Patarei sea fortress will be sold at a public auction. The auction period will be six months (bids will be accepted until November 12, 2019) after which the investors, who can implement their bold vision in the sea fort, will be announced. The starting price is 4.5 million euros.
Great location by the seaside
Patarei sea fortress is located in the distinctive and evolving district of Põhja-Tallinn. With its unique architecture and charming interior design, the sea fortress situated on the shore of the Gulf of Tallinn, is recognizable from both the land and the sea. The neighbours of the sea fortress are Kalamaja district, which lives in greenery and in its own rhythm, the maritime museum Lennusadam with its excellent exhibitions and Noblessner harbour with its cafes and marina.
A historical and unique sea fortress in Tallinn
In 1828, czar Nicholas I of Russia approved the protection plan of Tallinn, under which a major coastal protection object was built, partially at the same locations where the coastal defenses from the Swedish rule were already situated. The construction of the massive sea fortress began in 1829 and was completed by 1840. Patarei sea fortress consists of arched (gorge) and a sharp-angled (lunette) parts. The arched part of the building looks classicist and rustic with a socket floor and a symmetrically arranged row of windows. The building, with its outstanding architecture and scalability, is an excellent example of the work by military engineers Etienne-Louis Boullee and Claude-Nicolas Ledoux.
A lot of potential as an investment
Põhja-Tallinn has the least stock of retail space of all districts in Tallinn. At the same time it occupies third place by population among all Tallinn’s districts. There is a clear potential for demand growth in the actively developing areas like Kalaranna, especially for close-by and neighbourhood shopping opportunities. Grocery retailers continue to seek possibilities for further expansion in Tallinn and its suburbs.
As the majority of hotel room stock in Tallinn is located in the city centre, the area is also considered to be the most attractive place for possible hotel developments in the short- and near-term perspective. Additionally, areas in the close surroundings of the Central City area, e.g. Kalamaja/Telliskivi area in Põhja-Tallinn city district are also becoming more attractive for hotel operators.
In addition, the Põhja-Tallinn district shows one of the highest activities in terms of the number of all apartment transactions in Tallinn with ca 17% of the total number of transactions (more than 1,500 deals per annum on average since 2015). Due to active residential development, Põhja-Tallinn and especially the Kalamaja have the highest average prices per square metre in Tallinn.
More information can be found here.