Prague project worth billions sees green light

28
Jan
2025
News - Prague project worth billions sees green light #Czech Republic #investment #IPR #Prague

by Property Forum | Investment

The city of Prague has received a building permit for the revitalisation of the Smíchov transport hub, including an interchange for city and intercity buses or trams, in addition to the modernised railway station and metro station, reports E15.cz.


The three-year reconstruction of Prague's Smíchov railway station officially began last February. The reconstruction for CZK 5.1 billion (€203,4 million) includes the repair of tracks and platforms, the reconstruction of subways and their extension or the construction of elevators. The station hall and the surrounding area are now awaiting revitalisation.

According to the budget approved in November, one of Prague's largest investments is going into the construction of the transport terminal. The biggest item will be the construction of Metro D budgeted at CZK 6.1 billion (€243.3 million).

A P+R parking lot for approximately 1,000 cars and a bicycle parking lot are to be created. Studio A69 - architects is behind the project. 

The Institute of Planning and Development of the Capital City of Prague originally expected completion in 2026, but according to current estimates, the finalisation of the project will be delayed by two years.

In the direction of the Na Knížecí bus station, there are already several new office buildings and apartments of the Smíchov City project. Last June, the developer Sekyra Group also started construction in the southern part of the brownfield, where, among other things, the new headquarters of Česká spořitelna is being built.




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New leases

  • Court One has signed a lease for approximately 6,300 sqm of space at MLP Business Park Vienna. The tenant, a subsidiary of the Padeldome group, is currently Austria’s largest operator in the sector, managing 42 courts across four locations in the capital.
  • Polish fashion and lifestyle brand Medicine has accelerated its domestic expansion, headlined by the opening of its largest store to date, a 985 sqm flagship at the Silesia City Center in Katowice. This strategic scale-up is mirrored by simultaneous growth in several regional markets, including a new 740 sqm unit at Magnolia Park in Wroclaw and a 600 sqm extension at Galeria Warmińska in Olsztyn. The retailer further bolstered its Silesian presence with a 500 sqm location at Pogoria Shopping Centre and a new opening at CH Platan, significantly increasing its total floor space across Poland.
  • IAG GBS Poland, the shared services arm of the International Airlines Group (IAG), has finalised a lease renewal for 2,246 sqm of office space within the O3 Business Campus in Krakow. The decision to remain in the current location followed a comprehensive market analysis and workplace audit conducted by Savills.

New appointments

  • Avison Young has promoted Bartłomiej Krzyżak and Marcin Purgal to the roles of Co-Heads of the Investment Department in Poland. Krzyżak, previously Senior Director, brings 18 years of commercial real estate experience, having joined Avison Young in 2017. Purgal, also a former Senior Director and a member of the Royal Institution of Chartered Surveyors (MRICS), transitions into the co-head role with 23 years of experience in the CEE commercial markets.
  • Avison Young has strengthened its Polish leadership with three senior promotions. Patryk Błach ascends to Associate Director within the Investment Advisory Department. Kamil Głowienka has been named Senior Project Manager. Furthermore, Katarzyna Uzar becomes a Valuation and Innovation Specialist, tasked with integrating technological solutions and coordinating global departmental projects.
  • Katarzyna Myjak has joined Axi Immo as Senior Business Advisory Manager, tasked with strengthening the company’s Industrial & Logistics business line.


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