Auction of Tallinn’s Kopli Lines attracts 2 bids

Two bids were made for the 82 properties situated on the Kopli peninsula in North Tallinn put up for sale by the city government as a single item with a starting price of 1.5 million euros.

One of the bidders is from Estonia and the other from the United Kingdom. The decision about whether or not the bids meet the terms of the auction will be made by the commission overseeing the auction by Friday, the Raepress press office of the city government said.

The so-called Kopli Lines properties are to be sold in a combined two-stage auction where in the first round the bids are checked for consistency with the terms of the tender and a tender with preliminary negotiations held in the second round.

The city government intends to endorse during one month from the approval of the outcome of the first round additional conditions for the tender with preliminary negotiations, including the deadline of bids, criteria for evaluating bids and sanctions in the event of non-compliance.

The Kopli Lines, or Kopli Strand development area situated on the seafront of a historic industrial district of the capital city covers approximately 17 hectares and the area of the lots with effective building rights is approximately six hectares.

The city intends to find a developer for the area best known for derelict wooden workers’ barracks from the beginning of the 20th century that would develop it as a residential area, also building infrastructure facilities such as roads, a water supply and sewerage system, recreational areas and green areas for the whole project area.

The City of Tallinn has been searching in vain for a developer for the attractively situated area for many years.

Source: Estonian Review / BNS