The developers of Belvedere Residence in northern Bucharest sold the commercial gallery on the ground floor of the residential buildings within the complex to a private investor for an undisclosed sum.
The commercial gallery has a leasable area of around 6,000 sqm, being developed in four phases and serviced by around 200 parking spaces. The first three phases have already been completed and are fully occupied, while the fourth phase is expected to be delivered by the end of 2024.
The sale was brokered by real estate consultancy Cushman & Wakefield Echinox.
“This transaction proves once again that the real estate market offers extremely diverse business opportunities which are tailored to a wide range of investors and to various strategies,” said Alexandru Mitrache, Head of transactions Land & Investment at Cushman & Wakefield Echinox.
According to the agency, this is the largest transaction of high street retail spaces recently recorded on the local market.
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