Sekyra Group will finally start paying rent for the land it has an option to on Prague’s Rohan island. The company won a tender for the re-development of the area owned by the City of Prague four years ago, but it was not required to start paying rent on the land under the terms of the contract until the existing lease contracts in the area were cancelled and the tenures were solved. Construction work in the huge development zone was supposed to have started in 2011, but the deadline was shifted to 2013.
The first lease contracts have now been set for 1.8 ha of the total of 9.4 ha, writes the economic server e15. The rest is to be finalized by the end of August. According to the contract signed in 2010 by the former City of Prague leadership, Sekyra Group is obliged to invest more than ten billion crowns in the re-development of Rohan Island by 2031. It’s also supposed to pay the city CZK 1.68bn in rent over that time, after which it should purchase of the land.
