New player in Warsaw's Praga district. Apartments for rent in the Praga Port.
Warsaw, 28 June 2019
Zeitgeist Asset Management, a company specializing in development services and asset management for private and institutional investors, starts an investment in Warsaw’s Praga district. The company plans to revitalize the building located near the historic Praga Port, at the junction of Wrzesińska and Kępna Streets. There will be apartments for rent and the ground floor will be occupied by commercial facilities. Construction works are expected to start later this year.
Chillout in the Vistula greenery, cultural excursion along the trail of Praga’s climate, and the next day the subway to work? Old Praga is a magnet for new residents and, consequently, for developers investing in its revitalization.
Plot at ul. Wrzesińska 2 has an area of just over 1.500 m2. The company purchased it at the end of 2018. The investor has already a building permit, which covers both the renovation of the existing building (while maintaining its current shape) and the construction of new buildings. Ultimately, the tenants will have at their disposal approx. 107 flats.
“Consistency with the historical fabric of the city is very important to us. We specialize in restoring the splendour of old buildings. In Czech Prague we invested in 20 tenement houses and historic buildings, not only extending the offer of apartments for rent, but also co-creating a unique atmosphere of restored places. We are guided by the same idea when it comes to projects in Poland," says Peter Noack, co-founder and managing director of Zeitgeist Asset Management. The architectural design is the responsibility of ProART A. Rostkowska, whose choice was guided by, among other things, the desire to properly preserve the historic elements of the building.
Praga like a magnet
The “Wrzesińska 2” property is located in the heart of Old Praga, bordering with the very centre of the city. The advantage of the location is excellent communication with the city centre combined with the tranquility of the green areas of the Vistula River and the Praga Park. Two nearby underground stations provide connection with distant parts of the city, and the newly built bicycle paths will allow you to use the rich recreational offer of the right bank of the Vistula River.
New residents are also attracted by the proximity of the historical pearls of this district, which, like no other, weaves modernity into the pre-war, familiar atmosphere of the capital. Behind the new housing estates built at the Praga Port there is an intensively revitalized historical fragment of Old Praga, which has been one of the tourist attractions of the city for several years.
Investment in revitalization
“Wrzesińska 2” is the third project launched by Zeitgeist Asset Management in Warsaw and the fifth in Poland. The company's business model is a pioneering one because Zeitgeist invests in buildings that have been in existence for many years, often with historical elements. It is a phenomenon, because foreign entities usually invest their funds in ready-made or newly built housing estates in Poland, offering a quick return on capital. Zeitgeist Asset Management plans its activities on a long-term basis, creating an offer of flats and premises for rent.Back to the list