News Article Czech Republic Kaprain Penta Real Estate Prague residential
by Property Forum | Residential

The Victoria Palace building on Vítězné Square in Prague has received valid building use approval. The project developed by Penta Real Estate and Kaprain has been designed with 92 high-end apartments and retail units on the ground floor. 

It is the first new building in Vítězné Square in 87 years. The effort to build on an open plot with temporary parking on the northern corner of the square lasted more than 15 years. The construction project on this land was bought by the Kaprain group in 2016. In the same year, Penta Real Estate joined the project as a partner. The architectural design of the building by the studio Jakub Cigler Architekti subsequently won the support of the authorities and the public. The residential project with views of Vítězné náměstí, Hradčany or Ořechovka is 85% sold out today. The total construction costs exceeded CZK 850 million (€33.8 million).

"At this location, there was a long-term neglected open space and an unfinished city block. As part of the preparation of the project, it was already agreed with the Municipal District of Prague 6 and other partners that we would also connect to the retail corridor along the Vítězné square. Therefore, the ground floor of Victoria Palace offers commercial spaces and facilities for new services or a cafe," says David Musil, Managing Director at Penta Real Estate for the Czech Republic. A total retail area exceeds 1,900 sqm. "The branch of Česká spořitelna, the telephone operator O2 and the pharmacy Dr. Max have already started operations. The cafe chain The Miners opens at the beginning of the summer," says Lenka Fajmanová, Leasing Manager at Penta Real Estate.

Victoria Palace is not the only joint project of the Kaprain and Penta group in this area. They will continue with another partner, the Sekyra Group with construction in the neighbouring Fourth Quadrant. Last year, the Dutch-Czech team Benthem Crouwel.Architects and the OVA studio succeeded in the international architectural competition for development in this location.