Latvia, Legislation, Markets and Companies, Real Estate

Kalnciema Iela, which belongs to Karlis Dambergs, was the only bidder participating in the auction.

Burovs said that the auction’s commission approved the result unanimously.

The new leaseholder of Agenskalns Market will have to pay a monthly rent of EUR 0.21 per square meter (excluding VAT) of the property while the market is under renovation, which has to be finished by November 2021. After that, the monthly rent will go up to EUR 1.2 per square meter (excluding VAT). In addition to that, the leaseholder will be charged an annual ground rent of EUR 7,460 (excluding VAT), Burovs informed.

Kalnciema Iela is expected to conclude the lease agreement for 30 years.

The market is 4,249.6 square meters large and the total size of the land plot is 8,433 square meters.

Agenskalns Market was closed this January due to the poor condition of the building. The building has been managed by Rigas Centraltirgus (Riga Central Market) for many years, but in February it was taken over by the Riga City Council property department and a tender will be organized to select the next lessee of the market for a period of 30 years.

The strategy for leasing out Agenskalns Market stipulates that the new investor will have to completely restore the market to its former glory in three years and six months.

Agenskalns Market is the largest market in Riga's Pardaugava, its total area is 8,300 square meters. Agenskalns Market, designed by Riga Chief Architect Reinhold Schmaeling, opened in 1925.