Latgale suburb district is unique in that several universities are concentrated here - VRU, ISMA, BSA, LU. Many students from abroad come to study at these universities. Their number is in the hundreds. These students need dormitories, which are currently in short supply in the area.
The property for sale consists of a 658m2 building, a small outbuilding and a 3822m2 plot of land. The zoning of the plot is JC2, which provides for, among other things, the construction of tourist and recreational facilities, which are permitted up to a height of 6 storeys.
It is possible to increase the floor area of the existing building by adding one additional storey. The existing structure is sufficiently robust and allows for this. All slabs are reinforced concrete.
A sketch has been drawn up for the existing building, which provides 56 student beds. The building can be redesigned and the number of beds can be changed as desired.
New utilities inside the rooms can easily be built without affecting the overall appearance, as specially built ducts for utilities run along both walls of the building. The rooms also have suspended ceilings. The whole building has PVC double-glazed windows. The water supply is currently disconnected. A borehole has been considered, as the surrounding neighbours have done. After some time a road is planned along the railway with all new centralised utilities.
Discussions have been held with the operator of such a serviced hotel to ascertain the rental potential. As soon as the building is ready for renting, the operator is ready to enter into a management contract. The expected return is 12-14%.
For more information and to arrange a viewing, or if you have any further questions, feel free to call or email.
