Some of Athens’ most emblematic buildings, built in the 19th century, are claiming a return to modernity, with new uses and extensive renovation and modernization work. Objects with an important history, architecture and culture, as well as with the aesthetics of another era, are trying to be revived after spending several years in obscurity and degradation, having lost some of their former glory. In this context, private investors will play an important role by undertaking appropriate renovation and re-entry projects into the real estate market, either as new owners or as tenants with long-term operating contracts.

The pearl property in the e-EFKA portfolio is the Schliemann-Mel mansion, one of the projects of the architect Ernestos Ziller, surrounded by Panepistimiou, Harilau Trikoupi 46 and Feidiou 3 streets. This is a complex with a total area of ​​10,247 sq.m. In fact, it consists of a large four-story building located on the corner of the University and Harilau Trikoupi, as well as the building that once housed the Athens Conservatory, at Feidiu 3.

The larger of the two buildings, built by Henrik Schliemann at the end of the 19th century, housed offices, while the Ideal Cinema is located in the courtyard. Until a few years ago, the ground floor housed several shops that have written their own history in Athens, such as the Ideal restaurant, where Athenians have been gathering for almost a century, and Loukoumades Aegean, which opened its doors in 1926 and has been operating until 2017. Accordingly, the other Faydi building, which is also listed, was built in the early 19th century and has housed the Austrian embassy and the ambassador’s personal residence throughout its history. Until 1971, it also housed the Athens Conservatory.

In accordance with the latest developments, the larger of the two 7,115 m2 properties of the complex will be converted into a hotel by the Mitsis Group, which won the long-term operation tender held by EFKA in December. 8, 2022. The minimum investment that the contractor has committed to implement is 15.2 million euros, and the minimum rent has been set at 70,000 euros. The term of the concession agreement is 35 years with the right to extend for another 10 years.

The creations of Ernestos Ziller, the neoclassical twins that rise on both sides of Athinas Street in Omonia Square, will be commissioned decades later. Both objects before the war worked as hotels under the names “Bagion” and “Megas Alexandros”. However, after World War II, they fell into disrepair and by the 1950s they were no longer functional, except for a few stores on the ground floor. They were built at the end of the 19th century with a difference of five years at the expense of Ioannis Baga, one of the national benefactors, who donated all his property to the state.

They even date back to the 19th century and are expected to improve the city center.

It is expected that in the near future the Bagio Foundation will hold a tender for the long-term lease of the two properties for the next 50 years. Because of their location, as well as their history, it is almost certain that they will reopen as hotels if there is appropriate investment interest.

One of the most historical and recognizable buildings in the center of Athens is the Arsakeia complex on Panepistimi Street, where the Stand of the Book was located until recently. The land was first purchased in 1841, almost two centuries ago, and in 1852 a building began to operate here, which housed the schools of the Philanthropic Society, sponsored by Apostolos Arsakis. In 1858, with a donation from Eleni Tositsa, another neighboring plot of land was purchased, and in 1868 the rest of the building block in question was also purchased. The buildings in their current form were built during the interwar period, in 1925, after the demolition of the original structures. Then the Arsakey portico was formed, in 1933 the school complex moved there, and in 1934 part of the property was leased to the Greek state (near the university), where courts were located until the early 1980s. From the buildings in 1930, the Orpheas cinema was created, which operated until 1982, and since 1954, the Carolo Kun Art Theater was located in its basement.

Today, work has begun on turning the Book House into a food hall, a place for tasting Greek cuisine. This is facilitated by a new real estate user, Legendary Foods, which has signed a long-term real estate lease agreement with Philekpediefuti Etairia since 2019. The investment was made with the participation of the Oikonomou family of ship owners and experienced leaders such as Mr. Aris Kefalogiannis, former shareholder and founder of the Gaea olive and olive oil industry.

The German company Ehret+Klein is promoting the reuse of the historic headquarters of the journalistic organization Lambrakis as a modern office space. The property at 1-3 Christou Lada Street, in the center of Athens, was purchased for approximately 7 million euros about a year ago with the intention of completely refurbishing it into a modern office space.

Building Chr. “Lada” with an area of ​​3500 m2 is identified with DOL and its history since the Civil War, and then, from the beginning of the 1950s, with the newspapers “To Vima” and “Ta Nea”, which began to be published after the occupation of Dim. Lambrakis. In 1980, the building was completely renovated to facilitate the placement of both newspapers and magazines in the complex. The DOL building was part of the Jupiter project, which Alfa Bank handed over to the Apollo investment group in 2018. Alfa-Bank acquired this facility in 2017 as part of a real estate auction of the bankrupt DOL.

Numbers

15 million
investments for the reconstruction of the Schliemann Palace.

18 million
euro cost of modernization and repair of the hotel “Pendelikon”.

1841
land was purchased
for the construction of Arsakey Megaros.

3 500 sq.m.
modern offices in the center of Athens are being built
at the historic DOL headquarters
on Chr. Oil.

“Pendelikon” in Kifisia

A new “life” awaits one of the hotels that have linked their existence with the secular Athens of another era. The reason for the “Pendelikon” in Kifisia (Kefalari), which began to be built in 1923 and was opened in 1927. It is a neoclassical building designed by the architects Andreas Kriezis, Vassilis Kassandra and Leonidas Bonis and the original owner Ioannis Gavas. .
Today, the hotel is owned by expatriate businessman Theodoros Duzoglu through the SCD Group. The property was purchased in 2015 at an auction by Alfa Bank, and shortly thereafter the business plan to redevelop the property was subject to grant provisions under the Development Law. The building will be completely renovated and reopen as a 117-room hotel in 2024. About a year ago, an agreement was announced between SCD and the Hilton hotel group. Based on this, the American group will take over the management of the hotel, which will join the Hilton Curio chain. The total investment is estimated at 18 million euros. The names of the Athenian society were placed in the “Pendelikon”, such as the prime ministers Eleftherios Venizelos, Panagiotis Pipinelis, Stefanos Stephanopoulos, Spyros Markezinis, as well as George and Andreas Papandreou, as well as Queen Frederica, who is often followed by her daughter, Princess Irene. .