Promenady Zita with a building permit

Promenady Zita in Wrocław
The construction of first phase is to last circa 18 months
Vantage Development S.A. obtained a building permit for Zita office block in Wrocław.

Promenady Zita are another investment within multifunctional complex Promenady Wrocławskie [Vratislavia Promenades], implemented by Vantage Development. The investor has just received a legally valid building permit for the first phase of the complex, with the space of 5 600 sqm. Construction works will begin in the third quarter of 2013 and will last 18 months.

Promenady Zita project has been divided into three phases. The second phase will enrich the market with 6 340 sqm, and the third one with the usable area of 10 200 sqm. The whole investment's budget comes to over PLN 100 million.

Beginning of Promenady Zita's first phase is planned for the third quarter of this year, and commencement of other phases at year intervals. We assume that construcion of each phase will last circa 18 months, so according to our plan of work the whole project should have been completed by 2016. Obviously, with the interest of prospective tenants, two further phases may be completed earlier than planned – says Dariusz Pawlukowicz, Economic and Administrative Director and a Member of the Board of Vantage Development S.A.

The project is to be financed by the company's own resources and investment credit.

We are negotiating credit terms with a few banks. The decision of choosing the offer most favourable for us will be made soon, so as to have the funding prior to beginning the construction – explains Dariusz Pawlukowicz.

Previously, as a part of Promenady Wrocławskie complex the project of Promenady Epsilon was completed, and within just a few months it was leased in 96 per cent. The company is already commercialising Promenady Zita. Among others, talks with an important entity from finance sector and two prospective lessees from BPO are in progress.

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