News Article Bratislava development investment land Penta Real Estate Slovakia
by Property Forum | Investment

Penta Real Estate announced the finalisation of their newest land acquisition in the centre of Bratislava. The company bought a 3-ha (30,000 sqm) plot of land that is bordered by Mlynské nivy, Chalupkova and Košická streets. The seller is HB Reavis. Both parties have agreed that the amount of the transaction will not be disclosed. 

By acquiring the land, Penta Real Estate gained plots with a total area of 27,950 sqm intended for future construction in accordance with the current zoning plan of the Chalupkova zone. The plan specifies housing and community facilities in the locality in the ratio of 70:30 in favour of the community facilities. Currently, there are building objects on the land related to the operation of a temporary bus station. These include paved areas, platforms, a petrol filling station and a bus washroom. 

On the land, Penta Real Estate plans to build a project that will be a combination of housing and offices. The exact concept will be the result of an international architectural competition, which the company plans to announce at the end of 2023. The exception will be an office building on Mlynské nivy Street, which will kick off the entire project and the implementation of which should start within a year. This building will be based on the project that was permitted by the previous owner, and Penta Real Estate plans to modify the project with a selected architectural studio. Construction is expected to begin in the third quarter of 2023.

"As the developer, we have completed a successful Sky Park project in the Chalupkova zone. I am therefore glad that we are returning to the location and will bring quality architecture back to Bratislava's Old Town. The removal of the environmental burden from the former refinery, which affects part of the site and which will be removed in accordance with the applicable regulations and technical standards, will certainly be of great added value. I perceive the acquisition itself as a confirmation of our expansion strategy on the Bratislava real estate market with the aim of bringing quality development to the residents of the capital city," said Juraj Nevolník, Executive Director of Penta Real Estate Slovakia.