From old house to new residential apartments
Address: Raua 59/61, Tallinn
Project type: Rental/Development
Purchase date: 05/2016
Exit date: 03/2017
Investment amount: 1,230,500€
Net returns earned for investors: 15.1%
We were excited to invest into this diamond in the rough property located on the outskirts of the charming Kadriorg neighbourhood in 2016. Our experienced team took on an old building with 13 apartments, one garage and lots of character. Despite its shabby condition, the old property generated an attractive monthly rental income. Thanks to our property management team, we were able to rent out the apartments whilst planning the development of the property.
We knew exactly what to do in order to secure the necessary permits for the demolition of the existing buildings. After obtaining the detailed planning for the construction of a new apartment building in this central area of Tallinn, we decided to exit the investment. We sold the property with all the necessary permits and detailed planning to a well-known development company and made a healthy profit. The property is now on its way to becoming one the most attractive buildings in the area.
This object has passed Reinvest24 risks assesment and is secured by Collateral Agent mortgage.