Savills appointed to manage Harrachovsky Palace in Prague city centre

International real estate advisor Savills has been appointed by HERITAGE REAL ESTATES to manage Harrachovsky Palace, an extensive building complex composed of five interconnected buildings located in Prague’s city centre, from August 2019. The complex provides approximately 3,000 sq m (32,292 sq ft) of leasable space, comprising retail units on the ground floor, two floors of office space and eight apartments on the upper floor, with a modern parking system. The building is fully let.

A UNESCO heritage site and registered as a cultural heritage building, Harrachovsky Palace combines a newly renovated historical building with a modern extension at the rear of the property. An extensive reconstruction of the entire building was started in February 2015. The complex is located in Jindřišská Street in Prague 1 – New Town, close to Wenceslas Square, with excellent accessibility for public transport and cars.

Viktor Šimeček, managing director at HERITAGE REAL ESTATES, says: “We are pleased to be entering into a working partnership with Savills. We believe in their capabilities and targeted approach that is very much in line with our own company ethos. We are looking forward to getting an appropriate management plan in place to maintain the complex and identify certain areas where we could improve.”

Petr Machula, Head of Property Management, Savills Czech and Slovak Republics, comments: “We are delighted to have been appointed to manage this building complex in such a premium location. We look forward to cooperating with HERITAGE REAL ESTATES on this project and helping them to continuously increase the net income and overall value of this asset under Savills Property Management.”

Harrachovsky Palace is the second building under Savills property management in the area; only a short walk down the same street Savills manages the IMMOFINANZ office building with a leasable area of approximately ​​6,600 square metres.

Czech developer HERITAGE REAL ESTATES holds a portfolio of residential and commercial buildings. It currently owns and manages seven city-centre buildings in Bohemian and Moravian towns.