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Record price for Grzybowska plot

Opr./edited TSG 02 September 2019
Record price for Grzybowska plot
The seller of the plot, Atlas Estate, developed the neighbouring Platinum Towers residential project

POLAND Golub GetHouse is to pay PLN 54,014 PLN (app. EUR 12.362) net per sqm for a site at ul. Grzybowska 59 in Warsaw, which is likely to be the record paid for a construction plot in Poland.

The seller of the perpetual usufruct rights to the plot was Atlas Estates Limited, which had been planning to develop an almost 170m building on the 0.274 ha plot (the company was the developer of the Hilton hotel and the Platinum Towers apartment complex on neighbouring plots), but eventually pulled out of the project and has now sold the plot with related rights to Golub for PLN 148 mln plus VAT.

It was revealed at the end of last year that negotiations were underway over the purchase. A few daysago Atlas subsidiary HPO AEP and Golub subsidiary GGH Atlas Tower signed a conditional land sale agreement and a permit was issued for the construction of an apartment tower, but the new owner has yet to disclose its plans for the future project.

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