Converted 5 + 1 historical property in the heart of Athens

Page change for Bodosaki Palace, former DOL building, Schliemann mansion, Sophokleous and Aeolos estate, Mignon and Zalokosta listed building

Historical properties in the heart of Athens have been transformed, gradually gaining new life through new uses.

Thanks to their privileged “pony” position, they attract high-profile investors, both Greek and foreign, who continue to make a “buy” recommendation for Greek real estate despite the “headwinds” prevailing in most European markets.

Although tourism still plays a leading role in the new investment wave that is “sweeping” the center of the capital, it seems that the mixed-use perspective is also beginning to gain “points”.

Budosaki Palace

The first phase of a long-term lease of Megaros Podosakis, one of the most famous historic buildings in central Athens, has closed with a “crowd” of investors mainly from the hotel industry.

The symmetrical modular corner building at 20 Amalias Street and Souris 5 with an unobstructed view of the Acropolis to Lycabettus Hill and the National Park attracted the interest of a “very growing” number of potential tenants, mostly Greeks, but also foreigners, who submitted a non-binding offer as part of the invitation issued by the Budosaki Foundation, the owner of the building.

Among those interested, safe information indicates that the LAMPSA Group (Great Britain, King George and Athens Capital MGallery) and the Divani Group are included. Grivalia Hospitality is also said to have expressed initial interest, though sources close to the company would neither confirm nor deny the information.

In addition, the same information indicates that there are proposals for office uses.

Based on the non-binding interest, most of the proposals submitted to the owner of the property with a total area of ​​12,819 square meters relate to its use as a hotel unit.

The second stage of the process, undertaken by the Foundation’s consultant, real estate appraiser and advisory firm Central – Savills Hellas, concerns the submission of binding offers at the end of September.

The final decision will be made by the Foundation’s governing committee, after evaluating the binding proposals to be made.

However, as stated in the Invitation to Interest: “Preferred Bidders shall expressly state in their binding bids that they are valid until December 31, 2023. Interested Participants are advised to take this into account when drafting their bids, as the Corporation, as its main priority is the execution of public service works, seeks to select a tenant whose offer will provide uninterrupted rent payment from the commencement of the lease on 01.020.24.”

The history of the building

The Podosaki Palace, either as the headquarters of powerful financial institutions (see ETVA, Piraeus with Eurobank as the latter) or as a luxury “set” in Greek black and white cinema (for example, it housed the steel house of Procopius Adamas in the 1961 Greek comedy “Out the Thieves”, which starred the largest building ever seen in Athens Makris).

The architectural plans for the building, which completes 65 years of life this year, with construction begun in 1949 and completed in 1958, bear the signature of Andreas Plomistos (1897-1962), a founding member of the Hellenic Architectural Association.

Andreas Blomistos studied architecture at the Technical University of Munich in 1922. One of his most famous works is his collaboration with the then young Aris Konstantinidis on the design of the Propylaea for the first necropolis in 1939. He also designed several public and private buildings.

With clear influences from German architecture of the interwar period, his work is characterized as neoclassical, which is also reflected in the Budosaki Palace.

Sophocles and Aeolus

Among the properties that will be radically altered is the building complex, with a total area of ​​25,000 square metres, located at the intersection of Sophocleos and Aeolos Streets.

It is the property of the Alpha Bank Group (former Emporiki Bank building), which will be included in the Skyline project with Dimand, Alpha Bank, Premia Properties and soon EBRD as shareholders. A mixed-use development is planned on the property, with a section converted into residences.

The building on the corner of Aiolos and Sophokleous streets was built between 1955-1959, based on plans by architect Kostas Kitsikis (1992-1969), a graduate of the German School of Berlin-Charlottenburg.

This particular building is in the spirit of simplistic functional classicism.

Schliemann’s Palace

Another historical building that changes use is the Schliemann Mela Palace on Panepistimi Street in the center of Athens, which Mitsis Group has converted into a luxury 5-star hotel unit.

The investment program announced by the group, amounting to 36 million euros, includes the rehabilitation, renovation and modernization of the palace.

The group was selected as the contractor to lease the building, which has an area of ​​7,115 square meters. which belong to EFKA. At the beginning of this year, the property lease agreement was signed, for a period of 35 years and the right to extend for an additional 10 years. Based on the terms of the tender, the minimum investment that the Mitsy Group has committed to implement is 15.2 million euros.

The building was built in the 1880s and 1890s and belongs to a complex of four houses erected by Errikos Schliemann on Panepistimi Street. It was designed by Ernst Zeller and includes a ground floor – mezzanine and four floors above the ground floor, as well as an additional building on the exposed site that was not built at the same time as Schliemann’s Mela Palace. The perfect cinema is located there, and it has an area of ​​829.50 square metres.

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Until 2021, when Demand acquired Mignon, “the largest department store”, the plans to use the historic properties in Piazza Patisia, Ferranzero, Doros and Satofriano were many, but without particular originality. All those who sometimes found themselves controlling her fortune wanted her back as a department store.

Today, at the beginning of the building reconstruction project, there is a crowd of potential permanent residents in Omonia! This is because Mignon will be revived not as a commercial complex but as a mixed-use ‘green’ pole, with housing, offices, shops, dining and entertainment venues.

The residences, ie 30 apartments and 5 maisonettes, from 50 to 125 sqm, will be developed in an independent part of the building, at the intersection of the pedestrian streets of Satofriandos and Doros

In addition, 7,700 square meters will be developed. Offices, 6,100 sqm. shops, but also 800 – 1,000 square meters. Dining and entertainment venues. Shops will be on the lower floors, while offices will be on the upper floors.

In total, the investment is expected to reach 50 million euros (including the cost of purchasing the property).

Former DOL building

The historic DOL building at 1-3 rue Christou Lada changed hands and ended up in German real estate development group Ehret + Klein.

It is being completely rebuilt with work done by construction company ParosTec.

The 3,500-square-meter building, located in the center of the so-called “business triangle” of Athens, has been published by the press organization Lamparax (DOL), among others, the newspapers “Ta Nea”, “To Vima” and “The Economic Post”.

“In other words, the ideal location for a state-of-the-art office building development,” according to the new owners.

Zalokosta Monument

Another building has been added under the LAMPSA umbrella, which is expected to operate as a hotel in 2024.

Reason of the listed building on the pedestrian street of Zalocosta, with a total area of ​​1854 square metres.

The property was built in the 1930s and was owned by the Naval War Fund. Then it expanded to the e-EFKA portfolio, which announced a tender for a long-term lease.

This particular hotel will have a boutique feel and will operate in addition to the Athens Capital Center Hotel – MGallery Collection, another 5-star LAMPSA located at the intersection of the University and Kriezotou.