Türkiye’s historic train stations available for rent at just $9.6 per square meter

Two of Istanbul’s most iconic train stations, Haydarpasa and Sirkeci, have been transferred from the General Directorate of Turkish State Railways (TCDD) to the Ministry of Culture and Tourism. The handover marks a significant shift in the management of these historic landmarks.

Under the terms of a newly signed protocol between TCDD and the General Directorate of Cultural Heritage and Museums, the Ministry of Culture and Tourism will assume operational control of the stations for a period of 29 years.

Total rent agreed at ₺80.5 billion, legal challenges arise

Cumhuriyet Newspaper’s Mustafa Cakir reports that the rental fee for the Haydarpasa Station area is set at ₺71.1 billion ($2.07 billion), excluding value-added tax, while the fee for Sirkeci Station stands at ₺9.5 billion, totaling ₺80.5 billion.

Investments made by the Ministry of Culture and Tourism will be deducted from this rental fee. The agreement also allows for potential extensions of the rental period.

A critical point of the protocol allows the General Directorate of Cultural Heritage and Museums to sublease existing and newly built structures to other entities under sublease agreements. The contract has already faced legal scrutiny, as the United Transport Workers Union (BTS) and the Chamber of Architects, affiliated with the Confederation of Public Employees Trade Union (KESK), have filed a lawsuit demanding the annulment of the protocol.

Transformation from train station to transport hub

The arrangements within the protocol effectively shift the function of the Sirkeci and Haydarpasa stations from serving as major railway terminals to more of a transport hub status.

As part of this transition, a temporary service building for TCDD, with a capacity for 550 personnel, will be constructed and operated until a new TCDD regional building is completed. Once this regional facility is operational, TCDD’s activities will be relocated, and the temporary building will be handed over to the Ministry of Culture and Tourism.

Investment-linked sublease rights highlighted

The agreement emphasizes flexibility in managing the sites. The ministry has the right to lease out existing and new structures through sublease agreements, providing opportunities for partnerships with businesses and organizations. The protocol also stipulates that investments made by the ministry will be subtracted from the annual rental costs.

BTS’s calculation: Monthly rental rate set at ₺231.2 million

Based on BTS’s estimates, the combined area of the two stations covers 700 hectares. With a 29-year lease valued at ₺80.5 billion, this translates to an annual rental cost of ₺2.7 billion, or approximately ₺231.2 million per month. According to the union’s calculations, this means each square meter costs around ₺330 ($9.6) monthly.

The ongoing legal challenge suggests that this rental agreement could be subject to further review, potentially impacting the future of these iconic Istanbul landmarks. However, the Ministry of Culture and Tourism’s plans to rejuvenate the sites reflect a broader effort to preserve and repurpose historical assets across Türkiye.