Prague wants to improve conditions for developers

18
Oct
2022
News - Prague wants to improve conditions for developers #Czech Republic #investment #legal #office #parking #Prague #residential

by Property Forum | Residential

The City of Prague plans to improve conditions for real estate developers by lowering the number of mandatory parking places in residential and office buildings. Thanks to a new legal amendment, they will no longer have to build a mandatory garage space for each apartment. The amendment, which will now be open for 45 days for comments, would help real estate investors and developers, as well as those who want to do extensive reconstruction, writes E15.cz.


Investors of residential and office buildings in Prague will probably no longer have to comply with the mandatory number of parking spaces. They will be able to determine their quantity on their own. The same change will also affect larger reconstructions that require building permits as Prague wants to open the way to cheaper new and reconstructed flats. "We have decided to significantly reduce parking minimums. At the moment it is an unnecessary regulation that only makes construction more expensive or completely impossible. In certain locations in city centres, even three underground parking levels with expensive stackers need to be built. With this change, we will make it possible to build apartments without parking spaces for people who do not need a car at all," housing councillor Adam Zábranský explained the main purpose of the amendment.

The number of parking spaces is now determined by a calculation of the Prague Building Regulations (PSP), which was created in 2015. This is based on the number of residential units or, in the case of office buildings, the number of employees and visitors to the building. The resulting number of stalls is then adjusted according to the regulatory map of Prague, which takes into account the availability of public transport. According to Ondřej Boháč, Director of the Institute of Planning and Development, the overall revision of the regulations should reduce the number of mandatory parking places by about a quarter.

The proposal now goes into a 45-day comment procedure. "The deadline for submitting comments has been extended to give everyone enough time to study and make comments," said Deputy Mayor Petr Hlaváček. After incorporating the comments, the final form will have to be approved again by the council, which will now meet in a new formation according to the results of the last elections.




New leases

  • UDH, one of Poland’s largest distributors of premium imported beers, has leased approximately 1,400 sq m of modern warehouse and office space at the Park Rysy Kraków distribution centre. The tenant, which has chosen to expand its operations in southern Poland, was once again represented by AXI IMMO.
  • Golden Star Estate has secured a long-term lease agreement with global technology solutions and consulting provider C&F for nearly 1,900 sqm of office space at the Konstruktorska Business Center. Following the transaction, the property, located in Warsaw’s Mokotów business district, is now almost fully leased. The Polish branch of C&F will officially relocate to the facility at the beginning of 2027.
  • Natland Group has committed to its long-term presence at Prague-based Rohan Business Center through a lease extension covering 2,004 sqm of office space, together with storage facilities and dedicated parking spaces, in a deal brokered by iO Partners.

New appointments

  • Indotek Group has announced the appointment of Diederik Bakker as Group Chief Investment Officer and Group Head of Asset Management. In his new role, the Dutch real estate investment professional will gradually assume responsibility for the company's ITAM (investment, transaction, and asset management) activities across 12 European countries, supporting the next phase of Indotek Group’s growth. His focus includes facilitating sound investment decisions across Europe and developing a group-level portfolio management strategy that combines local market knowledge with international asset management know-how.
  • Peakside Capital Advisors has appointed Bogi Gabrovic to advise the board and support its investment and acquisition activities in Poland. Gabrovic brings more than 25 years of CEE real estate experience to the role, having previously held senior executive positions at CTP, Golub & Company, and White Star Real Estate, where she managed transactions exceeding €2 billion.
  • Katarína Brydone, Jana Vlková and Vendula Maršová have been appointed as the first Equity Partners of Colliers’ Czech business. Brydone brings more than 20 years of experience in international real estate. Vlková has more than 25 years of experience in commercial real estate. Maršová, Partner and Head of Valuation and Advisory Services, brings more than 16 years of experience in real estate valuation and advisory.

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