Luminor Real Estate Auction – Plots for residential development near the Green Lakes

Registration for the third auction of real estate owned by Luminor bank AS Bank and a group of companies organized by the international real estate consulting company Newsec has begun. The initial total cost of the 48 properties for sale is $ 5.2 million. euros. Based on the needs of buyers after the second auction, the objects are offered on more attractive terms – reduced starting prices, large parcels of land are subdivided, making them more attractive to small developers. It is also possible to purchase items without waiting for the auction to begin.
According to Jurgita Šaigytė, head of Newsec’s Mediation Team, a significant portion of the property being auctioned consists of different sized land or individual plots suitable for residential development or for the construction of private homes. Depending on the needs of the buyers, some plots will be offered on more attractive terms. For example, a 1.5-hectare plot of land near Vilnius, in the rapidly growing and prized settlement of the Little Gulbinas near the Green Lakes, has been broken down into 11 separate plots with an initial aro cost of just € 1,000, excluding VAT. Houses built here are estimated to be among the most expensive in Lithuania at the moment – in the neighborhood, home prices start at € 3 million.
Just a few kilometers away from this settlement are the residential areas of Vilnius city: Santariškės, Visorių, Jerusalem, Baltupiai and Fabijoniškės with the city infrastructure: schools, kindergartens, shopping centers, medical facilities, public transport. Due to its good geographical location, attractive landscape and expensive residential neighborhood, Gulbinai settlement is becoming an increasingly popular area of ​​Vilnius.
According to Mr Šaigytė, the smaller plots of land offered are attractive to smaller developers, and the location of the area is particularly attractive to a city worker who wants to live in a peaceful place where nature is close but so is the city.
Larger developers should be attracted by the auctioned 5.4-hectare plot in the same Little Swan area. An array of 57 land plots is suitable for the construction of low-rise residential buildings. The object is offered for the initial 568 thousand excluding VAT.
Recreational objects, such as nearly 1,000 sq m tennis courts in Molėtai district, near Siesarties lake, will also be auctioned for starting price 368 thousand EUR excluding VAT. The object is suitable for development of rural tourism or recreation activities – there is no shortage of such objects in the neighborhood, one of them – Mindūnai observation tower. This homestead, located in Aukštaitija Regional Park, is just an hour’s drive from the capital.
According to the Newsec expert, the commercial building complex Lingailių str. 6 in Šiauliai.
“In the industrial quarter of Šiauliai Rėkyva, next to which there is a railway branch, is 4650 sq. m of area in industrial complex that is adapted for industrial activities with administrative and warehouse premises reconstructed in 2007. The complex has permanent tenants, so it generates a steady stream of income without additional investment, on the other hand, buyers can tailor the development of the facility to their needs. The initial price per square meter of the object is just 172 euros, and for such an amount it would be impossible to build a similar object today, ”- emphasizes Šaigytė.
The most expensive auction item for over $ 1 million EUR 1,250 sq.m. m exceptional administrative building in Klaipeda Old Town, Liepų str. 10. It is a historical object located in the territory of immovable cultural property, reconstructed in 2002. The 80-storey, two-story attic house has a patio with an outdoor pool with a fountain. There is a bank on the premises of the building, so the object for sale is suitable for commercial activities and without initial investment.
In total, 7 administrative buildings in different cities of Lithuania will be offered at auction: Klaipėda, Panevėžys, Marijampolė, Ukmergė, Molėtai, Švenčionys and Utena. They are all located in central city locations, suitable for commercial use. The initial prices of objects start from 85 thousand and goes up to EUR 1 million euros.
According to J. Šaigytė, objects of this purpose have received attention in previous auctions, during which a number of former administrative premises of the bank were bought.
Based on the results of previous auctions, the price of most of the offered properties is reduced by 10%.  Auction registration begins July 9th and will continue until July 30th.

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