POLAND The centre of Szczecin is to be redeveloped by Lorenshill with the investor to rebuild and modernise the city centre’s historical tenaments.
The Śląska Development, as the initial name of the project is called, includes apartments, offices, service outlets, underground parking and an apart hotel. Investors into the aparthotel will have their money legally secured in one apartment with the developer paying he 7 pct APR. Investors will have numerous opportunities to take back their money every year but they will also have the chance to roll over and reinvest their money in another apartment. “We're looking for one person with EUR 2 mln but probably the reality will be a few people with smaller stakes,” said Michael Donelly, a representative of the developer. The apart hotel is to be developed in the third stage of the project.
The entire four-stage project should be completed in 2020. The first stage comprising the renovation of three buildings is ongoing with the building at ul. Ślaska 45 already completed and ul. Śląska 46 and 48 still under construction. The second stage will be completed early next year. "We have one building finished and 10 units for sale. In the coming weeks the second building will be completed and we will be selling it all probably by next summer,” stated Michael Donelly.
Around 5360 sqm is under renovation with six units (1,680 sqm) on the ground floor and level -1, including retail, a restaurant and offices. Floors 1 to 4 will have six two-storey penthouse suites with roof terraces as well as 18 units including apartments and offices.
The area Plaza Invest wants to redevelop is bordered by the streets ul. Śląska, ul. Obrońców Stalingradu, ul. Księcia Bogusława X and ul. Jagiellońska.
The yard in the block between these streets could possibly be redeveloped to create a market square with more apartments in stages 5 to seven. “The city is ready to sell this huge land plot to us for around PLN 2 mln, TBS [Social Construction Association] is ready to sell its internal land plot to us as well for an estimated price of PLN 3 - 3,5 mln,” says the developer. Potentially, 20.000 sqm of residential, retail and office space could be developed for sale of lease (with re-financing) as well as 400-500 parking spaces on three levels.
“The street will become the new city centre as we develop our project over the next 3 or 4 years,” said Michael Donelly.
Lorenshill, a company headed by former Skanska executive Magnus Isaksson, is the developer.
