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Million euro property investments prompt Patision St makeover

A major makeover is taking place at Patision street, one of the busiest streets in central Athens. Four new property investments (and possibly a fifth) are set to take place on the street with most located on the stretch between Omonia square and the Athens University of Economics and Business (AUEB).

A major makeover is taking place at Patision street, one of the busiest streets in central Athens. Four new property investments (and possibly a fifth) are set to take place on the street with most located on the stretch between Omonia square and the Athens University of Economics and Business (AUEB).

Two new hotels are going up in the area. The first is an investment by Israeli group Fattal and is located at 7 Averof street, opposite the National Archaeological Museum. It will be called Leonardo Boutique Athens and will provide 84 rooms. It is expected to be completed within 2021. Fattal has also taken on the long term lease of the former Esperia Palace hotel, in a 10 million euro investment.

Further along Patision street, on the corner with Marni street, work has started on the construction of another hotel by French company Accor. It is located on a property that accommodated the Athinaion theater, which has since been demolished. According to sources, the hotel will be included in the IBIS Styles chain. The total investment is close to 30 million euros, given that it is a new hotel being built from scratch, offering 370 beds. 

The property is owned by the Triantio professional training school, located in Patras, and has been leased to the French group for 50 years. Its location is considered to be of particular importance as it is close to Omonia square and the Athens commercial district, while also located next to major public transport links.

Beyond the hotels, demand for property is also coming from AUEB, which has already invested in real estate in the area. The university recently launched a tender to acquire a new building on Patision street for education purposes. It needs to be sized between 4,000 to 8,000 square meters and be within 500 meters of the university's main building on 76 Patision street. Offers are expected to be submitted by the end of January.

At the same time, OTE has started working on its building on Patision street, located between AUEB and the National Archaeological Museum, near Victoria square. According to sources, the building will accommodate the telecom group's customer service operations.

Meanwhile, US group Sitel has agreed to lease 6,500 square meters of the Athenian Capitol building, on the corner of Ioulianou street. The building, which belongs to the Charagionis group and covers a total of 15,000 square meters, accommodates the Hellenic Motor Museum. Renovation work on the property is expected to be completed by the end of April.

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