Pekini 2 is a totally unique project which has been designed very much with the short-term rental market in mind, offering excellent yields at an affordable starting price.
Built shortly after World War 2, Pekini 2 is one of the oldest buildings in Saburtalo, which is why it occupies such an excellent location, immediately opposite the Holiday Inn at the start of Pekini Street. This is the most famous street in Saburtalo, known as the best shopping street in the area. Another major advantage of this location is that it is less than 100m from the Technical University Metro Station. The building has a long history, being the home of several leading Georgian scientists and academics.
Like the majority of buildings of its age, Pekini 2 has a preservation order on it, which means that major changes cannot be made to the facade. However, the developer of the project has permission to raise the roof of the building as it does not affect the look of the building from ground level. By raising the roof, it will be sufficiently high to add an additional residential floor to the building.
There are two types of apartment to choose from at Pekini 2. Apartments facing the rear of the building are studio apartments with balconies which offer partial views of Mtatsaminda Hill. Apartments facing the front of the building have a mezzanine level creating a duplex apartment, where there is a roomy bedroom area on top of the main floor of the apartment. These apartments all also have balconies with views over downtown Saburtalo, including the Sports Palace and Holiday Inn.
The studio apartments facing the rear of the building vary in size from 33.0m2 to 46.4m2 including balconies, while the duplex apartments at the front range from a minimum of 41.7m2, going up to a roomy 61.2m2 apartment.
Unusually for Georgia, all of the apartments at Pekini 2 are sold on a fully finished basis. All interior works will be completed, which means that buyers only need to add furniture. All apartments here are sold at a price of $1350 per m2, no matter which direction the apartments face.
Construction of the raised roof has already started and the apartments are scheduled for completion to ‘white frame’ standard in October 2019. It will then take an additional three months to make the interior finishing. This means that the all apartments in the building will be completed by January 2020 – in plenty of time for next year’s high season. The payment plan here is 50% upon contract, with the remainder due once the white frame finishing is complete in October, at which point the apartments will be registered in buyers’ names.
Due to the project’s excellent location and affordable prices, Pekini 2 is an excellent option for the smaller investor. Prices at the Holiday Inn on the opposite side of Pekini Street are never priced lower than $100 per night for a standard hotel room. However, even at a price for the studios at Pekini 2 of just $39 per night in the summer and $34 per night in the winter – lower than the average price for all hotel rooms and apartments in the city – we’re forecasting a net return of 13.2% per annum for the most affordable apartments here.
With this project consisting of just 13 apartments in total, interested buyers will need to act quickly in order to secure an apartment here.
- Close to Metro
- Mountain Views