Irish property company Parker Green International has purchased a 33-acre site in Bratislava, Slovakia in a move which sees Irish developers continuing their investment in the Eastern European market.
The company, whose Central and Eastern European offices are based on Palisady in Bratislava, is planning a 259-bed hotel, around 720,000 sq ft of retail, a cinema and leisure facilities on the site.
Ballymore, another Irish developer, has just got consent for the first phase of Eurovea, its 34-acre project on the River Danube in Bratislava.
The 2.5m sq ft mixed-use development will be Slovakia’s largest ever private project.
The £250m first phase has 430,000 sq ft of shops, 250,000 sq ft of offices, a five-star hotel, casino, cinema and healthclub and 250 flats.
The second phase will add 900 flats and 930,000 sq ft of offices.
Dr Gerard O’ Hare, group managing director of Parker Green International, said:
“As an Irish-based developer we regard Slovakia as the ‘jewel in the crown’ of foreign investment.
“Its low tax regime, buoyant economy, strategic central location in Europe and plans to join the Euro zone justified our decision to locate our Central and Eastern European office in its capital.
“We envisage this new site in Trnava to be a commercial success. Currently, we have an established commercial portfolio featuring developments and investments in the UK and Ireland worth an estimated €600m (£404m).”
References: EGi News 14/08/06
