News Article Accolade brownfield construction Czech Republic development industrial investment lease
by Property Forum | Industrial

In ten years since entering the Karlovy Vary Region, Accolade Group has invested in a total of nearly 300,000 sqm of production, e-commerce and logistics space. The value of completed and handed-over projects exceeds €316 million and properties worth approximately €380 million are currently under construction. The Group's activities are leading to wage growth and a wider range of jobs. In addition to the projects in Cheb, the group recently completed the first building in a new industrial estate in Ostrov.

Currently, Accolade's portfolio in the Karlovy Vary region includes eight completed buildings with 12 tenants. The group's main activity has so far been concentrated mostly around the town of Cheb, where a total of three industrial parks are located. However, Accolade is currently expanding its operations to Ostrov, where two new complexes are planned, the future value of which is expected to be close to €253 million.

The park in Ostrov, which was created by revitalising one of the largest brownfield sites in the Czech Republic, the site of the Škoda Ostrov plant, will consist of two halls with a total area of 120,000 sqm when completed. The first building was recently completed and has already been fully handed over to the tenants. The larger part of the premises has been leased by the German company Amphenol, a manufacturer of electrical connectors, readers, smart cards and cable harnesses for, among other things, electric vehicle charging stations, which has moved their production to the new facility. The remaining space was then filled by the Czech e-commerce company Kokiska with goods for home, garden and leisure. A second building within the park is now in the preparatory phase. The total value of the park, once completed, is now estimated at over €190 million. At the second planned site in Ostrov, Karlovy Vary, Accolade is currently preparing the first building to be used for production in the future.

Around 300,000 sqm of new industrial space is currently being built in the Cheb region thanks to Accolade's investments. Within two years, for example, the largest distribution centre in the Czech Republic with 233 thousand sqm of leasable space for a global fashion brand should be built here, bringing more than a thousand new jobs to the region. This unique hall will be located in Cheb Park, which has long been Accolade's largest investment in the region. It is worth almost €211 million with a list of tenants that includes companies such as Tchibo, DHL, BWI, TFS and Nexans.

The Strojírny (Cheb South) park was built on the site of a former machinery manufacturing plant, and one of its buildings, specifically for tenant Kaufland, was awarded the most environmentally friendly building of its type in the world at the time of its completion three years ago. This attractive industrial location then attracted the ShipMonk brand, which recently opened its first distribution centre there to help kick-start the US e-tailer's journey to new customers in Europe. Other recently completed projects include a facility for online car parts retailer Autodoc.

Further plans and investments in the region

"Currently, 3 buildings are under construction in the Karlovy Vary region, with a total area of approximately 330,000 sqm and a value of almost €380 million. In addition to the projects under construction, the Accolade Group plans to expand its portfolio in the future with approximately 180,000 sqm of industrial and production space worth approximately €228 million. We have managed to contribute to the creation of nearly 2,000 new jobs. It was also created by transforming unsightly and dilapidated brownfields into modern industrial zones. Wage levels have risen, which has had a positive impact on the overall standard of living and quality of life of residents, who also have a greater choice of which position and under what conditions they want to work," CEO Milan Kratina commented.