First office building that is close to home

First office building close to home is an investor’s dream

The Tiskre Ärimaja office building, which cost real estate developers slightly less than EUR 2 million, and which was 100% occupied by the end of last year, resembles the dream of an investor looking for a cash flow.

The steak house Meat Resto & Butchery, fulfilling the functions of a catering establishment and butcher shop, is located on the ground floor of the three-storey Tiskre Ärimaja office building. The second and their floors of the building are home to service and office spaces, with beauty salons, a Pilates and yoga training studio, and offices. The office building’s car park has space for bicycles. In addition to the restaurant, Pilates studio and beauty salon, the building’s anchor tenant is Intelivent OÜ, which deals with the sale, design, and installation innovative energy solutions.

According to the project sheet, the suggested base price for small office space close to home was EUR 12 per square metre, with developers agreeing to compromise on price only if multiple rooms were leased simultaneously. Unlike the increasingly common practice of leasing small commercial space for a period of less than three years or even under a contract with an unspecified term, which allows for a quick exit without having to pay any compensation. Invego and Reterra Estate, the developers of the Tiskre Ärimaja office building, adhered to the standard five year lease agreement. Lease contracts with this type of term also generally require an investor that is looking for a cash flow.

In response to the question from Kinnisvarauudised.ee, on whether investors have already come knocking on the doors of the developers, Kristjan-Thor Vähi, who is a Member of the Management Board of Tiskre Ärimaja OÜ, replied that the building was built for us, and the sale of the building is currently not being considered. ‘Naturally, if we were to receive a suitable offer, we would consider selling,’ added Vähi.

According to the developers, the office building’s unique heating and cooling solution saves up to 40% in energy costs. When calculating the annual average, the lessee’s accessory expenses will, according to Vähi, remain in the range of EUR 2 per square metre. A modern, so-called active ceiling concept is being used as the energy efficient green solution in this building. There are no disturbing radiators located beneath the windows in the rooms, and there are no noisy, cold air blowing beams in suspended ceilings. The heating and cooling of the rooms takes place via the ceiling surface of rooms. During the heating period, water that is warmer that room temperature circulates in the ceiling; and during the cooling period, the water is cooler than room temperature. The result is discreet in appearance, with an indoor climate that is natural and free of unpleasant air currents, said Vähi, explaining how the system functions along with its competitive advantages.

Tiskre has a population of several thousand, and they needed their own centre, where they could conveniently access required services. ‘The Tiskre Ärimaja office building also means an office that is close to home for local residents, and travelling to work by foot or bicycle will save you from a dozen days spent sitting in traffic jams each year, said Vähi to the press in December.

‘I am pleased that, as we had hoped for in the beginning, the office building’s clients are companies with a connection to the surrounding area,’ admitted Reigo Randmets, partner at Reterra Estate.

The energy efficient Tiskre Ärimaja office building was designed by architects Martin Aunin and Pia Tasa, and was built by Mapri Ehitus. According to the commercial register, the office building, located in Tallinn’s Haabersti City District, at the address Rannamõisa 38d, has an enclosed net area of nearly 1216 square metres, of which 1042 square metres is leasable space. The permit for constructing an office and restaurant building was issued in November 2015.

Wooden windows, exterior and interior doors and the aluminium façade were manufactured for the building by SeiCom OÜ in 2016.