It is planned that a decision on the price reduction will be taken no earlier than September 24 , after which a new auction is expected to be announced on October 1. As reported, the starting price of the first auction was EUR 3.57 million, and all the proceeds from the auction are to be donated to Ukraine.
"Despite the great work done by VNĪ in approaching potential investors and real estate intermediaries, the current auction price is not attractive enough for market participants. The specifics of the use of the property, which is oriented towards cultural and various event functions, do not meet the current demand, therefore, the potential future owner of the building, making additional investments in the building, should adapt it to a function that could better meet both the local and international market requirements," said VNĪ Board Member Andris Vārna.
The Moscow House, built in 1976 and renovated in 2002, is a five-storey building with one underground floor and a total area of 4482.4 square meters.
Potential investors will be invited to participate in a new auction, which could start on October 1 after the decision on the price reduction.
