Residential apartment and row house development
with existing detailed plan, infrastructure and building permits.
6.64 hectare location in a suburb of Tallinn, Estonia.
Tiskre Residences Project Development in Tallinn, Estonia
Attractive location within 11 minutes from Estonia’s thriving capital along main two traffic routes, close to both the Baltic Sea and Harku järv (“Harku Lake”) between Tabasalu, Nõmme and Kakumäe. The development is embedded into a beautiful landscape with forests, slopes, recreational space and nearby social infrastructure including a kindergarden as well as medical services, sports facilities and gastro-entertainment in Tiskre küla (village), Tiskre rand (beach), and nearby Kakumäe.
Good short-term development opportunity to participate in the project financing of the construction period of up to 220 residential units to then be built out and sold within three to a maximum of four and a half years. With construction about to start for Sector 1 of 3, the Asset Company shall seek to capitalise on market momentum and accelerate the engineering and build-out of Sectors 2 and 3. The development targets a net yield in excess of 7% p.a. under a usufruct with the Issuer Company, with a potential subject to market conditions, construction and sales progress expected to increase significantly towards 11%.
Significant mid-term development potential with existing detailed planning, zoning and scenario planning integrated into the municipal master plan, phase I building permits and infrastructure permits as principals are land banking and developing further plots within the area.
Design and Engineering
Designed by Studiomark’s Priit Hamer on the basis of a concept design he created at Kadarik Tüür, a leading Estonian architectural firm, and interior architects & designers Saha. In, the project is a staged development of residential housing catering to varied population segments, especially young families, including 2x6 and 2x8 apartment buildings plus sections of attractive row houses. Given the suburban location the focus is on family formation homes, there are no single room units planned for the project to compete with inner-city developments. Civil and structural engineering is projected by SWECO together with RPG. External project supervision for the financing bank and the developer is rendered by Telora OÜ.
Tiskre Residentsid (‘the developer’) acquired the property in mid 2015. Having started in May that year the developer completed its detailed planning review, development plan with civil engineers and due diligence in time for conveyance of title and immediately began architectural design and planning works. Initial permits were applied for in December 2015. After public concourse and review of the acclaimed design as well as a further infrastructure planning and permitting phase the building permits for the first gallery houses in sector 1 and infrastructure have been procured and are available. The Sector 2+3 road infrastructure connecting to the main road has been built out until last October with Sector 1 to follow in autumn 2018. Upon completion of the funding round construction with Eesti Energia, Gaasienergia and TeeAru Grupp will be commissioned to begin.
Project Financing is available from two of the leading banks in the country at attractive market rates with a loan to cost (LTC) of 80% per building at a 50% unit pre-sales requirement.
Construction and Project Management
Following a tender to a select group of residential construction companies foundation plates for the first then pre-sold two apartment buildings and one-row house section are to be laid in Q4, 2018 with core and shell to be closed before January. For the construction phase, Everent OÜ, subsidiary of Capital Mill OÜ, a leading real estate development firm has been retained as the project manager under success based management agreement with low cost based compensation for work resources and completion based incentives.
Marketing, in collaboration with three leading local estate brokers (led by Uusmaa Kinnisvara, the country’s eminent and longest standing brokerage firm) and main banks, started with a teaser for the first three apartment buildings and the description on the homepage www.tiskreresidentsid.ee. Sector 1 apartments shall start to be sold off plan by a broker syndicate led by Uusmaa in Q4, 2018. With the buildings specified in detail, clients have pre- defined variable interior packages available including kitchens and fittings.
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