Neglected historic building on Prague's Republic Square will be carefully renovated

by   CIJ News iDesk III
2022-06-14   15:38
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A large historic building on Prague's Republic Square 7 will be carefully renovated. The developer Crestyl, who bought the building four years ago, presented its intention today. The project called NR7 will keep the existing functional use combining premises for shops and services with offices. The NR7 building at the prestigious address will offer a total of nine floors with approximately 5,600 sqm of space, on the top floor there will also be a terrace with a panoramic view of Prague. The reconstruction is starting these days, its completion is planned for 2024. The total investment in the project will exceed one billion crowns.

In the lower floors there is a location for shops, the premises will meet the most demanding design and technical requirements. Due to the prestigious location with access directly from Republic Square, it is an ideal place for the flagship store of every brand. On the upper floors, there will be unique offices of the highest standard, combining historic premises with state-of-the-art technologies, which will be ideal, for example, for the offices of lawyers or consulting firms.

"We want to restore the historic building to its lost glory and original appearance and reconstruct it so that it dignifiedly represents one of the most important places in the Czech Republic," says Viktor Peška, Crestyl Group's sales director. "We are negotiating intensively with potential tenants. However, because we managed to obtain all the necessary permits, we do not want to wait for the signing of contracts and we are embarking on a demanding and careful reconstruction right away. This is a truly unique property in a unique location, so we can afford to embark on the project speculatively," he adds.

The NR7 building is located on the corner of Republic Square and Králodvorská Street next to the Kotva department store. It was built in 1905 in the neoclassical style according to the design of architects Adolf Foehr and Alfons Wertmüller (author of the State Opera) as the seat of the Allianz insurance company. One of the first Laurin & Klement stores was even located in the business unit oriented to Republic Square. In 1945, the building was assigned to the Czechoslovak National Socialist Party to establish the seat of the party headquarters.

The reconstruction will be very demanding also with regard to the fact that this building has never undergone a general reconstruction and over the years there have been a number of negative changes in the building. Of course, all the rare elements of the building will be preserved, including a beautiful spiral staircase.

The NR7 project will offer a total of nine floors at the prestigious address with approximately 5,600 sqm of space. The basement, ground floor and first floor will be designated for shops and services. On a leasable area of ​​over 2,100 sqm, there will be space for a total of three retail units with several floors. The six floors with a leasable area of ​​3,500 sqm are then intended for offices of the highest category, which will combine historic spaces with all modern equipment. In addition to a representative reception and a common lobby, all floors will offer high ceilings, and on the top floor there will be a terrace with panoramic views of Prague.

Crestyl Group has built several office and shopping centers in recent years, their common denominator being the location in the city centers. It is currently preparing the largest revitalization project in the historical center of Prague called Savarin in the vicinity of Wenceslas Square and Na Příkopě Street.