An important “crash test” of investment demand in real estate marketin the midst of increasing financing costs and the general economic climate that is shaping up internationally, there will be tenders announced EFKA for the use of his three properties in the center of Athens. These are long-term operating contracts, which are accompanied (based on the terms of the tenders) by a commitment to implement investments in reconstruction and modernization totaling more than 50 million euros. Thus, the degree of investment interest expressed will also be a “message” on how foreign and domestic groups see the prospects for the Greek economy, tourism and the property market in general.

University 46

The first critical date is tomorrow, as the submission of binding financial proposals for the long-term lease of the Schliemann mansion at the intersection of 46 Paneseptimi and Harilau Trikoupi streets is scheduled for November 9th. This is one of the most emblematic objects of the center of Athens and EFKA in general, as it was built in 1880-1890 by Ernesto Ziller. Complex 7 115 sq.m. in the yard is the cinema “Ideal”, and in another area towards Feidiu Street 3 is the Old Conservatory, assigned to the Department of Culture.

EFKA intends to convert the property into a hotel of at least four stars, with a minimum investment of €15.2 million for the renovation of the building and a minimum monthly rent of €60,000 based on the terms of the tender. The concession will be granted for a maximum period of 45 years (35+10). It is possible that the closing date for bids will be pushed back a few days due to a nationwide strike called by GSEE and ADEDY on the same day.

Socrates 65-67

A few days ago, a tender was announced for the construction of the building of the former Court of Appeal at 65-67 Sokratous Street, behind Omonia Square. This 10,250 sqm building, which also housed the Ambassador Hotel, has been vacant since 2000, as all attempts to use it have “failed” to date. The tender includes a minimum investment commitment of 24 million euros to renovate the building and turn it into a four-star hotel. Application submission is scheduled for January 25, 2023. The lease term is set for 40 years (30+10).

Socrates and Zeno

Applications for the long-term lease of the 6,878 sqm building at the intersection of Sokratous and Zenonos streets, which is also intended to be repurposed and converted into a hotel, are scheduled for 30 November. The contractor will undertake an investment of at least EUR 12.5 million and the concession will last 45 years.