The building at 19 Elijas Street has been put into operation

After the purchase of the building in 2018, the 5-storey residential building and 3-storey office building at 19 Elijas Street have been put into the operation. The lease process has been commenced by transferring the ergonomic and functional space to the new lessees. What was the process of purchase and improvement of this property?

Briefly about the building

The 5-storey residential building and 3-storey office building at 19 Elijas Street is located in a convenient place – close to the centre of Riga, within just a 15 min walk from the Old City Centre. At the moment of purchase, the building was in a relatively poor technical condition, but by investing funds, it was turned into a modern environment for the lessees, conforming to the latest standards.

What was done?

Investments were made in the property to improve its technical and visual condition. The following work activities were performed after the purchase:

1. Replacement of roofing;
2. Renovation of facade, including heat insulation of the building;
3. Refurbishment of internal premises, equipping them with safe and modern communication network.

The building has been put into operation.

At the moment, the office space and rental apartment building at 19 Elijas Street is offered to customers for rent. Lease area exceeds 1,400 m2 which in total accommodates 29 apartments for tenants to chose from.

Mr Daniils Ruļovs, Hansa.RE partner, talks about the building:

“Reconstruction of the rental building at 19 Elijas Street is an important strategic step towards the development of the Fund. First, we are pleased to know that by introducing such real estate unit on the market, we do benefit and strengthen the city of Riga. Second, rental building availability is currently a rare phenomenon in our region, therefore, by accomplishing this project, we pioneered ourselves at the forefront of this new trend. By creating a rental building from scratch, we have gone through the entire cycle, from the purchase, followed by designing process and reconstruction, to leasing out the entire building, thus, laying foundations for the implementation of our strategy and future developments.”

LLC (SIA) Hansa.RE is an investment manager founded with the goal to invest in real estate objects both in Latvia and the Baltic states for commercial purposes.