The developer asked the price of “Eliseevsky” – Newspaper Kommersant No. 64 (7509) dated 04/13/2023
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One of the oldest department stores in Moscow, Eliseevsky on Tverskaya Street, may be bought out by Realty4Sale, which owns large facilities in the center of Moscow, including the former Simachev Bar and historic estates. The mayor’s office has been trying to sell this object for eight years. According to Kommersant’s information, the new owner of the facility can open a food hall on the site of Eliseevsky. However, market participants warn that Tverskaya has ceased to attract a large flow of tourists and citizens.
The area on Tverskaya, which was previously occupied by the Eliseevsky department store, is being bought from the Moscow City Hall by Realty4Sale (R4S), two sources told Kommersant in the real estate market. The company is already offering part of these areas for rent: Kommersant found a corresponding ad on the Avito service. R4S declined to comment. The Moscow property department told Kommersant that the premises with a total area of 3 thousand square meters. m of the former department store is currently owned by the city.
Eliseevsky is one of the oldest department stores in Moscow, which was opened in 1901. In Soviet times, it worked under the sign “Gastronom No. 1”, the former name was returned in the 1990s. The rights to lease the facility changed hands several times – in 2022, they were held by the structure of Yakov Yakubov, who previously owned many retail facilities on Tverskaya, as well as the Korona casino and Golden Palace. From 2005 to 2021, the department store operator was the Alye Parusa retail chain of the developer Maxim Blazhko’s family.
The Moscow Mayor’s Office put up for sale the premises of Eliseevsky for the first time in 2015, when the volume of sold space was larger – 5.3 thousand square meters. m, and its starting amount is 2.5 billion rubles. At about the same price, the mayor’s office, most likely, can now sell the department store, says Alexei Vanchugov, managing partner of Vanchugov and Partners. The sale of city property takes place at an open auction, but if the object is on the balance sheet of a legal entity not related to the authorities, then the authorities can sell it at closed auctions or on the open market, explains Vyacheslav Klimov, a lawyer at the Asterisk Law Office.
The interest of R4S in the object on Tverskaya is not accidental. The company owns commercial real estate in the center of Moscow, where it also implements a number of development projects, including the restoration of the house of the merchant Buloshnikov on Bolshaya Nikitskaya Street, the former estate of Anna Neklyudova on Malaya Bronnaya, and the construction of a site on the site of the iconic Simachev Bar in Stoleshnikov Lane. Sergey Mefedov is considered the main beneficiary of R4S, and Andrey Matalyga, whom Vedomosti called the financial partner of Artem Dyumin, brother of the governor of the Tula region Alexei Dyumin, is his partner in a number of projects.
The profitability of the project on the site of Eliseevsky is unlikely to be high, and the new owner will have to change the concept in order to recoup the investment in the project in ten years, Alexei Vanchugov believes. According to him, the rent for retailers is calculated based on a percentage of turnover. “The grocery chain’s revenue here is unlikely to be high, since there are no parking lots for customers, and pedestrian traffic is unlikely to give a large income to the chain,” he notes. At the same time, Irina Kozina, director of the street retail direction of NF Group, considers it optimal to retain the function of a food department store in Eliseevsky.
A Kommersant source in the real estate market, who is familiar with Realty4Sale’s plans, says that the company intends to open a food hall in Eliseevsky. StrEat founder Maxim Popov warns that the new owner may face difficulties in agreeing on such a concept: a residential building may not have technical equipment for these purposes, there is no summer veranda, and residents may complain about noise and smells from catering kitchens. In addition, he summarizes, Tverskaya has ceased to be a point of attraction for tourists, who have become fewer after 2020, which means that traffic there will be low.
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