The central bank is selling property in Kuressaare with an initial asking price of 500,000 euro

The executive board of Eesti Pank has decided to put the bank's property at Lossi tänav 6 in Kuressaare up for sale. The initial asking price is 500,000 euros and the central bank will accept offers until 1 July.

In the middle of May the bank held an open day with a view to renting the property and its two buildings out, but it became clear that there was a lot of interest in buying the property.

"Continuing to use the Kuressaare property in the same way as we have does not fit with the principles of an efficient organisation, which is the starting point for the Eesti Pank board. Historically it was intended as the centre for the reserves of the central bank, but we no longer see the buildings being used for that function. Kuressaare is a little too far away to be used as a training centre, so in recent years the buildings have seen minimal use, meaning they can't justify the cost of keeping them", said Deputy Governor of Eesti Pank, Madis Müller.

Müller said that the board had considered selling and renting out the property, but that the interest in purchase that was seen at the open day persuaded the bank to put the property up for sale. He added that the management was also analysing various solutions for using the Maardu manor house better than at present, but that it will take time to reach any decision.

Eesti Pank is taking written offers for the Kuressaare property until 17.00 on 1 July. A deposit of 5000 euros is required for participation in the auction. Following the sale, the deposit will be subtracted from the sale price, and all other bidders will get their deposit back. If the winning bidder decides to withdraw, that bidder's deposit will remain with the central bank.

Potential bidders can get more information on the bidding terms from the central bank, and can also agree a time to visit the property. Eesti Pank advertised the sale on Friday in local newspapers in Saaremaa and in the newspaper Postimees.

The property at Lossi tänav 6, Kuressaare, is 1089 square metres, with buildings on 701 square metres. There are two buildings on the property with a total of 886.7 square metres of floorspace, 611.8 in the main building and 274.9 in the outbuilding. In the main building, 93.5 square metres have been rented out as office space under an open-ended contract. The property is intended for commercial purposes and lies within the heritage protection area.

The property in Kuressaare was once the building of the branch of Eesti Pank. Eesti Pank used the building from 1924 until it was nationalised by the Soviet authorities in 1940. It was returned to the bank in August 1998 as a building under planning restrictions for heritage reasons, and the bank then had it renovated in order to preserve and restore all the historical architectural value of the building. Eesti Pank started using the building in August 1999. At first the intention was to use it as a centre for managing reserves, and the development work needed for this has frequently been discussed, but for various reasons the work was never actually carried out.

For further information:
Viljar Rääsk
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