Fri, Feb 10 2012

104M leva industrial zone in Elin Pelin postponed by one year

Thu, Apr 30 2009 15:42 CET

byNick Iliev

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104M leva industrial zone in Elin Pelin postponed by one year

Industrial zone near Elin Pelin
Photo: Nadezhda Chipeva

The construction of an industrial zone adjacent to the town of Elin Pelin has been delayed by another year. On April 29 the Cabinet has voted for 5.129 million leva which will be poured into infrastructure development, but the commencement of the construction process will be delayed, a government press release has revealed, quoted by Dnevnik daily.
 
The project envisions the erection of logistics and administrative centres, warehouses, hangars and buildings for light and textile manufacturing, on a parcel of land 77 ha in area, between Novi Han village and Elin Pelin.
 
The total area will be 134 290 sq m, and the investment was evaluated at 104 million leva in autumn 2007. Paladin Property Development, the investment-construction company entrusted with the overall construction of the complex, was granted a class A certificate by the Investment Agency.
 
According to initial plans, the complex would need three years of construction and should have been completed by 2010. However, Alexander Gebov, executive director of Paladin, has explained that construction is not likely to start until the summer of 2010.

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Logistic and administrative centres are still sought after

Warehouses and logistics centres still offer potential opportunities in the midst of an economic downturn for investors and developers.

Logistics park in Elin Pelin to cost 125M leva

Industrial Park Sofia East (IPSE) logistics project in Elin Pelin municipality, 25km east of Sofia, would cost 125 million leva if current plans are developed fully, Alexander Gebov, head of Paladin Property Development, the industrial park's project manager, said on March 5. It will spread on 70 ha of land, 96 per cent of which has been already rezoned from agricultural into land for construction development, and will provide space for light manufacturing, logistics and warehousing, benefiting from completely integrated infrastructure.

Sofia's suburban areas to grow into logistics parks

Current supply of logistic space in Sofia still lags behind demand and rentals, which currently come to as much as 5-6 euro a sq m, higher than in most countries from Central and Eastern Europe (CEE) region and rivaling prices in the United States and Western Europe, Andriana Petkova, managing partner in ProCon International Property Consultants, said at a discussion on trends and new ideas in real estate investment, held on March 5. Available infrastructure and plot acquisition prices were the biggest issues that had to be overcome by investors in logistics segment. Such developments normally spread on large areas of at least 200 000 to 300 000 sq m, which means that plot consolidation comes as a crucial item on the agenda.

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