Dilapidated historical monument to be auctioned in St. Petersburg
2010-07-26
The St. Petersburg Property Fund is to auction out a property consisting of two obsolete structures in the centre of St. Petersburg. The starting price is €0.7m. One of the structures is a historical monument and can be rebuilt only with the blessing of the Monument Protection Committee.
The Russian development company IVI 93 considered rebuilding one of these several years ago, but it transpired that the two structures share engineering infrastructure and cannot be rebuilt separately. The second house was still inhabited at that time and IVI 93 would have had to relocate the residents. As a result the developer abandoned the project. The residents of the property were eventually relocated after a major fire in the building. Experts believe that despite the obligation to restore the asset it will be attractive to investors because of its prime location, which is suitable for upmarket residential projects.
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