BR Exclusive. One Floreasca City, over 35 pct of residential component pre-contracted

Newsroom 26/06/2018 | 12:32

Real estate consultancy Cushman Wakefield Echinox is involved in the residential sales and office lease for One Floreasca City, the latest landmark development in the North of Bucharest. Over 35 percent of the residential component is already pre-contracted, and a share of 25 percent from the office segment is about to be signed.

One Floreasca City, located in the proximity of Primaverii high end residential area, overlooking Floreasca Park and Floreasca Lakeincludes a class A office building – One Tower – and three exclusive blocks of designed apartments – One Mircea Eliade. The entire project will be built on a 2.8-hectare plot, out of which 30 percent will represent green areas.

In addition, the old Ford factory will be turned in a contemporary retail space.

“It is not an exclusive contract, we promote the selling of One Mircea Eliade apartments and office leasing of One Tower, providing that it is not an exclusive partnership. There is a very strong interest in the project: the waiting list before starting the sales was of over 300 people, and currently the developer undergoes pre-sales agreements every week. One Tower offices is a separate project, for which there are negotiations with some tenants in order to sign the Head of Terms,” says Raluca Plavita, director Residential Agency CWEchinox.

The developer will transfer to the Municipality the ownership rights for 1,000 sqm and will allocate EUR 1 million for infrastructure investments. The investors paid also special attention to the way they will integrate in the project the historic building, the former Ford factory, a building that dates back from 1935, when the American company was manufacturing luxury cars in Bucharest.

Growing interest

„For One Mircea Eliade apartments, over 35 percent is already pre-contracted and for One Tower offices, the Head of Terms for nearly 25 percent of the project, namely four floors out of Ground Floor + 16F, are about to be signed.”, explains Plavita.

According to Cushman & Wakefield Echinox, the head-line rent for One Tower varies between EUR 17.5/sqm and EUR 19.5/sq m GLA, depending on the floor and the view (starting from the 10th floor the views are panoramic, facing Floreasca Lake).

„The average price of the apartments varies between EUR 2,600/sqm and EUR 3,500/sqm and the price of the penthouses varies between EUR 4,000/sqm and EUR 6,000/sq m, given the fact that the view from One Mircea Eliade apartments is one of the most spectacular in Bucharest,” concludes Plavita.

The necessary investment for the development of the entire complex is EUR 100 million.

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