C&W has been appointed to act on behalf of Ballymore, the owner of the major revitalization project in the Prague city center called Savarin. The challenge was that this project has no valid zoning permit. The transaction was led by James Chapman and Ivo Suchomel, further supported by numerous members of Cushman & Wakefield within the team of Capital Market, Research, Offices and Retail.
Savarin connects the Wenceslas Square with the most popular Prague shopping street Na příkopě and adjacent high street locations and involves the reconstruction and rebuilding of seven properties. Negotiations for the sale took place from the beginning of 2015. We focused our attention on selling the prime high street retail location around it and position the project as being the part of the prime area. We have done co-exclusive due diligence with 3 parties in it to ensure the transaction security.
The entire transaction was successfully completed in July 2015. The revitalization project Savarin was sold to Crestyl.