The owner of Stockmann in Russia to launch the first development project in Moscow

The owner of the Debenhams and Stockmann Department stores in Russia, Yakov Panchenko

Photo: Gleb Schelkunov/Kommersant

Yakov Panchenko, owner of Debenhams and Stockmann Department stores in Russia, is launching its first development project. Along with MR Group, he plans to build an apartment complex in the East of Moscow 200 thousand sq m

That MR Group will build a new residential complex with an area of nearly 200 thousand square meters in the area of metro station “Cherkizovsky” (street Amur, VL. 3, plot area — 6.5 ha), RBC told representatives of the three companies operating in the real estate market of Moscow. The draft plan already approved by the city planning and land Commission of Moscow at the meeting of 11 February this year, reported the press service of the Committee on the implementation of investment projects in construction and supervision of participatory construction. As explained RBC in the Department, MR Group were allowed to build 194 760 sq m of which housing will have 120 thousand square meters, the rest — commercial and social infrastructure.

At the moment the MR Group portfolio consists of 30 properties with a total area of 5 million sq m in Moscow, Moscow region and Sochi, “Moscow city”, “Royal square”, “Water”, “Fili grad” and others). According to INFOLine, given apartments in 2015, the company put into operation more than 250 thousand square meters.

Partners from retail

Planning for development of land currently renting AO mosstroymekhanizatsiya No. 4 (MCM-4) for a period up to 2060, according to data of the Unified state register of rights to real estate (EGRP). Until December 2015 77,79% of the shares of the company owned by the savings Bank. Sberbank provides this the company services with custody of the shares, and therefore nominally in the system of SPARK is listed as a shareholder,” — said the press service of the Bank. As of June 21, 2016 92,94% of the company’s shares consolidated, LLC “New engineering company”, which is 50% owned by Yakov Panchenko and co-owner of MR Group Roman Timohin.

Construction of residential complex will be the first known development experience Yakov Panchenko, previously, it was known exclusively in the retail market. The entrepreneur owns 70% Reviva Holdings, which is developing in Russia franchise network of stores of the British chain of Debenhams (now under the brand operates two stores in Moscow). In early December of last year it became known that Reviva bought from the Finnish Stockmann’s Russian Department stores company (seven stores in Moscow and Yekaterinburg).

In the MR Group declined to comment. Yakov Panchenko did not respond to a request RBC.

Construction is stores

The minimum investment in the project will amount to 13 billion rubles, estimated by the head of Department of Analytics and consulting company “best new Building”. Investments can be less — in the region of 10-10. 5 billion rubles, the head of the analytical and consulting centre Est-a-Tet Vladimir Bogdanyuk. “The site “imperfect” is not only due to the fact that it is in the industrial area, but due to the distance from the subway, so you can only build housing comfort class”, — the expert adds.

On the other hand, in the immediate vicinity of new objects is almost there, mostly old housing, recalls the Director of consulting Department of Knight Frank Olga Shirokova. “At some distance from the site is the residential complex “Grape” of the larger complexes are located in the area of metro station “Preobrazhenskaya Ploschad’, among which are the LCD “Heritage”, “Yauza Park” and “Falcon Fort” — lists it.

In General, the developer can sell the apartments at 130-140 thousand rubles. per 1 sq. m for four to four and a half years, estimated by the head of the company “IRN-Consulting Tatyana Kalyuzhnova. While the payback for the project will be released even earlier — three or three-and-a-half years, sums up Vladimir Bogdanyuk. For comparison, the draft Yakov Panchenko in retail will be released on the payback period of not less than five years, especially given the fact that the new owner will have to invest additional funds in its rebranding and re-conception, the General Director “INFOLine-Analytics” Mikhail Burmistrov.

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