Tskneti Government Residence On Sale for GEL 55.7 Million

Within the framework of the project '100 Investment Offers for Business,' the National Agency of State Property Management of the Ministry of Economy and Sustainable Development of Georgia has auctioned the Tskneti Government Residence buildings.

The Tskneti Government Residence (13 buildings) is located over 89,978 sq.m. land, the initial value of which was estimated by the Levan Samkharauli National Forensics Bureau at 55,711,500 GEL.

Under the investment terms, the buyer will be obliged to build a hotel and/or residential complex on the whole or part of the land within 36 months of signing the contract. The buyer will be free to dismantle or reconstruct the existing buildings. The investment that the buyer should make in the project is at least GEL 20 million. Implementation of the project should create new jobs and at the same time promote the economic development of the neighboring area.

On November 29, the Ministry of Economy and the National Agency of State Property presented the list of 100 state-owned buildings the government is offering local and international businesses for privatization.

Among other important objects, the Tskneti Government Residence is also included in the government's privatization list. 

The 100 investment offers also include objects in Sighnaghi, with an estimated value of 281,763 GEL (13,000 sq m); in Bakhmaro, with an estimated value of 2,537.400 GEL (12 588 sq.m.), and in Tbilisi at Gotua Street 14, with an estimated value of 6,595.721 GEL (6 796 sq.m.).

By Ana Dumbadze 

Related Story: Former Presidential Residence in Mestia Sold for 7 510 000 GEL on e-auction