Former tobacco factory in hot Bucharest development area goes on sale

The 62,500-sqm industrial platform of the former tobacco processing company Tutunul Romanesc (SNTR), owned by local businessman Ioan Niculae through his group Interagro, was put up for sale by the insolvency firm Casa de Insolventa Transilvania (CITR) for the starting price of EUR 33.6 million, local Economica.net reported. The sale is part of a reorganisation process undergone by Niculae’s firm Interagro.

The land plot is located in one of Bucharest’s hottest areas in terms of real estate development - Orhideea, close to the Polytechnic University and its campus Regie - where several big office, residential and retail projects have been launched in recent years.

The property has the potential to be developed into a mixed real estate project, which may include modern office areas, commercial areas, shopping mall, show-rooms, hotels and restaurants, and areas for related services (clinics, schools, kindergartens, activities sports, entertainment). Large projects such as Orhideea Towers, The Bridge, and Bucharest Business Garden have already been developed in the area.

However, the industrial platform includes buildings and other constructions that are under the category of historic monuments, and a road with a total surface of 13,703 sqm. Such objectives can be subject to conservation, restoration, rehabilitation and functional conversion - but can not be demolished.

A similar conversion project in the area is the one carried out by Lithuanian group Hanner on the premises of the former Grivita beer factory.

(Photo source: ID 163746613 © Andrii Yalanskyi - Dreamstime.com)