In Vitebsk, a new price record for real estate sales at auction was set in 2015
The former Brigantina cinema in Vitebsk was sold today for almost Br6.8 billion as a result of an auction at the Vitebskoblimushchestvo fund, the fund reported.
The three-story building, constructed in 1988, is located in one of the residential areas of the regional center. Its area is almost 2 thousand sq.m. The property was put up for repeated bidding with a 50% reduction in the initial sale price, which amounted to over Br6.4 billion. The auction was declared void because only one participant showed interest in the real estate. He agreed to purchase the unused building at the starting price, increased by 5%. The new owner of the long-unused building is a domestic investor.
Under the terms of the auction, he undertakes to maintain the object's specialization in cinema and video services for the population (the building has two halls with 400 and 200 seats), as well as to fully reimburse the costs of capital repairs and modernization of the building, financed from the regional budget, in the amount of almost Br2.7 billion. This real estate transaction, based on the auction results, became the largest in the regional center in 2015. The previous record (over Br5.7 billion) was set a month ago when a store of Vitebsk OJSC "KIM" was purchased at an auction at RUP "Vitebsk Institute of Real Estate and Valuation".