The real estate investment group Fidurock has acquired two historic apartment buildings at Sokolska 35 and Sokolska 37 in Prague.
Financial terms of the transaction were not disclosed.
The buildings are located in the immediate vicinity of Wenceslas Square, the Museum, and I. P. Pavlova and have a current area of 2,157 square meters. According to Fidurock, will undergo complete renovation and conversion from office to residential rental units.
One of the buildings obtained a building permit as early as 1883 and was built according to the plans of builder and architect Frantisek Heberle with trusses by master carpenter Matej Bilek, both of whom were figures associated with high-quality Neo-Renaissance construction in Prague, according to Fidurock. “The original design also included a corner tower inspired by the French Renaissance, which was ultimately not realized, and during construction, the project was continuously refined in terms of layout and structural details. In the 20th century, the buildings naturally adapted to the needs of the time, and their use evolved from an educational function to integration into sanatorium and later hospital operations, including modifications made during the war. Repeated interventions in the facades and an emphasis on preserving architectural forms show that these were long-valued city houses with lasting value.”
“From our point of view, this was a very interesting acquisition opportunity, which we decided to take advantage of,” commented Fidurock Managing Director David Hauerland. “This expands our existing portfolio of apartment buildings, which we have been purchasing, sensitively renovating, and marketing as rental apartments for a long time. Specifically, these two properties are, in our view, in an absolutely ideal location, as they are right in the center of Prague, within walking distance of Wenceslas Square and the Museum. Tram stops and metro line C are at I. P. Pavlova, about a two-minute walk from both buildings. Metro line A is a five-minute walk away, and line B is a ten-minute walk away. The combination of such an exceptional location and the character of the buildings makes this a project with above-standard potential.”
“Fidurock is based on a long-term investment strategy and an experienced team that has been involved in the renovation of apartment buildings for many years,” added Fidurock Managing Director David Hauerland. “We have already implemented and are implementing several similar projects in Prague, which allows us to draw on our extensive know-how in technical, design, and operational areas. We have over ten years of experience in renovating century-old apartment buildings, adding extensions and optimizing layouts so that projects are sustainable in the long term and economically rational for our investors, while also being attractive to tenants.”
Image source: fidurock.com