The National Agency for State Property has listed state property at a 50% discount in its sixth attempt to privatize the asset through an electronic auction. The property, located at St. Nicholas Street No. 2 / Kosta Khetagurov Street No. 2, is available for bidding from June 23 to July 22.
Initially priced at GEL 6,650,000, the property’s value has been reduced twice by GEL 1,662,500, bringing the current asking price to GEL 3,325,000. The auction’s bid increment is set at GEL 5,000, and a GEL 665,000 bank guarantee is required to participate.
The property, totaling 3,694 sq.m., includes several buildings and a basement, all on non-agricultural land. It falls within the visual protection area of a cultural heritage monument, meaning all development is subject to Georgia’s Law on Cultural Heritage.
Privatization conditions include:
- A minimum investment of GEL 1,000,000 (excluding VAT) in construction/reconstruction within 4 years.
- Bringing a 300 sq.m. civil defense shelter on-site into working condition within 6 months after completion of development.
- Permanent maintenance of the shelter function, which may be used by the state free of charge if needed.
Despite multiple attempts since July 2023, including five previous auctions, no successful bidder has emerged.
