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The Warsaw Voice » Real Estate » December 2, 2009
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The Real Estate in brief
December 2, 2009   
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Retail Market: GTC in the Red After Q3
Developer Globe Trade Centre (GTC) reported a net loss of 43.6 million euros in the first three quarters of this year. The company's operating revenue totaled 116.9 million euros and revenue from property rental rose by 33 percent in year-on-year terms to 65.6 million euros.

In the third quarter, GTC completed work on the Galeria Jurajska shopping and entertainment project in Częstochowa, southern Poland, and it also finished the City Gate office project in Bucharest, the capital of Romania. Galeria Jurajska opened Oct. 3 with 130,000 square meters of total space, including 49,000 sq m of rentable space with 200 stores. At present, GTC is building 263,000 sq m of office and retail space in projects that are scheduled for completion by the end of 2011.

Retail Market: Ikea Store Opens in Łódź
Ikea's largest store in Poland, located on Pabianicka Street in the central city of Łódź, opened Nov. 27. The store is 33,000 sq m in area. In spring next year, the 100,000 sq m Ikea Port Łódź shopping center will open close to the Ikea store. The center will be home to around 200 retailers, including a Leroy Merlin home improvement store, an Alma delicatessen store, and Douglas, Kakadu, Cartoon Planet, Rossmann, Vision Express, Galeria Prezentów and Świat Książki outlets.

Retail Market: Tarnovia Welcomes Shoppers
TK Development Nov. 25 opened its Galeria Tarnovia shopping and service center at 149 Krakowska Street in Tarnów, Małopolska province. The first major shopping and service center in the city, Galeria Tarnovia has 115 stores and service outlets on over 16,000 sq m of space on two stories. The main food retailer in the center is Bomi, which occupies 2,650 sq m. Among the tenants are also stores with consumer electronics and household appliances-Euro RTV AGD, Vobis and Komputronik-and stores with clothes and footwear, such as 5-10-15, Camaieu, Carry, CCC, Deichman, H&M, Monnari, New Yorker, Orsay, ReKids, Reserved, Ryłko, Venezia, Vistula, and Wólczanka.

Office Market: New Office Building in Cracow
The southern city of Cracow has a new office building, Centrum Biurowe Lubicz 2, located at 23 Lubicz St. The A-class building, designed by the DDJM architectural studio, has seven stories above ground and an underground garage. It has a total space of 8,500 sq m, with rentable space at 6,000 sq m.

The developer was Polonia Property Fund I and Krakbau SA was the general contractor.

Office Market: Healthy Profit for Echo Investment
In the nine months to end-September 2009, Echo Investment Group earned a net profit of almost zl.85 million, 14 percent more than in the same period last year. The group's net revenue exceeded zl.328 million and was over 20 percent higher in year-on-year terms. At the end of the third quarter, Echo Investment Group held nearly zl.196 million in cash and other monetary assets.

Office Market: Danes to Build Offices in Warsaw
Danish developer Sjaelso has secured permission to construct the Tower Terraces office building in Warsaw's Mokotów district. The building will have a total rentable space of around 28,000 sq m on 12 stories in four towers. The towers will be connected by platforms making it possible to rent up to 3,000 sq m on each story. The underground garage will have three stories with around 300 parking spaces for tenants and customers.

Sjaelso plans to start construction work in the first half of next year. Real estate services company CB Richard Ellis is responsible for leasing the office space.

Sjaelso's projects in Poland also include the Scandinavian House residential project in Warsaw's Wilanów district, the Porto 55 shopping center in the northern city of Elbląg, and the Postępu 22 office project near the Tower Terraces.

Office Market: New Office Space in Łódź
Mermaid Properties is completing work on redeveloping and expanding a building that once housed the Adam Próchnik clothing plant in the central city of Łódź. The aim of the project is to convert the facility into office space.

The new office building, called Cross Point, will have 12,500 sq m of rentable space and 10 stories-eight with offices and two with service and office space.

The building is located at the intersection of Marszałka Edwarda Rydza-Śmigłego Avenue, one of the city's thoroughfares, and Milionowa Street.

The project is scheduled to be completed by the end of the year. Real estate services company CB Richard Ellis is the sole agent of Mermaid Properties responsible for leasing the building to tenants.

Residential Market: Oaza Kampinos Project Kicks Off
The UBM company has started construction on the Oaza Kampinos housing estate in the immediate vicinity of Kampinoska Forest to the north of Warsaw. In the first stage of the project, the company will build 49 detached and semidetached houses. The houses will come in seven types, ranging from 196.9 sq m to 231.7 sq m in area. They will be built on partially forested sites ranging from 800 sq m to 1,625 sq m. There will also be tennis courts, a fitness club, a gatehouse, a commercial building, playgrounds for children and a kindergarten in Oaza Kampinos. The first buildings are scheduled to be completed at the end of the first or the beginning of the second quarter of 2011, the developer says.

Residential Market: Profits for Dom Development
Dom Development, one of the largest residential developers on the Polish market, posted a net profit of zl.68.7 million on sales revenue of zl.514.7 million in the first nine months of the year. During this time, the company completed 1,164 apartments and sold 492. In October, Dom Development started to sell apartments in its two new projects.
Compiled by Magdalena Fabijańczuk
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