Flow East buys historic building in Prague's Old Town

The developer Flow East has acquired the V Templu building in Prague's Old Town at Celetna 27. Built in 1664, it currently offers over 1000 sqm of leasable area, with 8 flats, three office units and retail and restaurant space on the ground floor. Flow East completed the transaction without using any outside financing. “Opportunities to invest in such wonderful buildings as Dům V Templu come along rarely and we jumped at the chance to buy a building that is so rich in history. This is one of more than ten such historical buildings in Prague that Flow East has now rescued, preserved, refurbished and re-purposed over the last quarter of century, granting them a new lease of life while retaining all that is historically and architecturally valuable,” says James Woolf, CEO of Flow East. Andy Thompson of Colliers International said the seller he represented was concerned that the building get a new lease on life. The decision to sell to Flow East was therefor as much recognition of the company's track record with historic buildings as it was an agreement on the price.