Defense ministry auctioning central Tallinn property for fourth time
The Ministry of Defense has decided to place up for auction a central Tallinn building that it owns.
The building was previously home to the Reserve Officers' Association (Reservohvitseride kogu), the Defense Resources Agency (KRA) and other defense-related functions.
The sale is reportedly out of necessity, and it will be the fourth time the building, at Narva mnt 8, has been on auction – with the first three attempts drawing a blank.
A buyer was found after an auction in June
However, the €1.145 million sales contract could not be finalized and notarized, due to technicalities relating to the winning bidder, software consultancy and property leasing firm Appsy OÜ.
Despite being the fourth time out, the reserve price will be higher, at €800,000, than the €700,000 set in the previous, abortive round.
This followed earlier starting prices being reduced in increments, from €1 million at the initial auction, to €990,000 ahead of the second.
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Editor: Andrew Whyte, Marko Tooming