NEPI owns the Oromolu House, built between the two world wars by Mihai Oromolu, a former central bank governor, and the 4,500 square meter plot at the intersection of Paris Street with Aviatorilor Boulevard, which it bought several years ago.
The fund plans to restore the landmark house and build a three-story office building with a lettable area of 6,500 square meters nearby. The two buildings will be separated by a small square.
“Building permit was obtained last week. We are currently obtaining approvals to deviate utilities and will start with excavation works as soon as this is issued. Opening planned for mid-2015,” Martin Slabbert, chief executive officer of NEPI told ZF.
The investment in the project is estimated at EUR37 million and will come from the company’s own sources, he added.
NEPI intends to build as spectacular a project as it should be given the location. Piata Victoriei (Victory Square) is at the intersection of a business hub built over the last ten to fifteen years (BRD Tower, America House, Europe House, Tower Center) with the historic buildings in the Aviatorilor area, accommodating many embassies and famous international organizations.
“We don’t believe in pre-leases for office developments and have no ongoing leasing activities planned for this. Expected rent is what the market will bear; we expect a high amount of competition from prospective tenants and we have already been approached by a number of tenants that are very eager to secure space in the building,” Slabbert added.
NEPI’s office buildings in Bucharest are Floreasca Business Park and The Lakeview in the Floreasca-Barbu Vacarescu area. It has recently completed the first building of The Office project developed in partnership with businessman Ovidiu Sandor. It is also building two shopping centers in Bucharest, Mega Mall in Pantelimon and Vulcan Value Center in Rahova.
(English version by Loredana Fratila-Cristescu)