At the end of last week, the Crestyl Group won the award for the best office project in the 22nd CIJ Awards, for the DOCK IN FIVE administrative building. It was approved in May of this year and is the last part of the now complete DOCK district, which has grown up around two blind branches of the Vltava in Prague's Libni. The CIJ Awards are the longest running awards in the field of commercial real estate in the Czech Republic and are also awarded in other countries of Central and Eastern Europe.
In the spring, despite the turbulent situation on the construction market, developer Crestyl began construction of four buildings that are part of the new Hagibor district in Prague, next to the Želivského metro station - two office and two residential buildings. Completion of the construction is planned for 2024. The very first two administrative buildings in this location will offer a total of 31,000 m2 of space for rent. Of this, almost 12,000 m2 will be occupied by the Czech News Center media house, which will move its headquarters here. The newly built residential buildings Gamma and Delta will be connected to the first two apartment buildings of the Hagibor project, which were approved in May. Gamma offers 138 apartments of all sizes, each with a balcony or terrace. The Delta building, newly bought by the investment company Invesco Real Estate, will then provide apartments for rent.
- After fifteen years, the Crestyl Group has completed its extensive DOCK district, which grew up around two blind branches of the Vltava in Liben, Prague. The capital thus gained a new revitalized location, which completed the face of the metropolis. In May, the very last building was approved - the DOCK IN FIVE offices. A year ago, a one-hectare park opened right on the premises, residential buildings were completed and apartments were sold out a year earlier. In the just completed last office building, 70% of the space is currently leased, all other office buildings are fully occupied by tenants. The entire DOCK project includes a total of 120,000 m2 of commercial and residential space. In addition to apartments, offices and the park, the campus also includes restaurants, cafes, shops and services or a yacht club with a marina.
The consulting company BNP Paribas Real Estate recorded a fifth higher demand for new offices in Prague in Q3 compared to 2020. New leases accounted for 58% of the total result in the period from July to September; in the remaining cases, existing contracts were renegotiated. Also thanks to these positive signals, the implementation or preparation of several large-scale projects with a total volume of 0.5 million m2 of new office space, which should grow in Prague by 2025, continues.
Developer Crestyl presented the administrative part of the new Hagibor district in Prague, next to the Želivského metro station. A total of six office buildings will be built here. The first stage includes two administrative buildings that will offer 31,000 m2 of space for rent. Of this, almost 9,000 m2 will be occupied by the Czech News Center media house, which will move its headquarters here. The construction of the first office stage, in which, in addition to Crestyl, EP Real Estate also participates, will begin this year. Its completion is planned for the end of 2023. As part of the Hagibor project, a total of five residential houses are gradually growing under the leadership of Crestyl - two of them are already nearing completion, construction of the third will begin this year. Everything connects the square and the central pedestrian boulevard with shops and restaurants, which leads from the exit of the metro. The cost of the entire project will exceed nine billion crowns.
Developer Crestyl has opened a new park in its DOCK district, growing around two blind branches of the Vltava in Liben, Prague. It offers on an area of one hectare both relaxation in the greenery with an ornamental pond, fog and smart benches, as well as the possibility of sports activities - right in the park there is a running speed meter on a special tartan running track leading around the whole area. In the near future, charging stations for electric cars will also be installed next to the park. In the future, the new park also includes markets and various cultural and sporting events.
The Crestyl Group is completing its DOCK district, growing around two blind branches of the Vltava in Liben, Prague. The last building is currently under construction - the DOCK IN FIVE office. Work is also finishing on the hectare park directly in the area, which will be completed and opened during the spring months. The residential buildings are all completed and the apartments are sold out. Similarly, all completed office buildings are fully occupied by tenants except for the last few meters. Completion of the last DOCK IN FIVE office building is scheduled for the second half of 2022. It will offer approximately 21.5 thousand m2 of office space and retail space.
The Crestyl real estate group will enter the next phase of construction of the Savarin project in the center of the capital with full property control over the project. The money from the just-started bond issue will be used, among other things, for the payment of investors.
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