property is a 186,6 sqm office space with an address Vesivärava 50, Tallinn. We already have potential tenants for this office space, we expect to get the rental contract finalized in the upcoming weeks. The new development comes at 2200 EUR/sqm, which includes all the related costs. Based on sales transactions in Q4 2020, the average sqm price in Tallinn was 2244 EUR. Our property is a new development and its location is a high-end district in the city center, but we still manage to get it at a lower price than the overall average in Tallinn.
The property is located on the edge of Tallinn’s city centre – in the prestigious residential area of Kadriorg, one of the greenest areas in Tallinn, sheltered from the city noise. Kadriorg is a dream location for both residential and commercial spaces but is more known as a high-end residential area. The old residential buildings in the area hold architectural and historical value and therefore the city of Tallinn does not allow to demolish them. That makes it hard to develop new buildings in the area, therefore the demand has been growing faster than the supply in the past 10 years and there are no signs for this trend to change
In the current situation with COVID restrictions we saw a decrease in demand for office spaces in the first part of 2020, but from there on the demand has picked up and now it is on a growing trend. We believe that now it’s a great time to invest, while the prices for properties are still low due to the shock after the lockdowns. The residential properties have skyrocketed within the last 6 months in Tallinn. When the situation with COVID will stabilize - the office space rental prices will follow the general trend. Currently, our estimates for rent are done with 13 EUR/sqm, but we are sure that within the near future, the rental prices in this building will increase to 14-16 EUR/sqm. This makes this property a very strategic investment with stable and predictable future projections.
We aim to acquire several properties in the same location and create a pool of properties from them to provide better stability in rental return for our investors. We are considering using bank leverage to partially finance some portion of projects in this building.
Date | Status | Late | Assignment date |
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20.10.2021 | Paid | No | 18 October 2021, 17:10 |
20.11.2021 | Paid | No | 16 November 2021, 20:25 |
20.12.2021 | Paid | No | 22 December 2021, 20:41 |
20.01.2022 | Paid | No | 14 January 2022, 21:01 |
20.02.2022 | Paid | No | 18 February 2022, 11:02 |
20.03.2022 | Paid | No | 16 March 2022, 14:39 |
20.04.2022 | Paid | No | 25 April 2022, 17:04 |
20.05.2022 | Paid | No | 23 May 2022, 19:53 |
20.06.2022 | Paid | No | 15 June 2022, 20:48 |
20.07.2022 | Paid | No | 05 July 2022, 18:22 |
20.08.2022 | Paid | No | 24 August 2022, 12:26 |
20.09.2022 | Paid | No | 21 September 2022, 13:25 |
20.10.2022 | Paid | No | 19 October 2022, 11:54 |
20.11.2022 | Paid | No | 23 November 2022, 12:16 |
20.12.2022 | Paid | No | 21 December 2022, 11:28 |
20.01.2023 | Paid | No | 18 January 2023, 11:17 |
20.02.2023 | Paid | No | 22 February 2023, 12:39 |
20.03.2023 | Paid | No | 29 March 2023, 12:46 |
20.04.2023 | Paid | No | 26 April 2023, 11:28 |
20.05.2023 | Paid | No | 07 June 2023, 13:51 |
20.06.2023 | Paid | No | 04 July 2023, 14:38 |
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Amount €