New Stein, an office building recently built on the former Stein brewery premises in Bratislava has a new owner. MiddleCap Real Estate Ltd. sold the building to Prvý Realitný Fond managed by IAD Investments. Even though they did not reveal the price, the companies claim that it is one of the largest real estate transactions in Slovakia for 2018.
“The fact that we have managed to close the transaction, meaning the sale of the building, within a relatively short period of time – less than 10 months from the final building approval – clearly speaks about the high standard of the project,” said Matúš Výboh, chairman of the board of directors of AMW Development, as cited by the Hospodárske Noviny daily. AMW Development is an affiliation of MiddleCap Real Estate, which designed and built the office building.
The office building stands at the crossroad of Krížna and Legionárska Streets with more than 12,000 square metres of administrative and commercial space. The first tenants moved in in March 2018. At present, the largest tenants include Deutsche Telekom Services Europe and the Lucron Group.
The change in ownership is accompanied by efforts to revive the history of Krížna Street, known as Steinerka in the past. Thus, the new owner changed its name from New Stein to Steinerka Business Center.
The project and subsequent development of the building was realised by MiddleCap Real Estate Ltd. through its subsidiary AMW Development. It purchased the site from YIT Reding at the end of 2015 for construction of administrative and commercial premises.
The office building is part of a new development built on the premises of the former Stein brewery. The developer bought the land from YIT Reding in 2015 with the aim to build an office building on it. YIT Slovakia built a complex of apartment blocks on the rest of it.
Photo: AMW Development
The new city district Bory, between the Small Carpathians and the Morava River in Bratislava, continues to grow. Its developer Penta Real Estates has announced two more phases to the residential area. After completion, the new district will feature offices, shops, parks and amenities including a kindergarten, besides housing.
Housing construction in recent years has lagged behind consumer demand in Slovakia. Not only were new apartments bought, but also older homes, whose prices were pushed higher by the acute shortage of new residential buildings.
Long-term manager and developer of logistics warehouses, P3 Logistic Parks, continues to record strong growth over the past 12 months. This has been driven, in part, by the boom in online demand, which has fuelled the need for strategically-located warehouses in Europe. P3’s customer base has grown by 20 percent, with customer retail share surpassing 30 percent for the first time in the company’s history.
Housing affordability in the Bratislava Region is the lowest compared to the remaining seven regions of Slovakia. This is true for employees with an average monthly wage of €1,360 and average prices of residential real estate. While the average wage in this region is 39 percent above the national average, the average price for one square metre of real estate is 117 percent higher than the average, specified VÚB bank analyst Andrej Arady.
Company owners are searching for more effective solutions for managing their companies. One of such solution is shared office space; as much as 80 percent of companies using this solution put cost reduction as the reason. This way they save especially on costs needed for acquisition of offices and rentals, as well as repair and maintenance costs, a survey conducted by International Workspace has confirmed.
Extensive reconstruction of Mlynské Nivy Street in Bratislava and construction of a brand new central bus station, including an adjacent high rise office building, are progressing. Currently almost 450 workers of various professions and 18 cranes are working on it, the biggest construction site in central Europe at 4.4 hectares large. The developer HB Reavis still promises to launch the new bus station in late 2020.
In the former industrial zone on Račianska Street in Bratislava, next to the Lidl retail store, stands an old brick smokestack and concrete beams. These are the remnants of a long defunct parquet factory. Developer Corwin plans to replace the remnants with Guthaus, a residential complex with a new vision for housing quality.