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Penta plans new Waltrovka neighbourhood

Eurobuild CEE 13 September 2012
CZECH REPUBLIC Penta Investments is planning to build a new neighbourhood on the Waltrovka post-industrial area (the location of the Walter Engines factory) in Jinonice (Prague 5), according to the ‘Hospodářské noviny’ newspaper.
Investment costs for the project are estimated at CZK 4.9 bln (EUR 200 mln). The 17 ha property was bought by the developer from Czech-Irish company Red Group, which had been planning the office and mixed-use Q5 Waltrovka development on the site. A building permit for 45,000 sqm of offices has already been obtained for the first phase of the project. In around two years’ time work could begin on the construction of around 350 apartments. A 1.5 ha park is also to be created. According to the newspaper, Czech-based Penta is also considering buying the insolvent German drugstore chain Schlecker.

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