Uruguay will continue the policy of auctioning off high-profile, state-owned properties when it auctions off its embassy in Buenos Aires in June. First it was Punta del Este, then it was New York and now Recoleta is on the auction block.
The thirteen-story building is located in Recoleta at the corner of Avenida Las Heras and Ayacucho. Selling points include the coveted location one block from the Recoleta Cemetery, over 6,800 square meters (73,000 square feet) of interior space, seven floors of office space, two floors of apartments for embassy staff, and a large terrace with an outdoor grill presumably for wooing foreign dignitaries with Uruguay asados and award-winning Tannat.
The negatives: it’s ugly, and a government building is not the highest and best use for the property. The latter could easily be rectified by converting the property into a luxury hotel or condominium, but serious work would still need to be done to update the building’s drab, monolithic exterior designed and built during the creativity-stifled period of military dictatorships.
El Pais says the building is valued between US$2,500 and US$3,000 per square meter which would mean Uruguay is looking to sell its Embajada Uruguaya en Recoleta for between US$17 and US$20 million. Interested parties will need to email their offer to the Uruguay government between now and June 5th. (Full Story in Spanish)
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