Investors are invited to go online and bid for a tender to give new life to an iconic 100-year-old building in central Tbilisi - capital of Georgia.

The three-storey building located at 44 Aghmashenebeli Ave was initially built as a residential house but was later used as a Post Office, for which is is now recognised. However for the past several years the building has remained unoccupied. 

Today the National Agency of State Property of the Ministry of Economy announced the building was being sold via auction. The starting purchase price was three million GEL (about $1.27 million/€1.15 million*), which included the starting privatisation cost of one GEL. 

The conditions of sale stated the buyer must invest at least 5.3 million GEL (about $2.25 million/€2 million*) to transform the building into a 30-room hotel.

An exhibition hall and space where the Georgian National Tourism Administration can be represented must be included in the new building.

The building's roof still featured the Georgian title 'Postamti', meaning post office. Photo by N. Alavidze/Agenda.ge.

• Follow the link and take a look at Tbilisi’s historic street and see how it changed after the major restoration within the 'New Tiflis' project.

The original building was approved for construction in February 1913. It was commissioned by city trader David Yuzbashev and built based on a sketch by architect Alexander Ozerov. The architect earlier designed a 1905 building on today's Dadiani St that served as the Number 3 School for Girls - and the Aghmashenebeli Ave building was based on this earlier design.

The initial construction papers of the Aghmashenebeli Ave building were drafted in December 1911 - the official paperwork is currently preserved at the National Archives of Georgia.

The National Agency of State Property of the Ministry of Economy announced the auction will close on October 31, 2016 at 5pm.

Source;agenda.ge