Boutique Office Building

Owner: VIP Office Center, Ltd.

The property consists of 388 Sq m plot of land with two store office constructions built around 1910 – 1915. In 1977 the building was declared as an Architectural Monument from the National Institute of Culture Heritage due to its previous function as a press house. It has an excellent connection with the public transport offering access to every part of the city. On a walking distance from the building are situated most of the Ministries, Banks, State institutions and Administrations, Supreme Court and Prosecution house, Council of Ministers etc. The famous Vitosha Boulevard is only 20 meters away.

Photos by Nick Pandev

One of the main challenges of the project was how to turn the current 2-floored ruined architectural monument into a new 5-floored building while keeping the old specific façade and upgrade it.

The parameters of the future project include 2 levels of parking space – 18 parking slots; a ground floor + 4 floors of offices; restaurant; commercial area; offices.

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Project Activities

As an architectural monument, the management process of the current project was way more complicated. R&M Management delivered the following services dedicated to the project’s lifecycle:

Purchase phase (legal – due diligence and transaction);
Financing phase (investment and capital venture);
Tax planning and structure;
Design and construction (including supervising the coordination of paperwork between the institutions);
Development control, property and facility management phase (maintenance and renovation).

Business Overview

In 2015, when the property was bought, it was unstable and almost ruined, with a certain danger for the pedestrians nearby. Today it is an impressive building project planned to keep the specific façade of the construction and upgrade it. The approximate total cost of the project is 2.2 million euro.