Cavatina will pay nearly PLN 150 million for a hectare plot in the center of Warsaw. There have been more such large transactions on this market recently.
Cavatina Holding confirmed in a stock exchange announcement the information disclosed by PB that it was the buyer of the 1-hectare plot at Chmielna 75 St. in Warsaw. The conditional sales agreement with Poczta Polska – the condition is that the National Real Estate Resource does not exercise the right of pre-emption in favor of the State Treasury – was signed on October 12, and the sales price was set at PLN 147.6 million gross.
Cavatina still does not inform about investment plans in this place. According to the latest planning records, there is still an office function there from the time when the Post Office applied for development conditions and was considering building a headquarters here. However, the developer carries out both office and residential investments.
PLN 147.6 million for a hectare plot is an official record in recent years – the price of 1 square meter of land, if the conditions of the transaction are met, will be as much as PLN 14 000. Next in the ranking would be the land purchased by Dom Development from Warsaw in September last year at Beethoven St. – the price per square meter was over PLN 6 200. The third place on the podium goes to the plot purchased by Strus Development from Bank Pekao at Chełmska St. – PLN 5 800 per sqm.
When comparing land prices, you should take into account how much PUM (usable area of apartments – ed.) we can realize here. The more PUM in a given area, the more the value of the plot increases – says Aleksandra Wołodźko, CEO of Greenfields.
As an example, he cites two purchases by Dom Development at Powązkowska St. Purchased in 2011 from WTBS Kwatera, an almost 10-hectare plot cost PLN 170 million, and bought in 2017 from Mirabelle Investments, related to Apricot, land with an area of 4.3 ha – PLN 184.6 million. In the latter case, the price per square meter of land was PLN 4 290, and in the former, only PLN 1 720.
More information on this topic can be found in the article published on the Puls Biznesu: