Developer Speedwell announced signing a Promissory Sales Purchase Agreement for a 9-hectare plot of land in Bucharest, on Calea Grivitei. The company plans to use it for a major mixed-use ensemble, combining leisure, living, retail and work with green spaces and public amenities. The components will feature approximately 2,000 apartments and 60,000 sqm of office spaces and services.
The investment value for this project is around €500 million, a significant leap forward for Speedwell as this will double up its portfolio value and size.
Located on Calea Grivitei, with an ideal position across the Grivita subway station, the land plot benefits from a developed infrastructure, with direct access to a multiple lane main boulevard, as well as public transport.
In line with all other Speedwell’s developments, this project will have a focus on TOD (Transit Oriented Development), bringing all necessary facilities in close proximity of the site. The direct connection offered by the existing infrastructure makes this a true transit-oriented development.
Speedwell’s newest addition to the portfolio is also going to be an urban regeneration project meant to repurpose an industrial area, creating a hub for contemporary urban living, where people want to live and work.
The developer has contracted internationally acclaimed urbanists to work on the master plan. It also intends to collaborate with different prestigious architects with the goal of making this an example project of urban regeneration and revitalisation.
Fuse, the architecture studio part of the Speedwell group will coordinate the other architectural firms involved in the process.
The company’s objective is to shape a new urban landscape in areas with potential yet in need of high standard real estate developments. Building such a large-scale project will have a positive impact on the neighbourhood’s growth by inserting new functions, such as residential, office and services. This will create the perfect grounds for a new community to form and evolve on the premises of the project and around it.
Speedwell intends on opening a dialogue with the authorities to discuss the needs and expectations of the existing community and is relying on the local administration’s support to carry out this project that will improve the quality of life in the area.
The project will be built on nZEB (nearly Zero-Energy) and international sustainability standards.
“We are proud to acquire one of the last biggest industrial plots in Bucharest. This moment marks a significant milestone for our company. It also shows our trust in the Romanian real estate market, as well as our ever-growing ambition to enrich the urban landscape and increase the quality of life. We truly believe in urban regeneration, reconversion and high-standard development and we trust it shows in everything we do. A sincere thanks go to all people involved in this transaction, and we would like to mention, Reff & Associates, KPMG, Vitalis Consulting, Conadi, and of course our internal Speedwell team. They all have performed an amazing job. The professionalism, flexibility and of course hard work have been exemplary, and proves again that Romania has all the assets to become a key player on the European level,” said Jan Demeyere – Architect and Co-Founder at Speedwell.
Signing the PSPA for the land acquisition has been realised with the assistance of the land&development department of Conadi, one of the most experienced brokers in the market for this type of transaction, coordinated by Ovidiu Stana – Managing Partner Conadi.
On the legal side, the entire process has been fully supported by Reff & Associates through Irina Dimitriu – Partner and Head of Real Estate and Diana Stan – Managing Associate, in close collaboration with Alex Bumbu – Legal Counsel at Speedwell.
