Pro Kapital signed one of the largest single sales of the last years with a total value of 16.16 million euros (with VAT)
May 7, 2021
Pro Kapital signed a preliminary contract for the sale of commercial premises in Kalaranna District worth 13.40 million euros including the VAT. A total of 3,811.2 m2, ie all 25 of the commercial premises of the first construction phase of Kalaranna District were sold. The transaction was brokered by Uus Maa Ärikinnisvara OÜ. The parties also have an additional agreement for the sale of the next phase of commercial premises, which will add 2.76 million euros with VAT to the total value of the transaction, exceeding 16 million euros.
Kalaranna District, which is being built right on the border of Tallinn’s Old Town, will be the first residential environment in Tallinn adjacent to a sandy beach. Construction of the district started at the beginning of 2020 and during the ongoing construction phase 8 houses, a city square connecting the buildings and the Kalaranna park area will be completed. An integral part of the Kalaranna District will also include renewed promenade area, where the existing natural environment will be largely preserved. The completion of the first houses, park, harbor, and beach area will be in the summer of 2021, and the entire first stage will be completed in the spring of 2022.
Kalaranna District brings a Nordic environment to the seaside area and architecturally enriches the urban space. We find it positive that the business space here will be shaped by an owner with similar values which consider the history and uniqueness of the area as well as the interests of residents and visitors. An important link in concluding this notable transaction was Uus Maa Ärikinnisvara OÜ, who takes care of the well-being of commercial real estate in the entire coastal area.
The location in the immediate vicinity of the sea as well as the city center, Kalaranna District will become an important integration point for both, residents and visitors, bringing a metropolitan atmosphere to the coastal area. The heart of the Kalaranna District will be a square connecting the houses, bordered by versatile commercial premises on the high ground floors, which will undoubtedly become popular due to its unique location. The environment here, right next to the Old Town, is welcoming to Kalaranna District’s residents, tourists as well as the residents of other areas of the city. This area has been architecturally designed to create a balance between vibrant city life and a pleasant living environment for the residents.
According to Eduard Sorokin, a member of the management board of Uus Maa Ärikinnisvara OÜ, the Kalaranna District is an important part of Tallinn’s “Golden Mile” by the sea, where the port area, city center, old town, Kalamaja, and the sea promenade, meet. “This is a development with excellent architecture and functionality, continuing the course of Tallinn to becoming a greener urban space – no other development has placed so much emphasis on landscaping and public space so far,” Sorokin noted. Eduard Sorokin also pointed out that the transaction is important in the context of an entire Estonian commercial real estate. Namely, according to him, this transaction established a new benchmark of the market value of street-level retail space. He added that the rental interest of well-known market participants in the project premises testifies to the fact that the businesses are ready for a new economic cycle.