Institutional leases also in Gdańsk.

Warsaw, November 2020

Gdansk is another investment destination for Zeitgeist Asset Management, an asset management company for private and institutional investors. In one of the city's most prestigious neighborhoods - Oliwa - the company is building a compound of four residential buildings for short - and long-term lease. The construction work is carried out by developer BMC.

The new project is located at Czyżewskiego Street 34 and borders on one side with Oliwa's forests and hills, on the other side with AWF Physical Education University's grounds and Gdańsk's historical inner city. An undoubted advantage is the proximity of the Tricity business centre with numerous office buildings and commercial facilities. The apartments are due to be completed in March 2022.

Home by Zeitgeist: risk-free rental

The novelty on the Tri-City market will be a method of real estate commercialization - institutional rental. The service will be provided by the operator Home by Zeitgeist, being an own brand of Zeitgeist Asset Management. “HOME by Zeitgeist is a brand-new residential concept on the Polish market providing a safe lease with no commission or third party involved. All apartments and additionally, high-quality services are delivered directly from the owner to the tenants.” - says Peter Noack, co-founder of Zeitgeist Asset Management.

"We anticipate that in the next five years the institutional lease offer in Poland will increase at least six-fold. This is due to the increasingly difficult access to housing purchase loans, and income uncertainty, particularly during the recession. Our offer also responds to the needs of mobile and open to change young people for whom investing in skills is more important than the sense of ownership.” - adds Peter Noack.

“The offer of housing for rent developed by institutional investors is an attractive alternative for many Poles today. Especially for those at the start of their professional career or individual life in a big city. Popularity and high occupancy of the currently running objects of this type in Poland – even in the time of turbulence caused by lockdown – shows that the demand for products in this segment is high and stable. Enlarging the scale of activity of companies investing in institutional rental in Poland and making people familiar with this kind of housing will result in raising interest of further groups of tenants in the coming years” – says Maximilian Mendel, Director of the JLL Housing Investments Department.

The housing estate is built for Zeitgeist AM by developer BMC, which has 15 other buildings in the Tri-City area in its portfolio. The project is executed based on a forward purchase contract, in which the investor is engaged in the construction process from the very beginning. Zeitgeist AM settles accounts with the contractor after completing particular stages of works. Thanks to this, the whole construction process is better controlled. “Working on a construction site is a system of connected vessels. What counts most is people, their competences and commitment,” says Grzegorz Sławiński, project manager at Zeitgeist Asset Management. "With BMC as a partner, we can be sure that all stages of the project will be completed on time and in the right quality."

Ready to live

The project at Czyżewskiego Street 34 has been under construction for a year and is scheduled to be completed by March 2022. The structural works are now complete. These will be 5-storey blocks of 36 to 65 sq m. units with one, two or three rooms and an underground garage. The apartments' standard will include basic finishes, so new tenants will be able to move in quickly. Existing residents, however, will not be exposed to the noise caused by finishing works in neighbouring units.

A major difference in building whole projects for rent is the second quality control that – due to the fact that two companies are engaged - the investor regularly performs. For future tenants, this means no worries about long-term use of the premises. "We focus on durable, resistant materials, exemplary system architectures and good acoustic insulation between units. We do not save here," says Michał Okoń, Managing Director of Zeitgeist Asset Management in Poland. "Details matter to us, such as very wide mirrors in modern bathrooms or neet countertops in kitchens.”

The compound site will be elegantly landscaped, with benches, plenty of greenery, and gardens for the lowest floor residents. The housing will be available at affordable prices. "The rental offer is aimed at young and working people, families with children, and elderly people. It will be appreciated by those who care for a quick commute, but also for the quiet and closeness of nature." adds Mr. Okoń.

Gdansk Oliwa: a neighbourhood with magnetic attraction

Olive is one of the oldest and most beautiful parts of the city. It owns its climate to interesting, historical architecture. Charming villas with wooden verandas, historic tenement houses and mansions, located on cobbled streets along which lines of long-lived lime trees grow, giving the impression of order and beauty. This location, like a magnet, attracts new residents. It stands out by its recreational qualities - right next to the project site there is the Tri-City Landscape Park with an area of more than 50 sq km.

The project at Czyżewskiego Street is only 3 min bike ride away from the famous Oliwa Park and 10 min. from the zoo or the beach in Jelitkowo. There are plenty of restaurants, walking paths and sports facilities in the area. A good connection with the rest of the country and Europe attracts investors. At the neighborhood limits, northern Poland's main business center is erected to offer numerous jobs and a wide range of services and shops. Fast-growing office market translates into interest from big companies in industries such as Transport - Forwarding - Logistics and modern technologies. The availability of a highly-skilled workforce is conducive to the development of shared service centers, launched by one multinational corporation after another.

Good public transport: There are trams, buses and high-speed urban railways that connect the entire Tri-City agglomeration. Gdańsk Oliwa railway station is one of the stops of the Pendolino fast train. On the west, the district borders with the Tri-City ring road, where Lech Wałęsa Airport is located.

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