RKAS tried to sell the Liivalaia Courthouse twice. The first time was in the summer of 2023. The initial price was 4.5 million euros, but no buyers came. Experts thought the price was too high.
The second time was in the fall. This time the price was 4.14 million euros. It was cheaper, but buyers still didn't come. Similarly, the sale of the Vesilennuki 14 property was unsuccessful.
RKAS CEO Tarmo Leppoja said that currently it is difficult to sell commercial real estate on the market. He believes that the situation will not improve next year.
RKAS is now asking market participants for advice. They want to know why the sale was unsuccessful. Leppoja said that confirming the detailed plan could help. They will complete this process before attempting to sell again.
The detailed plan for Liivalaia was completed in May. The public discussion was in September. The Tallinn City Government says that before the plan is finalized, RKAS must sign a co-financing agreement.
The sale of Vesilennuki 14 was unsuccessful because the detailed plan limited development opportunities. RKAS plans to try again next year.
RKAS successfully sold Tõnismäe 5a and Maneeži 2 and 4 buildings. Tõnismäe was purchased by Hausers Grupp for 4.51 million euros. Maneeži was purchased by Meeruse Residentsid for 3.855 million euros.
RKAS does not plan to sell any more properties this year.