Everaus Kinnisvara has officially opened the final two buildings of its Lennuradari Business Park in Tallinn, completing Estonia’s largest medium-sized stock-office complex with a total of 106 warehouse units.
The seven-building Lennuradari Business Park offers warehouses and stock-office spaces ranging from 36 to 120 square metres, making it one of the most significant developments of its kind in both Estonia and the Baltic region. The availability of medium-sized commercial units that combine office, warehouse and showroom space under one roof remains limited in Estonia, making the Lennuradari complex a unique offering.
“Demand for medium-sized warehouse and commercial spaces has been particularly strong recently, while market supply remains relatively limited. Most available warehouse premises are either very small self-storage units or large industrial facilities. However, Estonia has a large number of micro and small businesses that require spaces of a more suitable size,” said Janar Muttik, Member of the Management Board at Everaus Kinnisvara.
He added that the premises have also proven popular among private individuals, who value the clean and dry spaces for storing vehicle collections and other valuable assets.
The Lennuradari Business Park comprises seven commercial buildings with a combined gross floor area of 6,500 square metres. Approximately 60% of the premises have already been leased, demonstrating that businesses value not only the practical size of the units but also their excellent access to key transport routes.
“Lennuradari Business Park is strategically located close to the Tallinn Ring Road and Suur-Sõjamäe Road, practically next to Tallinn Airport, providing fast and convenient connections to Tallinn city centre, the airport and the ports. We expect the complex to be almost fully leased by the end of this year,” Muttik said.
The total investment in the Lennuradari Business Park amounts to €10 million. The latest expansion of the complex was constructed by Maru Ehitus AS.
“We are grateful to the Everaus team for once again entrusting us with the construction of another commercial building. In our line of business, it is quite rare to build several identical buildings in succession based on the same design. The Lennuradari Business Park gave us an excellent opportunity to apply an efficient production-line approach by constructing four identical buildings one after another,” said Margo Dengo, CEO of Maru Ehitus AS.
The completion of the complex supports Everaus Kinnisvara’s long-term strategic objective of strengthening its position in the commercial real estate sector, particularly within the stock-office and warehouse segments. While the company’s residential developments are primarily built for sale, its commercial real estate projects are developed as long-term income-generating investments. These properties are retained within the company’s portfolio and leased out to diversify risk and create stable cash flow.
The opening event was attended by representatives of Everaus Kinnisvara, Maru Ehitus and luxury car dealer Ferati, who demonstrated how the warehouse units can also be used for secure winter storage of premium vehicles.
Everaus Kinnisvara is one of Estonia’s most diversified residential and commercial property developers. Its portfolio includes apartment buildings, terraced houses, semi-detached homes, detached houses, office buildings, stock-office developments, warehouses, self-storage facilities, residential building plots and serviced apartments. Everaus Kinnisvara is the only real estate developer in Estonia whose completed residential developments have consistently received top recognition in national housing competitions. The company’s bonds are listed on the Nasdaq Tallinn First North market.
