The City of Helsinki is preparing to sell the historic Uschakoff House, located at the prominent corner of Pohjoisesplanadi 19 and Unioninkatu 28 in the heart of Helsinki’s central business district, to Nordic real estate investment company Cobbleyard Real Estate Oy.
Dating back to 1815–1816, the Uschakoff House is one of Helsinki’s oldest surviving buildings and a rare example of empire-style architecture in the city.
Cobbleyard Real Estate will acquire the building for €4.6 million. The property has a lettable area of approximately 2,600 m², translating to a purchase price of approximately €1,769 per square meter for the building alone.
The land underneath the building will initially be leased, with an annual ground rent of €264,275. However, the agreement includes an option for the buyer to purchase the site for a minimum of €5,285,500. If this purchase option is exercised, the combined price for both the building and the land would total around €9.9 million, equating to €3,808 per square meter of lettable area.
This sale follows an earlier attempt in 2021, when Helsinki had agreed to sell the property and land to private equity firm CapMan for €15.5 million. Although CapMan had made a binding offer, the city’s Urban Environment Committee decided to open the sale to broader interest. The property was re-marketed in early 2024 after the initial sale fell through due to a weakened real estate market.
In the most recent sale process, Helsinki received five offers. Two bidders were invited to further negotiations, but one withdrew, resulting in the current agreement with Cobbleyard.
The city no longer uses the building for its own operations. Until 2022, it housed offices for the City Executive Office’s Economic Development division. Currently, the building is largely vacant, with only a ground-floor café in operation.
The Uschakoff House was originally commissioned by merchant Jegor Uschakoff, who had come to Finland with the Russian army in 1808. Born a serf under the noble Sheremetev family, Uschakoff later gained his freedom by decree of the Tsar in 1812 and went on to build a successful commercial career in Helsinki.
The building was designed as a mixed-use property, with retail and storage space on the ground floor and residences above. Today, it is protected under the sr-1 designation, indicating its exceptional architectural, historical, and urban value.
Because the agreed sale price of the building is under €5 million, the City’s Urban Environment Committee can approve the transaction. The matter is scheduled for decision at the committee’s April 8 meeting. If the land is to be sold as well, that decision will require approval from the City Board.