Out with the new, in with the old
Investing in neglected historical buildings is a riskier and more complicated venture than constructing a new building, but more and more residential developers are opting for the historic challenge. This is helping to restore historical inner-city sites, while delivering quality residential products for the discerning homebuyer.
Maripol Development has restored two tenements in Warsaw on ul. Szucha and ul. Wspólna, and Ghelamco will soon start the restoration of a tenement at ul. Foksal 15. As well as adding value to neglected areas of the city, the schemes will offer luxurious apartments that will sell for between zł.8,000 and zł.15,000 per sqm.
Orco Property Group recently joined this group of developers with the Mokotowska 59 project in Warsaw's diplomatic district, near Plac Trzech Krzyży. The investment is being developed on the basis of an existing building, which, according to Orco, will restrict their choice of construction materials and thus be more environmentally-friendly. Fourteen apartments, from 60 sqm to 250 sqm, will be equipped with modern energy-saving technologies. The development will also have a 24-hour reception desk, security and an underground car park.
"Mokotowska 59 is an example of modern architecture that applies solutions that are friendly for both people and the environment," said the president of Orco Property Group, Jean Franćois Ott.
Orco Property Group is an investor, developer and asset manager operating on the Central European real-estate and hotel markets. The company now manages assets worth about EUR 737 (zł.2,920) million.
Orco's portfolio includes IPB Real, Mamaison residential scheme, hotels (Orco Hotels Collection), Orco Real Estate and retail areas. The company's activities are concentrated in Czech Republic, Hungary, Poland, Russia, Croatia, Germany and Slovakia. Orco is also the sponsor and manager of Endurance Fund, a closed fund focused on the Central Europe real-estate market, managing assets worth EUR 110 (zł.429) million.
