The expert named a condition for investors to work with historical buildings

A necessary condition for the payback of investment projects related to the restoration of cultural heritage sites is the availability of land around the monument, said Mikhail Popovsky, head of Brokerage at the Neo consulting company.

"All major implemented projects are built according to this logic: the historical object is being restored and becomes the architectural and image center of the complex, and the main revenue area is formed due to new construction on the adjacent site. Exceptions are possible only for small properties — mansions with an area of 300-800 square meters. m — in the most sought—after locations," the expert explained.

He identified three fundamentally different approaches to the economics of the restoration of cultural objects. The first is restoration for sale in the premium segment (this format works primarily in the central locations of Moscow and St. Petersburg).

The second is restoration followed by a long—term lease. According to the expert, the rental premium for the uniqueness of the facility is 20-40% of market rates.

The third is the integration of cultural heritage sites into a large development project, where the monument serves as an architectural dominant and marketing asset. In this case, the restoration of the monument is very important: the building collapsing next door negatively affects the cost of new construction, the source added.

For more information about what will change the permission to sell cultural heritage objects in poor condition to investors, along with the land plots under them, read the Izvestia article.

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