Developer J&T Real Estate has bought two hectares of building land on Rohanský ostrov in Prague’s Karlín district from the Rohan Consortium, in which Sekyra Group has a half-share. In the future, it plans to buy another two hectares and build the Nový Rohan district for CZK 15 billion, the company announced. The company did not disclose the specific price of the acquisition, but the value of one square meter exceeded CZK 20,000.
The construction of the first stage of the planned project should start in the second half of next year and will be located at the corner of Voctářova and Štorchova streets. A total of 258 apartments, three office buildings with services and a piazzetta will be built. The architectural design was prepared by four domestic studios and the renowned Slovenian studio Bevk Perović arhitekti. Approximately 1,000 flats are to be built, including further phases.
A new metropolitan park will be built on 56 hectares of land adjacent to the New Rohan. It will include an outdoor structure with a hanging memorial bell from initiative #9801. It is to commemorate the fate of 9801 bells that were confiscated by Nazi Germany during World War II and melted down for weapons purposes.
The Rohan Consortium was founded in 2007 and has an option with the Prague City Council to purchase land in the Rohan Island area of Karlin. The consortium bought approximately 20 hectares from the city for CZK 1.68 billion. 55% of the island was to be used for residential buildings and the rest for offices. The total number of flats could be between 1,200 and 1,300.
The consortium is also co-owned by J&T, which has a 32 percent stake in the company. The rest is provided by smaller investors. J&T Real Estate bought the land in accordance with the project contract and the fixed selling price of CZK 8,567 per square metre has since been increased by the inflation index to more than CZK 20,000. However, the consortium has not yet purchased all the planned land from the city.
The total share of individual investors in the consortium will remain unchanged after the acquisition. Sekyra Group also still owns more building land than J&T.
“There is no location with which we are historically more strongly connected than Karlín. We have carried out most of our major projects in this district. We completed the Rustonka office complex in 2019, a year later we completed the new headquarters of J&T Bank near the Invalidovna metro station, and this year we completed the Red Court office building,” said Dušan Palcr, chairman of the board of J&T Real Estate.
Source: J&T Real Estate and CTK
