Sando offloads major Warsaw site

Spanish investor Sando has sold more than 51,000 sqm of undeveloped land located at the intersection of ul. Chełmska and ul. Czerniakowska in the Mokotów district of Warsaw with neither the name of the buyer nor the value of the transaction – which was brokered by Colliers International – having been revealed. Sando bought the plot in 2006 – during the previous residential market boom and shortly before the outbreak of the global financial crisis – for a record PLN 371 million, but never managed to launch any project there as apartment prices fell. The site, one of the last pieces of undeveloped land of this size in central Warsaw, can accommodate a total of almost 100,000 sqm of saleable (residential) or leasable (office/retail) space. A building permit has already been granted for the first phase of a mixed-use scheme that can be built on the land in question, which would include over 12,300 sqm of residential space, over 8,700 sqm of retail/service space and more than 36,300 sqm of office area.

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