10 properties, including a mansion, were sold at the Luminor RE auction

A real estate auction for more than 925 thousand. Ten real estate properties owned by Luminor bank AS and the Group were sold for EUR 2 million (excluding VAT). These include a 17th-century mansion in the Vilnius district and premises in the center of several cities in the country. The bank auction was organized by international real estate consulting company Newsec.
The buyers were intrigued by the buildings, land and mansion
A unique complex of neoclassical architectural style buildings in the Raudondvaris township of Nemenčinė eldership were sold through a pre-auction. This palace, which dates back to the 17th century, housed a brewery, and later the historic building was abandoned. Its conversion possibilities are very wide – it is an attractive place near Vilnius, the palace owns a park and it has a water pond. 88 thousand euros were paid for 11 thousand square m buildings on A. Parčevskio Street.The three properties where Luminor’s branches were located or are still operating are the most expensive at auction. The 860 sq. M bank building located in the center of Mažeikiai (Laisvės Str. 9) was acquired for 240 thousand LTL. euros. The bank branch in Gargždai was acquired before the auction with the Buy Now option (part of the building of 614 sq. m.) for 224 thousand, while office in Kaisiadorys (312 sq. m. administrative premises) – for 140 thousand. euros.
There is a growing focus on regional objects
Buyers also received 4 land plots. Two of them – in Vilnius district: Grigaičiai village, sold for 20 thousand and on Poolino Street, Ovižieniai for 40.9 thousand euros. The other two – on the seashore: in Saulažoli village in Klaipėda district, were purchased by customers for 37 thousand LTL. and in Pakalnė village in Šilutė district sold for 18 thousand euros. In addition, the auction house in Kretinga sold for 77 thousand and apartment and garage in Marijampolė for almost 40 thousand euros.
“During the two auctions so far, 24 properties have been sold for a total price of more than $ 2.1 million. euros. These auctions have shown that even less liquid regional markets have the potential and wide conversion potential in terms of risk. Investors are paying attention to regions and lower real estate prices compared to Vilnius and Kaunas. The risk of investing in Lithuanian cities is not only the higher real estate value, but also very intense competition. For these reasons, more and more investors are turning to the regions and choosing to develop recreational areas, housing estates or just objects for the future, to create new investment prospects in the region, ”observes Jurgita Šaigytė, Head of Newsec Mediation Team.
According to the expert, buyers in this auction were actively interested in objects in the regions – the land plot in Pakalnė village in Šilutė district attracted the most interest. It was sold for up to a third more than the auction’s original bid. Marijampolė also attracted the attention of buyers – the apartment and garage in this city was sold by 10 percent higher price. In total, as many as half of the items sold at auction were purchased by buyers for a higher – 10 to 31 percent – price than the original bid.

The next auction – a selection of 30 items
According to J. Šaigytė, the planned third bank auction will offer many different types of real estate objects, including high-value buildings: “The geography of the properties being sold and the purpose of the property are so diverse that they may be of great interest to a wide range of buyers, from real estate development companies to natural persons acquiring property for personal use. Part of the property is the spacious, downtown space that can be used for offices or retail space, these locations are attractive because of the large flow of people around. ”
The most valuable object offered during the auction will be waiting for the buyer – Klaipėda Old Town, Liepų g. 10, located at 1,250 sq. m. administrative building. Located next to the Port City Municipality, the property features exceptional architecture, costing over $ 1 million euros.
Another valuable building will be sold in Šiauliai – it’s 4650 sq. m. reconstructed industrial complex Lingailių g. 6. It is geared for productive activities with administrative and warehouse space, and has tenants on a permanent basis, thus providing a steady stream of income without additional investment.
The remaining portfolio of Luminor Bank and Group properties for sale consists of administrative buildings, industrial complex, plots of land for various purposes, homesteads, residential houses.
The Luminor property offered in the e-auction platform is spread across Lithuania – 28 municipalities. Most of the objects offered for auction are in the seaside, Vilnius and Šiauliai regions.

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