Final Stages for Aghios Kosmas Marina Long-term Lease

Bids by five companies/consortiums to enter the final phase of the tender for the Aghios Kosmas Marina were opened last month at the office of state-owned Olympic Properties. The best offer tabled in the tender, according to press reports, includes an offer to lease the property for an annual fee of 14.3 million euros. The lease is set for a period of 45 years.

It’s now up to the valuation committee to monitor and assess the bids and then the board of Olympic Properties will announce the name of the winning company or consortium.

The installation at Aghios Kosmas covers 425,000 square meters and includes buildings that total 8,945 square meters. Existing legislation allows for the use and operation of the marina with up to 1,170 moorings and supporting infrastructure, the creation of stores, restaurants and bars, as well as the construction of a five-star accommodation unit of up to 30 bungalows within 1,400-square-meter area.

Legislation also provides for the creation of the appropriate venues to host cultural, sports and entertainment activities, the creation of a heliport, and other sports uses.

This tender is expected to raise economic revenues for the state from five Olympic installations and relieves it from the costs of maintenance, security and operation, which add up to 12.5 mil. euros/year.

The five installations on lease, which bring the state some 1.5 billion euros, are the International Broadcasting Center in Maroussi, the Badminton Olympic venue at Goudi, the Galatsi Sports Center, the Canoe-Kayak Olympic venue at Hellenikon and the Aghios Kosmas Marina.

Two more long-term lease tenders are also underway for the Tae-Kwon-Do Olympic venue in the Faliron area, which is supposed to host an Athens Conference Center, and the adjacent beach volleyball venue, which is to become a theater and concert venue.