25.12.2014

Project to reconstruct country estates near Moscow according to program “Green corridor” started Although general market stagnation, RAD found investor for Boldino country estate

On December, 25 the Russian auction house (RAD) held the auction to attract investors to restore a historical Boldino country estate in the Moscow region.
Manor area – 1200 sq. M, land plot area – 70 ha
Two pretenders took part in the auction.
Auction winner – CJSC “Megapark” (part of ASG group of companies) paid for the lot – 4 532 091 rubles.
The auction was held by order of the Selection Direction of the Russian Ministry of Culture.

The object is a historical site of federal importance. The buyer is to perform repair and recovery works and make it suitable for modern use: recreation and administrative purposes: to place a holiday house, hotel, spa or medical and recreation center, offices, etc.

The investor bought the country estate in accordance with program “Green corridor” with postponed conditions of ownership right transfer, down payment and a clear scheme of project state support.               
Object ownership right will appear only when the repair and recovery works are performed and within reconstruction period the country estate will be leased by the buyer. Payment conditions: 20% - at the auction immediately after signing the agreement, the rest 80% - on time, every quarter, within the entire restoration period.
For its part, the Selection Direction ensures obtaining all the necessary permitting documentation to reconstruct the object, accompanies and supports the investor at all the construction stages, including stage of working out and agreeing mason reconstruction project.
This scheme of work enables simultaneously to avert appearance of unfair participants at the auction (country estates will be for sure owned by those who are interested in their recovery) and ensure control of the works from the state – the Ministry of Culture of the Russian Federation and Rosimuschestvo.

“Nowadays, under conditions of actual market stagnation, to find an investor, in fact, a patron is a very good luck. The project needs serious long-term investments.
Recovery of historical country estates is less a business project than a tribute to native culture. The investor should ensure serious, payback of such projects is a matter of decades.
At the same time, historical component of this objects, new-born genius of the locations add originality to modern business located here, make a basis of its attractiveness for potential investors. (Elena Gaidai, Director of RAD Moscow affiliate).

The next auction is planned to be held In February of 2015. The following objects are prepared for sale: Grebnevo country estate, Gertsen’s country estate, Pokrovskoye-Zasekino, Aleksandrenko’s dacha, Nikol’skoye-Uryupino, Dedeshino.


Briefing note:

CJSC “Megapark” is not a new player at this market. Megapark closely cooperates with the Fund of regeneration of Russian country estates. At the present the company is reconstructing Aiguino country estate including a mason, park territory, and agrotourist complex. In the manor it is planned to allocate the House of receptions, including Regional Government events.

Boldino country estate was built in the first half of the eighteenth century.
It is the family estate of Tatischevs. Vasiliy Nikitich Tatischev was in disgrace here in the reign of empress Elizaveta Petrovna. Here he spent his twilight years writing “The Russian history from the very ancient times”. Later the estate passed on to merchant Fetter, founder of “Fetter cartridge factory”. He was a great-great-grandfather of poet Fyodor Tyutchev.
In 1825 the country estate and the manor were thoroughly measured and described in connection with a would-be sale. These descriptions turned out to be safe and due to them now there is chance to restore the country estate original appearance.
During the Great Patriotic war Boldino was in the combat zone.
At present the estate is ruined.

Russian auction house – All-Russia auction site to sell state and private property – got the right to sell country estates near Moscow in summer, 2014 winning the tender announced by the Selection Direction of the Ministry of Culture of the Russian Federation. Before that, by the Selection Director order, RAD sold a historical building – a private house of the nineteenth century on Shkol’naya street – with a 30 million rubles exceeding over the initial price.  Besides, RAD sold pavilion “Hexagon” in Gorky park built for the agricultural and industrial exhibition of 1914. After restoration modern culture center will be located in the pavilion. 
By the order of Rosimuschestvo RAD sells assets within privatization program all over Russia, holds auctions to sell state property in the Moscow region, Saint-Petersburg, Kazan, Hanty-Mansiysk autonomous district Yugra.
RAD has auction sites in Moscow, Saint-Petersburg, Nizhniy Novgorod, Rostov-upon-Don, Novosibirsk and Tyumen.