The Hungarian government plans to maximise the height of any building in Budapest at 65 metres, the minister leading the Prime Minister’s Office announced. János Lázár told journalists that there is a bill before Parliament that would ban the construction of buildings higher than 65 metres.
There are two ongoing projects that would be affected by the proposed legislation. One of them is Mol Campus, the new headquarters of oil and gas group Mol, which would be erected in South Buda, near the Danube. Mol currently has offices in five districts on nine locations, and the new HQ is aimed to consolidate the group’s Budapest operations in one place. To be designed by Foster & Partners, the 28-storey tower would reach 120 meters into the sky and offer 83,000 square metres of space for 2,500 workstations.
The government has already expressed its dislike of the plan. Lázár said earlier that if it was up to the cabinet and not the district there would be no building permit for this “monstrosity”. According to Mol’s official statement, plans for the new HQ buildings comply with all district and city laws. The timeline of planning and construction remains unchanged and completion is scheduled for 2021.
Another project potentially affected by the new rule is Agora Budapest by HB Reavis on the Váci Road office corridor. The 136,000 megaproject would feature buildings higher than 65 metres at later stages.
The developer said that the proposed legislation has no impact on the first phase of the project which is currently under construction. Completion is scheduled for 2019 as planned. HB Reavis did not wish to comment on the potential effects of the proposed legislation until more details are revealed. HB Reavis will continue to plan its developments in a way that complies with all related legislation, the statement said.
Just because technology can do something does it necessarily mean that we want it to? This was just one of the many topics that Czech professionals discussed at the latest RICS event in Prague which analysed the rapidly evolving relationship of property and technology.
Belgian developer Atenor is starting its latest large-scale project, Aréna Business Campus which is located in the 8th district of Budapest. The real estate developer, listed on Euronext Brussels, bought the 19,000 square meters site under 30 Hungária Boulevard last September, on which a Class A+ office complex of nearly 72,000 square meters will be built.
With the signing of share purchase agreements, Immofinanz AG has purchased 19,499,437 bearer shares (representing an investment of 29.14%) of S Immo AG from member companies of the RPR Group (approx. 14.6 million shares) and the SIGNA Group (approx. 4.9 million shares). The transaction is subject to various conditions precedent, in particular, the approval of the antitrust authorities in Austria, Germany and other jurisdictions. The Supervisory Board of Immofinanz approved the purchase today.
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