- Convenient location in the city center: Just a 1.5 km walk from the Old Town of Vilnius. This hotel is ideal for visitors wishing to get a closer look at the city's attractions.
- Cultural hub: Corner Hotel is located near many museums, theaters, galleries and other cultural institutions. Guests can enjoy a variety of cultural activities and make the most of their time.
- Preparing for sale: The owner of the project is already in the process of notarising the sale of the rooms.
- High interest: 41 apartments are reserved and preliminary sales contracts have been signed, indicating that the project is in demand.
About the project owner:
The owner of the project has extensive experience in the real estate sector, having developed more than 15 000 m² of real estate projects ("Smilciu namai", "Palanga Dreams", "Nidos banga", "Loft factory"). Currently developing the "Basanaviciaus 28" project.
About the project:
The owner of the project acquired the Corner Hotel. The developer is currently seeking to finance the development of the property. The developer will carry out renovation works on the building. The entire project includes a change of the hotel concept, refurbishment of the interior, introduction of a new business model, transformation of the property into a hybrid model, where part of the hotel rooms would operate as a hotel and part as a co-living project. Buyers will be able to purchase the property both for their own use and for rent. The restaurant will also be transformed into a gallery, restaurant and co-working space. The developer has similar experience and has developed a similar hotel concept in the project „Nidos banga". More about the project can be found here. The project is financed together with financial partner „NuCapital" (code I080), a closed-end investment fund for informed investors.
Project progress:
There are currently 8 demonstration apartments. In the near future, 21 apartments will be sold, with an estimated sale proceeds of approximately EUR 1 300 000. The funds raised in the last phases are being used to continue the finishing works and the completion of the first floor is expected within 3 months.
Competitive environment:
Naujamiestis remains one of the most popular districts for new construction and conversion projects. The recently opened business centres are home to Vinted, Nord Security, Tesonet and other IT technology companies, whose employees are not only from Lithuania. Seeing the demand for rental housing, new apartment buildings are being built in the district (sales prices EUR 2 900/4 750/m²) and old factories and administrative premises are being converted (sales prices EUR 1 850/2 300/m²).
Also, there is ~15% of supply for long and short term rentals in this district. After the reconstruction, it is planned that the project under development will also be adapted to co-living type premises. This housing model means that the tenant pays a fixed rent (utilities are already included). The corridor (gallery) room system of former hotels is very suitable for this segment, as tenants have both a private space (a room with amenities) and a common space (gym, kitchen, library, co-working centre, cinema). The cost of renting a room depends on the size of the room and the number of occupants, but is usually no less than EUR 26/m²/month (or from EUR 500/month). The average rental price for a typical one-room apartment (26-36 m²) in 2023 was ~450 EUR/month (excluding utilities).
The maximum financed amount: EUR 1 750 000 (Existing active portfolio EUR 1 531 075). The loan-to-value ratio of the loan to the mortgaged property (4 704 m²) is EUR 1 339.12/m², while the market value of the property according to Newsec's valuation is EUR 1 600.57/m². The price of the property to be sold after the development will be substantially higher than the maximum amount of the loan granted. The loan-to-value (LTV) ratio excluding VAT is 84% at this stage and 84% once the maximum amount financed is reached.
Interest by investment amount:
– From EUR 100 to EUR 199 – 12.50%
– From EUR 200 to EUR 499 – 13.00%
– From EUR 500 to EUR 2 499 – 13.50%
– From EUR 2 500 to EUR 9 999 – 14.00%
– From EUR 10 000 – 14.50%
Important: investments made separately are not aggregated and cannot be pooled.
The project has a timeframe of 13 months, but no longer than 18/09/2025.
We plan to raise the amount within 7 days, with the option of extending it to 30 days if we do not raise funds.
About the Profitus
Profitus is a crowdfunding and investment platform whose main goal is to make investment available to everyone. Investments start at 100 euros, and the platform is open 24/7. Investments are secured by pledging real estate and other collateral (e.g., indemnity or warranty). Different projects have different security tools that users can access in self-service for each project.
Profitus consults with the Bank of Lithuania in order to ensure perfect compliance with the law. Monetary operations on the platform are carried out in cooperation with Paysera and Trustly. The risk relating to the project and project owner are assessed on the basis of information provided by Creditinfo.
