Expert opinion on effectiveness of investment development of property complex

Consultant has been given a task to conduct brief analysis of investment development of property complex located in St. Petersburg, Naberezhnaya Obvodnogo Kanala, 181, lit. A. The complex included a land plot and 4-floors building (former Tsuryupy Cultural Centre). GVA Sawyer experts has come to a conclusion that the most effective development strategy would be development of “C” Class business centre with entertainment and cultural components. The Customer has been given recommendations on maximum economically feasible cost of entering the project.

Area of a land plot — 2 145 sq.m
Area of the building — 3 878 sq.m

According to public data former Tsuryupy Cultural Centre is protected by the Committee on State Control, Use and Protection of Historical and Cultural Landmarks, however, the exact list of protected landmarks is unknown. In accordance to a land use and development rules of St. Petersburg the Project is located in “TD2_1” zone – public and business area including engineering infrastructure properties. The Project is divided into two parts with several theaters in one of them. Office premises are located in the second part of the building and are used in social purposes (entertainment centre, educational institution).

Customer — DLA Piper
Consultant — GVA Sawyer