Double hammer for real estate in Panepistimiou and Pagrati of Petrakis shoes

By Matina Harkoftaki

Faced with the electronic auction, two properties are expected to be found on June 8, which are located in central parts of Athens and which are owned by the footwear and clothing company Petrakis. Specifically, the first auction concerns a property, which consists of 5 horizontal properties-shops, which can not be auctioned separately but all together as a whole and are located at the junction of University Avenue at number 16 and America Street 7. Specifically , these are a total of 5 horizontal properties, which are located in an apartment building, which has been erected on a plot of land with a total area of ​​563.76 sq.m. within the approved plan of the city of Athens.

The total price of the first offer has been set at 1.7 million euros according to a decision recently issued by the Athens Court of First Instance following an opposition request filed by Petrakis Footwear. It should be noted that in a previous decision, which dates back to 2017, the Athens Court of First Instance had ruled that the price of the first offer had to be corrected upwards and set at 1.1 million euros from the amount of 435,000 euros provided by the mandatory seizure report.

What the court took into account

The current decision to increase the starting price by 600,000 euros, as it is pointed out, “is considered reasonable because a period of 5 years has passed and the values ​​of real estate have changed significantly upwards while our country is coming out of the unfavorable economic situation of 2017, the same “At the moment, the investment interest for real estate in the area of ​​Athens and especially in the area around Syntagma Square has also increased with proven purchases”. It is worth noting that in the most recent seizure report, that of 2021, the officials of the financial study set as a starting price the amount of 415,000 euros, even lower than the 435,000 that was originally set in 2017, however the Athens Court decided to correct the amount 1.7 million, taking into account, inter alia, that the officials who carried out this financial study never entered these properties, which they could even visit as customers, while the values ​​they have identified are far below of reality even of those values ​​that had been established by the competent bodies of the bank five years ago but even of the values ​​that had been set by the 2017 decision of the Court of First Instance.

What does the property include

The property includes an underground store of 30.40 sq.m. (137,000 euros), an underground store of 31.25 sq.m. (141,000 euros), an underground store of 80.20 sq.m. (355,000 euros), ground floor store with an area of ​​36.15 sq.m. (895,000 euros) and mezzanine of 76.70 sq.m. (172,000 euros).
Although they are independent independent horizontal properties, however, as it emerged from the report, in reality they do not maintain functional autonomy and autonomy without carrying out construction works, as in fact they constitute a single functional property.

In addition, it should be noted that every interested buyer has access to check it as a commercial store operates. The apartment building to which it belongs was built in 1955 while according to the external autopsy it is in a good level of maintenance.

The six-storey apartment building in the shopping center of Pagrati

This is not the only hammer that will sound for Petrakis shoes as an auction is scheduled for the same day for another property of the company. Specifically, this is an apartment building, built in 2004, which is developed on a plot of 199.68 sq.m., located at 104 Ymittos Avenue in Kato Pagrati.

The building includes a basement, ground floor (where a store operates) and five floors with a total area of ​​1,043.05 sq.m. while, as pointed out in the assessment report, on the ground floor the common entrance and access to the floors has been integrated in the store, through which access is made to the other floors of the building. In this case, too, the first offer price was corrected upwards to 3.15 million euros from 1.05 million euros originally mentioned in the seizure report following a court decision. The Athens Court of First Instance took into account, among other things, that the six-storey building is in a superior position as its location is the busiest part of the shopping center of Pagrati with very high traffic while at the same time it is superior in terms of construction time (completed in 2004 ) in relation to the other commercial buildings in the surrounding area, the vast majority of which were erected between 1960 and 1980.