Investment Opportunity Audēju Iela 7, Rīga
A unique investment property in Old Riga (Vecrīga) – a historic Art Nouveau building, included in the UNESCO World Heritage list. The building was constructed in 1899, designed by architect Alfrēds Ašenkampfs (one of the first Art Nouveau properties in Riga). The original owner was Aleksandrs Grossets.
BUILDING AND ARCHITECTURE:
Historic facade with rich decor (stucco, mascarons, Art Nouveau elements).
Preserved inside:
- wall paintings (frescoes).
- decorative elements.
- historic window openings.
- staircases (spiral stairs).
PROPERTY DETAILS:
- Total area: ~2000 m²
- Built-up area: 1841 m²
- Plot area: 469 m²
- Building footprint area: 469.1 m²
- Building volume: 9589 m³
- Number of floors: 5 floors + basement + attic.
- Partially leased (commercial on the 1st floor).
The building consists of two volumes (A and B), with a well-thought-out historic layout and good insolation of the premises.
LAYOUT AND CONCEPT:
- Approved project: 16 residential apartments.
- 1st floor + mezzanine: commercial premises (restaurants, cafes, boutiques).
- 2nd–5th floors: residential apartments.
BUILDING LAYOUT:
- Spacious apartments with high ceilings.
- Light shafts (natural lighting).
- Flexible redevelopment possibilities.
POSSIBLE:
- facade restoration.
- window and door restoration.
- integration of modern solutions.
Full modernization of engineering systems (electrical, ventilation, heating, etc.)
INVESTMENT POTENTIAL:
The property is ideal for:
- Boutique hotel: 6–8%
- Residential rental: 5–6%
- Mixed-use: up to 7%
MARKET:
- 2.6+ million tourists per year by 2025.
- High demand for heritage properties.
- Limited supply of similar buildings.
- 3,500–5,000 €/m² (premium rental segment).
ADVANTAGES:
- Unique architecture and status of the property.
- Location in the tourist center of Riga.
- Limited supply of similar properties.
- High demand for premium real estate.
RECONSTRUCTION AND OPPORTUNITIES:
- Approved development plan (16 apartments + commercial).
- Facade restoration agreed.
- Possibility of elevator installation.
- Full modernization of engineering systems.
- Preservation of historical elements (stucco, staircases, decor).
FLOORS:
- Condition assessment and partial preservation planned.
- Replacement possible while preserving historical character.
DECOR RESTORATION:
Work will be carried out by restorers.
Preserved:
– original fragments.
– decorative elements.
– historical finishes.
ENGINEERING SYSTEMS:
- All engineering networks (electrical, water, sewage, ventilation, heating)
will be completely updated.
- Elevator solutions are provided for.
- Connections and communications will be modernized to meet modern requirements.
FIRE SAFETY:
- The building will comply with U2A class.
- All fire safety solutions will be developed during the project phase.
PLANNING SOLUTIONS:
- Flexible adaptation of premises is possible.
- The building structure is preserved.
- Entrances and zones can be modernized to modern standards.
For relevance and all inquiries, please call us. We will be happy to answer all your questions and arrange a viewing of the property. We look forward to your call.