ISTANBUL FOUNDATIONS 1ST REGIONAL DIRECTORATE

The Istanbul Foundations 1st Regional Directorate has announced a tender for the long-term lease of a foundation-owned property. The property is located in the Küçük Ayasofya neighborhood of Istanbul's Fatih district. This tender falls under the scope of Law No. 2886 on State Tenders.

The property in question is a 62.50 square meter "Hane" (house) situated on parcel 56 of block 140. It is being offered for lease on a "Construction or Repair in Exchange for Rent" basis. The lease agreement will span 30 years, comprising a two-year construction/renovation period followed by a 28-year usage and operation period. The lease payments and contract duration commence from the date of site delivery.

Rental terms include a minimum monthly rent of 10,000.00 Turkish Lira for the first year, subject to tender increases. For the second year, the rent will increase annually based on the Consumer Price Index (TÜFE). Starting from the third year, the monthly rent will be 40,000.00 Turkish Lira, plus tender increases and adjusted by the TÜFE rates of the previous two years. Rent will be adjusted annually by TÜFE from the fourth to the fourteenth year. From the fifteenth year onwards, the monthly rent will be calculated by adding a 30% increase to the previous year's rent, followed by a TÜFE adjustment. From the sixteenth year until the end of the contract, rent will increase annually by the previous year's rent plus the TÜFE rate.

The estimated cost for the project, covering the initial three years of rent and construction expenses, is 4,488,235.00 Turkish Lira. A provisional deposit of 134,648.00 Turkish Lira, representing 3% of the estimated cost, is required. Tender documents can be viewed and purchased at the Directorate's office in Taksim-Beyoğlu, Istanbul, for 2,000.00 Turkish Lira. The tender itself will take place on August 20, 2026, at 10:00 AM at the same location. Required documents and conditions for participation are detailed in the tender specifications.