You can also play the article in audio version.
Billionaire Marek Dospiva and his associates from the Penta Group made another real estate business with the aim of building something new. They bought an older administrative building in Petrská Street in the center of Prague. Penta has also managed to announce an architectural competition for a project with luxury apartments, which will replace the retired building.
“We will build 80 to 100 flats in Petrská in the top segment. The permitting process will now run for about two years. The total investment will exceed 700 million crowns, “said Penta real estate manager David Musil.
The original owner planned an office project at the site. However, Penta decided to change its function to apartments. “Residential construction in the area is much more urban and suitable than offices. It is a quiet and peaceful place, within walking distance you have everything you need, “added Musil. The developer has already announced an architectural competition under the auspices of the Czech Chamber of Architects.
According to a real estate expert, the construction of apartments in the locality makes sense. “People do not know what to do with money, the demand for premium real estate is still very strong. Inflation is breaking records, so those who have money in their account will want to protect themselves by buying premium real estate. The construction of flats in the desired Prague district therefore certainly makes sense, “commented Prokop Svoboda, head of the Svoboda & Williams real estate agency.
Residential construction in the locality is much more urban and suitable than offices. It is a quiet and peaceful place, within walking distance you have everything you need.
The property was not sold directly, but in the form of a change of owner of the company Petrská osmnáct, in which the building is parked. The seller of this company was the Cypriot company Charlhold Orange, represented by Petr Nešetřil. He has been one of the close associates of billionaire Pavel Tykač for many years. Even before the company from Cyprus, the house belonged to the telecommunications company Telefónica.
“In the interests of confidentiality, I can only confirm that the acquirer of the project is a company from the Penta Group. We chose this as a counterparty, because I believe that it is precisely this that can fully fulfill the potential of the locality and build another quality project in the center of Prague, “said Nešetřil. None of the parties commented on the transaction price.
The news of the acquisition in Petrská comes shortly after Penta announced the entry into the PSN project on the site of the former Transgas building on Vinohradská třída. New apartments will also have the main say there.
Last year, Penta sold over 200 new flats for 2.5 billion crowns. Among other things, the Waltrovka project was completely completed. The largest project launched by the group last year was the Nuselský brewery with approximately 400 flats.
Penta expects similar sales as in 2021 this year as well. In the first half of the year, it will start selling apartments in another four projects in lucrative locations in Prague 5 and Prague 6. These projects number more than 700 units. In the coming years, Penta plans to supply another 2,500 apartments.