AOKS Building to Be Leased for 16.2 Million Drams with Exhibition Hall, Workshop, and Cafés

The State Property Management Committee has summarized the results of the bidding announced for the lease of the building located at 3 Abovyan Street (AOKS building). According to the committee's announcement, the winner is "ZET ENDEY" LLC, which proposed a lease payment of 16,200,000 drams.

As part of the project, an investment of 1 billion 170 million drams is planned to be implemented within two years. According to the proposal submitted by the applicant, the operation of the space aims to unify high art and fashion under one roof. The vision of the investment program is to make Yerevan one of the global fashion capitals by creating an exceptional complex that will simultaneously showcase the best examples of both global and Armenian art.

The area will feature an exhibition hall, a development workshop, and "Red Book" and classic cafés. The criteria for determining the winner of the competition considered the monthly rent offered for the real estate and the amount of investment to be made.

It is worth noting that the starting value for leasing the area was 15,450,000 drams. As part of procedures for the seizure of illegal property, the property was returned to the Republic of Armenia and transferred to the State Property Management Committee, as stated in the announcement.