0.85 ha for the construction of a residential complex or an apart-complex in the centre of Sochi The price reduced by 15%

The Auction House of the Russian Federation will hold an auction for the sale of real estate of CJSC Kombinat Kaskad bankrupt company.
The biddings will take place at the Electronic Trading Platform (ETP AHRF) through public offer from 30 October until 15 November.
The Lot consists of Kaskad restaurant complex with a total area of 5.3 thousand sq. m and a land plot with an area of 0.85 ha (rented until 2058), located in the distance of 400 m from the Black Sea embankment.
Address: 31, Kurortny Av, Sochi.
In the distance of 500 meters a marine passenger terminal is located, in the distance of 1.5 km there are bus terminal and railway station. In the nearest surrounding hotel and residential complexes, educational institutions, museums and concert halls are located. Besides, nearby there are a lot of public gardens and walking areas.

Currently the restaurant complex does not work. The most efficient way of use of the land plot will be its redevelopment for the construction of residential or apart-complex. According to preliminary calculations on the territory from 25 to 50 thousand sq. m of real estate (number of floors is up to 15) can be constructed.
The starting price is 255 million rubles.
The cost of the Lot will be gradually being reduced.
Minimum price is 216.7 million rubles.
Proposals on price are being accepted from 30 October until 11 November.

“The assets is interesting first of all because of the fact that it is the last large land plot for development in the centre of Sochi.
The Object located in a prestigious and expensive district, where such projects as Hyatt Regency Sochi Hotel of deluxe class, Marins Park Hotel, Pullman Sochi Centre Hotel, luxury KARAT Apartments RC (residential complex), Alexandriyskiy Mayak (Alexandrian Lighthouse) RC, Gorka RC and others have already existed. Prices for real estate in these projects amount to 500,000 rubles per1 sq. m”, – tells Yulia Akimova, Head of Krasnodar Office of the AHRF.

For detailed information about the Object of sale please see the website of the Auction House of the Russian Federation (AHRF)