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Development of Paupys (‘Riverside’) Estate is gaining momentum: a third of apartments and business premises have owners

The foundations for the buildings to be built first in the Paupys Estate of Vilnius Old Town are nearing completion. The first three residential property blocks and a business complex are scheduled for completion in 2019–2020. They will accommodate 330 apartments and business spaces of 15,000 sqm. According to the representatives of the developer, 80% of the commercial premises and almost a third of the apartments have already been sold and a third of business spaces have been reserved for rent. Completion of the entire Paupys Estate is scheduled for 2022.

Construction of the first three residential property blocks and a business complex is underway on the left bank of the River Vilnelė. Individual phases of the Paupys Estate have been designed by the following architectural firms: Arches, Eventus Pro, Architektūros Linija and Audriaus Ambraso Architektų Biuras; construction works are carried out by the following companies: Sivysta, Panevėžio Statybos Trestas, Naresta and Mitnija.

Revival of derelict sites

Sigita Survilaitė-Mekionienė, director general of MG Valda, the developer of the project, maintains that the Paupys Estate is an excellent example of the revival of the derelict sites in the city and the start of Architektūros Parkas (‘Architectural Park’), the largest conversion project.

‘We still have derelict spaces of unparalleled beauty available in the centre and the Old Town of Vilnius, which are easily accessible and surrounded by nature. Paupys had for a long time been a busy and popular area of the residents of Vilnius, but in the Soviet era it became an industrial area and was ultimately eliminated from urban life. Changes initiated by Vilnius City Municipality in 2009 are now taking a real shape and we can be part of them,’ Survilaitė-Mekionienė said.

In addition to residential blocks of a variety of architectural styles, a modern public and business complex will feature office premises, a modern market area, a new generation sports club, a nursery school, many restaurants and unique shops, and various outlets offering services.

In the opinion of Survilaitė-Mekionienė, this is a unique opportunity to build the Old Town today and such opportunity is unlikely to recur, ‘all parties of the project – developers, builders, architects, designers, city municipality, landscape specialists, placemakers, and creative partners – are fully aware of their responsibility. After all, there are no more derelict spaces of such size in the Old Town of Vilnius which call for a complex approach.’

Buying without advertising

The buyers of real estate in the Old Town of Vilnius have noticed the uniqueness of the project. Mantas Umbrasas, manager of the Sales Department of MG Valda, maintains that since the end of 2017 when the company revealed the area plan to the public, they have not performed any active sales promotion, because the number of people interested in the purchase or lease of residential premises and business spaces in the Paupys Estate before even starting works has exceeded all expectations.

‘Before the start of construction works, over 1,000 people expressed a wish to make a reservation and since then we have only worked with prior reservations. Today we have launched the official internet site for the Paupys Estate www.paupys.lt. Visitors to the site will be able to view the project and select homes and business spaces according to their needs,’ Umbrasas said.

According to Umbrasas, to date nearly a third (29%) of the first residential blocks and more than 80% of commercial premises in the Paupys Estate have been sold. ‘There will be no such other real estate project in the Old Town whereby an independent area would be developed with all daily services, leisure and recreation spaces, new infrastructure and multifunctional execution, so the market was quick to respond to such a rare occasion. There are people who have been waiting for the project for a number of years,’ Umbrasas said.

First leasing contracts in the business complex

According to Linas Savickas, manager of the Real Estate Management Department of MG Valda, Paupys will feature a modern business complex of exclusive architectural design by architect Audrius Ambrasas.  It will consist of five buildings for different functions, the total area of the premises – 15,000 sqm.

Like in the rest of the Paupys Estate, a 2-level underground parking, including spaces for electric cars, will be provided in the business complex.

The project also includes roof terraces, coworking spaces, and a grocery market of an exclusive concept which will be the greatest point of attraction for local residents, people working here and guests – a place for meetings and good food.

In the opinion of Savickas, the commercial premises for lease will be adapted to medium-sized and larger businesses for which working in new spaces of exclusive architecture in the very centre of the city, with all the infrastructure and services tailored for businesses is important.

According to the representative of MG Valda, 30% of spaces in the business complex have been reserved and the first lease agreements are scheduled for signing in the near future.

Read about MG Valda vz.lt

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