Once in a lifetime opportunity to purchase the freehold of 64 commercial shops in Istanbul Grand Bazaar in Fatih at an incredible price. This offer is valid for a limited period only and full due diligence prior to acquisition is highly recommended.
Located in Fatih, Istanbul and connected with the well known landmark of Istanbul, the Grand Bazaar, this is a 2 floor building with 72 shops in total. Of these 64 are for sale as freehold directly from the private owner.
The building, which sits on 983m2 private plot is arranged as the entry floor with on average 22m2 shops and the first floor, which doubles up with a suspended ceiling. The average size of the shops on the first floor is 44m2 as they are duplex units.
The building was constructed in the late Ottoman era (19th century) and later linked to the main Grand Bazaar.
Shops are for sale as freehold.
Renovation and face-uplift is needed in order to bring the building to an attractive condition so as to maximize on rental income. The building was last renovated in 1980. Structurally the building has recently been certified as 'solid' and in 'good working order', which means structural work will not be required.
The Grand Bazaar can easily be reached via Sultanahmet and Sirkeci tram stations.
Property comparative - the Grand Bazaar
Construction of the Bazaar (Kapalicarsi) started in 1455 immediately after the conquest of Istanbul by the Ottomans. Since then the Bazaar stood witness to the rise and fall of the Ottoman Empire and subsequently the formation of the modern Republic of Turkey.
The Grand Bazaar, which is visited by over 70 million people each year, is still the centre of gold, jewelry and textile trading in Turkey as well as a limited volume of currency trading.
Bazaar cost and rental rate comparatives
Shops at the Grand Bazaar average as 6m2 in size and change hands on gold consideration. At current rates of gold to USD, a 6m2 shop at the Grand Bazaar costs in excess of USD 5m to acquire as freehold. Average rental rates of Grand Bazaar shops are around USD 5,000 per month.
Considering that the average size of the commercial units within this opportunity are from 22m2 to 44m2, the magnitude of the opportunity is apparent.