Real Estate Expert: A Very Large and Powerful Industrial and Business District is Forming Next to Tallinn
According to Fred Linnukütt, head of the warehouse and production facilities department at Uus Maa, Estonia's largest real estate agency, a modern business, industrial and residential district is being developed on an area of approximately three square kilometers along Vana-Narva Road.
According to Linnukütt, the region still has mostly old and depreciated industrial buildings, but several major developers have already begun construction, and the area is developing into a business district similar to, but even larger than, Tänassilma technopark.
„The Vana-Narva Road area is one of the most promising locations in terms of location, being close to the capital and logistically located next to Narva Road and Tallinn Ring Road. The construction of the entire area will take years, but developers are working with a long-term plan. The development of the area has been boosted by the construction of new utilities and the reconstruction of Vana-Narva Road and Saha-Loo Road, the capacity of which has been designed to accommodate heavy traffic. It is also not insignificant that the area is served by public transport," added Linnukütt.
"Iru Business Center has been completed, and there will also be 20- and 11-storey tower buildings with guest apartments and commercial spaces, the latest of which, Viieaia Tower, has already begun construction. There will also be Selver's logistics center and various stockoffice-type developments that combine office, production and warehouse spaces. Without a doubt, this area will become a new business and production hub for industrial and production companies," said Linnukütt.
„Development is moving in the direction of Muuga Port and Maardu, and the front closer to Tallinn is already under construction or planned. There is also great potential in the area east of Põhjaranna Street, where there are very large vacant plots. For developers, it is also an advantage to fall under Maardu municipal administration, where coordination of planning is smoother and faster than in other municipalities near Tallinn," added Linnukütt.
According to Linnukütt, the prices of development land per square meter in the area have increased from 20 euros to 40-60 euros in less than three years. „Plots are more expensive in the direction towards Tallinn and close to Narva Road, and cheaper on the Maardu side. Demand is high, but since the area is large, there is still some availability. Such offers are usually not advertised publicly and typically change owners, so to speak, under the counter," said Linnukütt.
