The other side of the industry: Properties going under the hammer

Her Matinas Harkoftakis

After a month-long hiatus, the online auction process returns from September 1, with more than 10,000 so far scheduled to take place over the coming months, ranging from real estate and yachts to machinery and land.

Several of them belong to the traditionally “difficult” category of industrial and craft real estate, which is not high on the preferences of potential buyers as it has been proven in practice as the majority “stagnate” in several cases for years on the platform due to the lack of interested parties bidders.

These are factories and business premises, located mainly in industrial zones throughout the country and either today they have been abandoned and are looking for a second chance to be used again or they remain in operation but have fallen into wither.

The recovery gamble becomes even more complicated for facilities that have been inactive for an extended period of time, as this means that the new owner will have to dig deep into their pockets to get them back up and running.

The Iris prints in Koropi

The title of permanent patron of the platform is claimed by the facilities and mechanical equipment in Koropi of the company Iris, the printing arm of the once powerful publishing groups DOL of Stavros Psycharis and Pegasos Edtiki of Fotis Bombolas.

Over the last 4 years, the electronic hammer has been struck several times for this particular property, which is re-launched on September 23 with the first offer price set at €10.942 million, after countless changes and ups and downs since the adventure began of auctions (initially the starting price amounted to 35.183 million euros).

We remind you that this is a plot of land with a total area of ​​62,406.41 sq.m., which came from the amalgamation of five smaller plots and which is located at the 20th kilometer of Lavrio Avenue in Karellas, on the Aegean and Ermou rural road in Koropi.

An industrial complex has been erected on this single area, which consists of 5 buildings, which function as a single unit.

The industrial building on Athens Avenue

On October 26, the hammer is expected to go down for the first time on the industrial building, which is located on 33-35 Athinon Avenue in the Platonos Academy in Athens.

The property in question, which belonged to the GEMKO company, includes a plot of land with a total area of ​​4 acres, on which an old building has been erected, which consists of a basement, ground floor and mezzanine with a total area of ​​4,519 sq.m.

The auction is accelerated by dovalue Greece, while the first bid price has been set at 4.06 million euros. As pointed out in the appraisal report, the best use of the property is not the existing industrial use and therefore it is considered that the value of the property is determined by the value of the plot as the use of a warehouse and the large balance of the building factor combined with the age of the buildings depreciate the property.

The value of the existing use is much less compared to the value of the plot and therefore the property is estimated to attract buyer interest as a vacant plot and is therefore estimated to be free of buildings.

It should be noted that there is a large remaining building factor, which is considered due to the age and configuration of the building that it cannot be implemented at a reasonable cost.

TEXAPRET in Kalochori

Once again and more specifically on February 15, 2023, the historic textile processing industry of Thessaloniki, TEXAPRET of the Karassos family, will be faced with the auction.

With the first offer price now down to 3,935,808 euros from 5 million euros that was initially set, the large industrial complex, which in the past housed one of the most important paint-finishing plants in the country, is looking for a new owner with the hope of coming back to life.

It is a corner plot with a total area of ​​63,051 sq.m., located in Kalochori, Thessaloniki, on which industrial facilities have been built in sections from 1972 to 1989 with a total area of ​​27,507.05 sq.m.

During this period, a total of 6 expansions of the paint shop were carried out and new tanks were added. As noted in the assessment report, the area in which the complex is located, developed significantly until the end of the 2000s, gathering a large number of buildings with the use of craft-industry, wholesale and transit.

This has led to quite high land values, with the main form of investment being the purchase of vacant land and the subsequent construction of buildings.

However, the economic crisis of the previous decade led to a sharp drop in investment interest, with the result that a large number of buildings remain empty and real estate values ​​are significantly lower than in the past.

The Balkans in N. Aghialos

Staying in the co-capital, on October 5 a total of 4 properties, which once housed one of the country’s most important wood processing industries, Balkan, are scheduled to go under the hammer.

The auctions concern an area of ​​168,577.05 sq.m. with the first offer price set at 2.8 million euros, an area of ​​40,831.56 sq.m. with a starting price of 550,000 euros, a plot of land with an area of ​​139,606.30 m2, in which the abandoned facilities of the former industry are located, with a first offer price of 2.45 million euros and an area of ​​6,005.18 m2. with a starting price of 80,000 euros, all in Nea Aghialo, Thessaloniki.

It was in 1998, when the businessman, Prodomos Emfietzoglou acquired the timber factory, promising then to give it new life. The ambitious plan, however, did not proceed according to expectations, with the result that the management in 2007 announced the intention to convert the facilities into a logistics center, ending the production process and effectively turning the industry into a real estate company. However, this particular venture also had an inglorious end with the Balkan properties ending up in the hands of the banks.