The Šiaurinė street, which is highly anticipated by the people of Vilnius, will initially connect the Western ring road with Ukmergė street, and later with Žirmūnai, could give a new impetus to the businesses already operating in the area and favorable opportunities for the creation of new ones. A street that ensures good communication with important city arteries is likely to significantly encourage companies to create offices or purchase real estate in the surrounding areas, say real estate experts Aurimas Astramskas and Lina Maskoliūnė. The residents of the residential areas surrounding the future street will undoubtedly feel its benefits in the long run.
Will connect the Western bypass with Fabijoniškės
Currently, the construction work on Šiaurinė Street has not started, the city municipality intends to prepare the street project by May of this year. According to the statement made several years ago, Vilnius city municipalities vision, a six-lane, almost three-kilometer-long street will extend from the Western Bypass to Ukmergės Street and connect the Western Bypass with Fabijoniškės. It has been promised that the first stage will include the construction of a connection from the Western Bypass to Fabijoniškės Street, while also reconstructing the Fabijoniškės Street section, and the total project value will reach approximately 90 million euros.
"Currently, the territories surrounding the future Šiaurinė Street are largely unused or little used, and there are a lot of undeveloped plots in them. The latter were returned to the families of the previously settled villages in these areas, as part of the property restoration project. Due to the lack of entrances, high-voltage power lines above the plots, and other engineering nuances, the plots surrounding the future Šiaurinė Street have not been developed to this day, and do not create practical benefits for either the owners or the city," comments Aurimas Astramskas, a partner at the real estate consulting company Solid Real Advisors, on the current situation.
According to A. Astramskas, the emergence of Šiaurinė Street will facilitate the daily life not only of residents of the western districts of the city, but also of everyone above Ozo and Kareivių Streets. corridor With the emergence of alternative ways of connecting to the city's largest entertainment and shopping centers, as well as important medical and educational institutions, these areas will become more attractive to a wider audience of settlers.
Lucky the patient
According to him, the final decision must be made by the city municipality and decide whether the future artery will only perform a communication function and help people connect faster, or whether it will still create a unique face for these territories, developing commercial activities and improving conditions for business creation around Šiauriņa Street. A. Astramskas says that in this regard, real estate objects located at future intersections with Šiauriņa Street would have the greatest added value.
"Companies with a long-term strategy invest in locations with the greatest potential in advance, putting up with temporary inconveniences. Such businesses assume the risk of an indefinite period and invest in a place that is currently unattractive, but promises a much higher return in the future. A good example of such investments is the intersection of Ukmergės and Šiaurinės streets, where Circle K and McDonalds have been established for a very long time because they see huge potential. Hesburger came later - today they do not yet have a normal entrance from Ukmergės street, but the situation will change dramatically once Šiaurinės street opens," adds A. Astramskas.
According to the real estate expert, in the long term, those companies and residents who would patiently wait for the return on their purchased real estate or plan to settle in territories that do not have all the amenities during the transition period would win. Decisions would be made later, when the territories are fully developed, and investments would be of a correspondingly different scale.
A. Astramskas says that the new infrastructure on Šiaurinė Street can increase the value of surrounding commercial real estate by several percent to several times. The improved connectivity, along with other investments in western residential areas, can also increase the value of residential property.
The key is good communication
The managers of existing business centers are also looking forward to the implementation of the Vilnius Šiaurinės Street project. According to them, convenient transportation options and a good location are one of the key aspects for the faster development of business centers.
"For business center tenants, connectivity to residential areas is a very important condition. A convenient location has been and remains one of the main criteria when choosing a business office location. For example, when tenants are choosing an office, we, together with them, analyze the city plan, connectivity options by car from airports, main city arteries, and residential areas. In addition, we closely cooperate with the Public Institution "Communication services" looking for solutions to improve communication public transport "with the territory of the business center," shares Lina Maskoliūnė, CEO of the international real estate company Technopolis Plc, her experience on the importance of good transportation.
According to her, a good location and convenient transportation options undoubtedly help to form a better basket of business center tenants. In such cases, both sides win – both the landlord, who is trusted by reputable companies, and the tenants, who benefit from a good neighborhood.
