LONDON, October 19, 2015 /PRNewswire/ --
US-based real estate investment manager Amstar and Polish developer BBI Development S.A., in partnership with Savills, recently launched Zlota 44, one of Europe's tallest and most luxurious residential towers, located on Ulica Zlota (Gold Street) in central Warsaw. The tower has received strong interest from international buyers (over 30% of total sales enquiries), over half of which have been Ukrainian nationals searching for an attractive residential investment or second home.
The favourable gross rental yields available in Warsaw, regularly averaging 7.5%, is one of the key attractions for Ukrainian investors. Compared to similar markets Warsaw significantly out-performs achievable yields in large European cities such as London (2%-5.5%), Paris (3%-4%), Berlin (3%-4%) and Budapest (6%-7%).
In recent years, Poland has become the largest economy in Central and Eastern Europe (CEE) and is predicted to join the G-20 list of the largest economies in the world by 2022. The Polish economy has been boosted by the burgeoning property market in major cities such as Warsaw, with Zlota 44 the most iconic residential development in Poland.
Michal Skotnicki, President of BBI Development, commented: "We currently have significant interest in Zlota 44 from both Polish and international buyers. We estimate that approximately 70% of apartment sales will ultimately be to Polish domestic buyers. In terms of international interest we have had a strong response from Ukraine, with a number of interested parties looking for a second home in Poland or for a 'safe-haven' to invest their capital."
Discussing the investment potential of Zlota 44, Charles Weston Baker, Director at Savills International, commented: "Warsaw is a fast growing and exciting city and Poland is currently the sixth largest economy in Europe, making an apartment within Zlota 44 a sound investment, both in terms of affordability and potential returns. At current we're seeing an average rental yield of 7.5% for high quality apartments in Warsaw, making this a very exciting investment for international property investors."
Designed by world renowned architect Daniel Libeskind, the iconic 192 metre (629 ft.) high 52 storey tower dominates the city's skyline and provides 287 one, two and three bedroom apartments and penthouses complete with business, leisure, concierge and parking facilities. The design of the tower makes each apartment unique in size and layout, with a wide range of floor plans. Typical apartments range from 660 sq. ft. up to 3,224 sq. ft., with penthouses and several full floor residences reaching up to 10,000 sq. ft. in size.
The apartments offer elegant interiors designed by award winning international design studio Woods Bagot. Purchasers can choose from one of nine different interior design schemes, providing a range of colours and materials that suit the tastes and preferences of each individual. The combination of world class design and spectacular views create the ultimate living space in the thriving capital of Poland.
The tower offers residents an unmatched living experience, providing world class amenities and services that create a community and lifestyle that does not exist elsewhere in the Polish property market. On the eighth floor of Zlota 44 is a 15,000 sq. ft. leisure and entertainment complex for the exclusive use of residents and their guests.
The space includes a 25-metre swimming pool (the largest private pool in Poland); private residents' terrace with sun loungers and Jacuzzi; gym, full spa facilities (including Finnish sauna, steam room and massage rooms), private cinema equipped with a golf simulator; children's playroom and business conference rooms.
Wine connoisseurs will have access to a large temperature controlled wine storage on the ground floor, accommodating up to 10,000 bottles, complete with a tasting room. At the base of the tower is a nine storey parking facility, which is accessible from street level and contains spaces large enough for luxury cars. The dedicated concierge, supported by full-time staff maintaining the leisure and entertainment facilities, will ensure that residents receive 5-star service on a daily basis.
The façade of Zlota 44 was constructed with self-cleaning high quality panelling and triple-glazed floor-to-ceiling windows. Commenting on the architectural design of Zlota 44, Daniel Libeskind said: "The concept and design of Zlota 44 first came to mind as I was reflecting on the city, which has been resurrected after ages of destruction and oppression. I wanted to capture both the Warsaw of the past and the future in one specific shape, as well as give a sense of the freedom and affirmation of everyday life today. More than anything, I was inspired by the identity and the potential of this amazing city."
All apartments have a spacious living area with floor-to-ceiling glazing, providing a light and airy ambience. The kitchen and breakfast rooms are open plan, custom fitted and complete with integrated appliances and breakfast bars.
There are options for the inclusion of exposed polished-concrete ceiling and column features, Caesarstone kitchen worktops and stained-oak or American-walnut flooring. Apartments also feature Gaggenau kitchen appliances and the latest home management systems, which are compatible with tablet-controlled and smartphone-controlled technology.
The tower will complete construction mid-2016, with first residents scheduled to move in at the end of 2016. With one, two and three bedroom furnished show apartments and a sales suite now in place on the 50th floor the developers have decided to launch the project's international sales campaign in conjunction with Savills.
Investors at Zlota 44 can benefit from a full property management service provided by leading Polish residential property investment and management company Mzuri. On offer is a fully tailored service giving owners a 'hands-free' investment, with guaranteed regular rental income. The property management service includes active apartment marketing, showcasing the property to prospective tenants, verifying and selecting tenants, full inventory service, managing tenants queries, continuous rent collection and apartment maintenance.
Prices at Zlota 44 range from $370,000 (1.4 million PLN) for a one-bedroom apartment up to $3 Million (11 million PLN) for a three-bedroom apartment. The opulent penthouses are available under private negotiation, with offers expected to exceed $10.75 million. For further information contact Savills International on Tel: +44(0)207-016-3740 or visit http://www.savills.com or contact the Zlota 44 sales team on Tel: +48-22-250-14-44 or visit http://www.zlota44.com
Notes to editors:
Established in 1987, Amstar is a real estate private equity company that acquires, develops and manages properties in the United States and select international markets.
Amstar's core investment strength lies in its consistent application of disciplined underwriting standards while remaining nimble and efficient in taking advantage of opportunities in a rapidly changing global investment environment. Amstar is a private company whose activity is based on a culture of trust, honesty, and respect. http://www.amstar.com
BBI Development S.A., a real estate development company listed on the Warsaw Stock Exchange, combines experience and modernity. Distinctive features of all BBI's projects include their exceptional character and unrivaled locations.
The company has completed commercial and residential projects as Rezydencja Foksal and Nowy Plac Unii, and currently carries out work connected with Centrum Marszałkowska; a commercial and retail complex, as well as Centrum Praskie Koneser; a commercial, residential, cultural and entertainment complex located in the south of Warsaw. The comprehensive implementation of those ventures makes BBI Development S.A. a major player in the Polish property development market, particularly in Warsaw. http://www.bbidevelopment.pl
Savills is a global real estate services provider listed on the London Stock Exchange. Savills operates from over 600 corporate and associate offices, employing more than 27,000 people in over 60 countries throughout the Americas, the UK, Europe, Asia Pacific, Africa and the Middle East, offering a broad range of specialist advisory, management and transactional services to clients all over the world. http://www.savills.co.uk or http://www.savills.com
SOURCE Zlota 44