After withdrawing its application for an important investment statute for the Connected Bratislava package of projects, the developer J&T Real Estate (JTRE) is continuing to work on selected projects on the Danube River embankment. Instead of an extensive package of projects on both sides of the Danube, it is now focusing on the zone around Eurovea and Panorama City.
The developer has included all the projects between the Old Bridge, Apollo Bridge and Landérerova Street under a new name, Eurovea City. It promises interconnection with quality public spaces and a new tram line, Reality.etrend.sk wrote.
“The basis is the extension of the current Eurovea with new retail spaces, offices and apartments,” said Peter Korbačka, director of the board of directors of JTRE, adding that the extension will also include new public spaces – a promenade on the Danube embankment, parks and a new sport grounds.
In all, the planned projects of Eurovea City will provide - including the existing Tower 115, Panorama City, Panorama Business and the first phase of Eurovea – 1,470 apartments, 95,000 square metres of retail space, 285,000 square metres of office space and a congress centre 8,500 square metres large.
Construction of the first phase, which will include extending the shopping centre, new office blocks and the first skyscraper in Bratislava at 168 metres high, should start in late 2018 or early 2019 and finish in 2021. Part of the first phase includes a city boulevard with a cycling path and reserve for a tram line.
During the following phases the developer will construct other, smaller, buildings. Among these will be a smaller congress centre to provide space for holding medium-sized events for between 1,500-2,500 people. Such a space is currently missing in Bratislava.
The whole zone may house 3,000 people while about 40,000 people may work here in total. The visit rate may double from the current average of 35,000 to 65,000 per day.
The public spaces are being designed by renowned architect Beth Galí from Barcelona. She will introduce concrete plans in the autumn.
Korbačka, who bought Eurovea four years ago, considers this development to be one of the liveliest places in Bratislava and which, by its significance and activities, is something more than a common development. Its original developer was Irish Ballymore Properties and it created space, which people began to like and use.
“This is why we thought of how to move Eurovea further,” said Korbačka.
Photo: Courtesy of JTRE
Construction of a brand new bus station and the extensive reconstruction of Mlynské Nivy Street are going according to plan.
The PNK Group, an international developer of industrial and logistics real estate from Russia, has joined the European real estate market by constructing a new industrial park called PNK Park Sereď in western Slovakia. Spanning 45,000 square metres of industrial space, the park offers premises for various uses: storage, distribution centres and light industry assembly halls.
After the British carmaker Jaguar Land Lover (JLR) announced its plan to build a brand new plant in Nitra, local real estate prices skyrocketed. Now the situation seems to be calming down. This is because the central bank has tightened conditions for taking out mortgages as well as developers announcing projects for the construction of new apartments.
The Czech investment fund Arete Invest, focusing on investment in real estate, is building a new warehouse for the international chain of fashion e-shops Factcool in the industrial park at Nové Mesto nad Váhom.
Investors in Slovakia are becoming more interested in launching their projects on brownfield sites or old industrial premises, Martin Varačka, head of the department of industrial real estate at CBRE Slovensko, confirmed for the TASR newswire. Apart from their further use for manufacturing or warehousing, new functions including residential ones may also be found for such sites.
The average price of flats in all eight Slovak regional capitals increased over July. Nevertheless, the increase of a mere €8 per square metre, from €1,613 to €1,621 per square metre, is the lowest month-on-month increase over the last few months. Thus, the expectations of Vladimír Kubrický, analyst for Realitná únia, have been fulfilled after he predicted that, following the tightening of conditions for taking out mortgages introduced by the National Bank of Slovakia as of July 1, 2018, there would be a stabilisation of prices.
Investors invested almost €500 million into commercial real estate in Slovakia during the first half of 2018. This almost equals investments for the whole year of 2017, which amounted to €535 million, the data of the real estate consultancy company JLL indicates.