The real estate consultancy company Crosspoint Real Estate, a service delivery partner of Savills in Romania, has assisted the sale of a land plot by a private investor to an entrepreneurial group with full Romanian ownership. Crosspoint represented the seller in the transaction worth 2 million euros.
The land is located in Obor area, on Ion Heliade Radulescu Street, on which a residential project will be developed, a total 8,000 sqm built area and will include about 100 apartments. The construction is scheduled to begin in the nearest future.
The project benefits from immediate proximity to the subway, park, mall, farmers market and a central location close to many important arteries, but at the same time it is secluded, being located on a street with a strong residential character.
Catalin Gavrilă, Associate Director Land Development, responsible for the completion of the transaction, declares: “The area is dominated by buildings built before 1990, with a limited number of new projects and land available for sale. This is the first transaction that Crosspoint has closed in this area and we strongly believe in its potential in terms of residential and office developments, with good access to public transport and all services in the area. The land has been available for sale for a long time on the market, but since Crosspoint took over the sales mandate, we have managed to efficiently organize the process and execute the transaction in a very short time. The mandate was a challenge from the pricing point of view, even though it was somewhat justified by the existence of very good urban planning indicators and a construction permit. ”
Crosspoint has been involved in the last years in more than 15 large land transactions, totaling 250,000 square meters. Considering the last 12 months, Crosspoint has assisted transactions with land plots with a total value of over 60 million Euros. In the company’s portfolio we can mention successfully concluded land transactions for the development of well-known real estate projects such as One Floreasca Park developed by One United Properties, a 4,000 sq m transaction, the land in the Parcului 20, Expozitiei area, which represented the entrance of the Futureal-Cordia on the Romanian market, a prestigious regional developer, a transaction of over 15,000 square meters. Other mandates that were successfully executed by Crosspoint Real Estate include: assisting the 5,000 sqm transaction, the land plot where One Herăstrău Plaza was developed by One United Properties, the transaction of 12,700 sqm land on which The Bridge office park is being developed, owned by Forte Partners, and other land plots for office, residential and retail developments, thus assisting at the creation of the newest office and residential poles both in Bucharest and throughout the country.
For further information please contact:
Catalin Gavrila, Associate Director Land Development Tel: +40(0)728 993 882