The Vilnius City municipality has approved design proposals for the reconstruction of a complex that the real estate investment company INVL Baltic Real Estate owns in the city’s Old Town.
“Working with the design firm Viltekta and architect Julius Šeibokas, son of the author of the existing complex, we found optimal solutions for reconstructing the buildings at Vilniaus Street 33 in the Lithuanian capital. That is also shown by the project’s smooth and successful presentation to the public and coordination of the design proposals with the municipality. Upon approval of the design proposals, we obtained the design requirements for renovating the complex and are starting work on the technical design for the buildings’ reconstruction,” says Vytautas Bakšinskas, the real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate.
He notes that this exceptional project is being developed in the protected Old Town of Vilnius, which is subject to strict requirements for heritage preservation. Thus, the process of preparing the technical design for reconstruction will not be fast or easy, and at this stage it is difficult to predict when the building permit will be granted.
Already in 2012, the property’s original author, Justinas Šeibokas, drafted initial design proposals for reconstructing the former Communications Palace along Palangos and Vilniaus Streets. More recently, Vitekta and the author’s son, architect Julius Šeibokas, searched long and responsibly for the best ways to upgrade the building and its environs while maintaining the original architectural character of the Communications Palace.
“We’ve given great attention to the quality of the complex’s architecture and public spaces. The institutions that assessed the design proposals recognized that,” Vytautas Bakšinskas says.
Reconstruction of the complex at Vilniaus Street 33 is intended to create an administrative building with four floors and an attic for high-end offices. Its ground floor will contain restaurants and commercial premises. Above-ground space in the building is planned to increase by 3,600 square metres after the reconstruction to 10,000 sq. m. The complex’s public spaces, meanwhile, will become an attraction for the city’s residents and visitors thanks to the non-standard, creative solutions envisaged. In place of the above-ground car parks and on part of the roofs of the buildings, green spaces and recreation areas in line with contemporary standards are planned.
About INVL Baltic Real Estate
INVL Baltic Real Estate owns real estate in Vilnius and Riga: office buildings in the Old Town of the Lithuanian capital on Vilniaus Street and in Šiaurės Miestelis, and the Dommo Business Park manufacturing, warehouse and office complex beside the Riga bypass. The company’s properties had occupancies of 98% to 100% at the end of 2021.
INVL Baltic Real Estate’s current property holdings have a total area of 28,000 sq. m. and a value of EUR 29.7 million.
Since its launch as a collective investment undertaking (on 22 December 2016), INVL Baltic Real Estate has been one of the Baltic real estate funds open to retail investors with the highest stable returns. The fund operates as a closed-end investment company. Management of the company was assumed by INVL Asset Management, one of Lithuania’s leading asset management firms. The company will operate as a closed-end investment company until 2046, with extension possible for a further 20 years.
