The first outdoor mall in Bulgaria sold because of debts
Year after tenants in Burgas Mall "Strand" were asked to leave the shopping center comes out for sale at auction for unpaid taxes to the municipality, and announced minimum price was 33.3 million. Lev sale of private bailiff is interesting, since it is first open-end mall in Bulgaria - the concept resembles a large commercial street with shops, restaurants, public areas and entertainment. However, investors' expectations that the new mall will bring diversity in commercial areas in the city, did not come true and it works only one year under intense competition in the city. By various estimates, the center invested over 40 mln. Euros, part of which were provided by the CCB. Namely its failure last summer prompted the management of "Strand" to ask tenants 'temporary' release objects.
Now the starting price for the nearly 30 acres of land and building of the mall is 33.3 million. Lev debt to the municipality is very small - only 448,082 Levs, according to the notice in the register of private enforcement, but the property is mortgaged in CCB and if the sale is successful most of the money will go to repay the mortgage. The debtor is a joint-stock company "Strand Burgas". According to representatives of the market, would be difficult to find a buyer at that price.
Taxes and fees
Bourgas municipality explained that the accumulated public debt receivables from property tax and garbage fee of land and buildings in the city. According to the explanations of the local authority after due was delayed at the outset by the company have requested rescheduling of payments, but there were no contributions. For this reason, the municipality before the collection of unpaid taxes bailiff. After the formation of the enforcement case the way of collecting the debt rescheduling and possibly be made to the contractor added by local authorities.
In sales documents no information how much of the debt to the CCB, there is no such data in the file of the company in the Commercial Register, the property also no results for a mortgage on behalf of "Strand Burgas". Before "Capital Daily" one of the managing company - Mariella Ostend, said it will not comment on anything regarding the sale of the mall.
And a mortgage
The private bailiff Yanko Bachvarov assume that if it comes to the sale, the money will go mainly for the repayment of mortgage debt and as the municipality is not so large, it will also be paid without problem. Bachvarov said that when he went to describe the shops, the mall was no longer acting, traders have moved previously, and the sites were empty. According to him asking price is very close to the tax assessment of the property. According to recent changes in the Civil Code the starting price at the first public sale of the property can not be less than its tax assessment. If no candidates are scheduled the second auction of 80% of the first price. In the absence of tenders for the second auction new assessment is made.
Auction
The deadline for submission of tenders for the mall and the ground below it is October 23. On October 26, the envelopes will be opened and there will be interest oral bidding. Just a year ago Mall "Strand" stopped working, but management explained that this is temporary because of the situation in the CCB. According to the majority shareholder ZBS closed Bank was the main financier of the site. According to the latest data published in the Commercial Register and in ktsioneri "Strand Burgas" are ZBS with 18,173 shares, or 66%, and close to the CCB then "Vives" with 9362 shares, which are the other 34% of the capital.
Burgas isn't what it always cracked up to be then ?
Thu Sep 24, 2015 9:59 am
Someone said that the one in Varna has closed too. Personally I don't like shopping in a Mall the shops are all posh and decorative and very expensive, people do not have the money to shop there. I prefer the good old high street. 
