The British retail chain Tesco is continuing the sale of its department stores, former Priors, in Slovakia. Following the sale of its stores in Žilina, Nitra, Prešov and Košice the retail chain is now selling its last piece of real estate in Slovakia, the department store My (We in English) on Kamenné Square in Bratislava. Tesco Stores SR has confirmed negotiations with potential buyers, the Trend weekly reported.
One of possible buyers is allegedly the British developer Lordship. They own the adjacent Hotel Kyjev which they plan to rebuild along with other real estate in its vicinity.
The retail chain admits that the department store, opened in 1968, needs significant investment for its modernisation.
Tesco acquired the building from the American company K-Mart in 1996.
Both the department store and the hotel were designed by prominent Slovak architect Ivan Matušík.
Photo: Jana Liptáková
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.
One Fashion Outlet 1 near the village of Voderady, the biggest outlet centre in Slovakia, has filed for bankruptcy, the Trend weekly informed. The further fate is now in the hands of the courts.
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.
While the share of the market held by rental apartments in the countries of the European Union is between 19 and 62 percent, in Slovakia it is only about 6 percent. This negatively affects labour force mobility and housing for young families and handicapped citizens, the Benchmarking Information Exchange Project has discovered. The Supreme Audit Office (NKÚ) in Slovakia participated in the project and focused on the comparison of support for rental housing between Slovakia and the Czech Republic and Austria where the share of rental apartments on the market is 21 percent and 42 percent, respectively.
Slovaks are increasingly interested in recreational real estate. The demand has increased by 20 percent over the last year. The most wanted properties are cottages near Michalovce in eastern Slovakia.
Healthy offices providing a sustainable environment in terms of energy, as well as their surroundings, are a world trend that has not skipped Slovakia. There are a number of buildings that have already received or are applying for the world-renowned LEED, BREEAM, WELL or Fitwell certifications. One of them is the Einpark office building in Petržalka, which – as the first in Slovakia – has successfully completed LEED (Leadership in Energy and Environmental Design) pre-certification to the highest degree, Platinum.
The abandoned building of the former Lamač department store in Bratislava’s borough of the same name will return to life. The new owner, the investment group Dynastion, will revitalise it into the Karpatia centre. Apart from shops, it will house co-working offices and provide space for a youth community centre. The complex revitalisation of the building should start this autumn.