The property housing the global fashion chain “H&M“ has once again been announced for public sale by a private bailiff. This is another attempt to sell the building, located on Plovdiv's Main Street, and this time the starting price is drastically lower – 13,290,240 leva including VAT (almost 6.8 million euros). Compared to the initial estimate from July 2023 – 24.1 million leva, the current auction is over 11 million leva lower than the starting price, Trafficnews.bg specifies.
The auction will be held from May 30 to June 30, 2025, and the winner of the auction will be announced on July 1.
The building is owned by the company “SS Property“ OOD, which owes serious amounts to the Austrian bank “Volksbank Steiermark AG“. It is because of these debts that an enforcement action was initiated, under which the property was put up for auction.
The building is located at 11 “Knyaz Alexander I“ Str. and is a shopping complex with a total built-up area of 4,513.90 sq m. The six-story building has a basement, commercial areas, offices, restaurants and exhibition areas. Part of it is designated as “Archaeology“, which exhibits fragments of the Roman stadium of Philippopolis – a cultural monument of national importance.
The property is on the list of architectural and construction monuments of ensemble significance and is located in the heart of the Historical Zone “Philippopolis – Trimontium – Plovdiv“. We recall that in 2021, an agreement was signed between the Municipality of Plovdiv and “SS Property“, which allows tourists access to the archaeological finds included in the routes of the Municipal Institute “Ancient Plovdiv“.
The building is burdened with a number of burdens – several registered foreclosures and contractual mortgages in favor of “Volksbank“, as well as lease agreements, including with “H&M Hennes & Mauritz“ EOOD with a term of 24 years, signed in 2015.
Historically, the former "Narmag" unites two buildings from 1926 and 1930, designed by arch. Hristo Peev, and is the successor to the Trade House of Kovo and Sidi. During restoration, valuable archaeological finds were discovered in its foundations - marble seats with reliefs, parts of the ancient stadium, water pipes and other artifacts. The place is an important attraction for history lovers and is part of the rich cultural heritage of Plovdiv.
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be found HERE