News

Sofia Ellipse office center offered for 15 mln euro off-plan

Ellipse Center, on office building to be sited on Sofia's east-bound Tsarigradsko Shose boulevard, has been put up for off-plan sale at a minimum price of 15 mln euro, said Dian Diakov, office space manager at Regent’s Property Advisors.

The office building, with a built-up area of 19,000 sq m, will be flanked by the outlets of German retailer Metro Cash&Carry and local electronics retailer Technomarket.

Ellipse Center, funded by Belgium's Ilpa SA, should welcome its first tenants in late 2009.

A couple of options for the sale of the business property are being considered.

The project could be sold off-plan together with all relevant construction permits or it could be listed after it is fully-tenanted at a higher price, said Diakov.

Regent’s Property Advisors, an AG Capital company, also has the listing for an office building on the Alexander Stamboliiski boulevard in the capital's downtown, near the Mall of Sofia. Half of the building's 4,200 sq m of lettable office space is already tenanted. The asking sale price is 6.5 mln euro, said Diakov.

The realty advisors also market for lease and sale the Grammy mixed-use development which will be located near Business Park Sofia in Mladost 4.

The 25,000 sq m complex will comprise two residential buildings, a 24-floor office high-rise, hotel and retail center. Local company Grigo-X is funding the project.

Some 9,000 sq m of office space should place on the market in Sofia by mid-2008, said Diakov. A fifth of the supply will be marketed to buyers off-plan.

According to him, office vacancies currently stand at around 10%.

Supply of office properties for rent at 6-7 euro/sq m per month has virtually dried up and now most of the listings are in the 13-16 euro/sq range.(Dnevnik)