An ideal buy to let investment
- Six apartment just released
- All apartments are corporate lets
- The area is booming
- Capital growth potential is excellent for the medium to long term investor
Investment is pouring into district 9 near to the River Danube.
Here is what is happening just on the other side of the road from Gizella Park.
In an area of the 9th district Danube riverside in Budapest, nestled between the Lágymányosi and Petofi bridges, one of the most ambitious city centre developments in the region is now entering the final stage of construction.
For decades this prime riverside real estate, originally earmarked for the 1996 World Expo, has stood unused. But since 2002, on a sprawling 5.5 hectare site, the TriGránit Development company, one of the largest construction groups in Central and Eastern Europe with over €1 billion of new developments completed since 1997, has gradually been creating the Millennium City Center development. The projects main points are as follows:
- Total built in potential of the Millennium City Center project is 450,000m2.
- Millennium Tower I, completed in 2006. An 18,000m2 high-tech office building, 70% occupied by Vodafone, with the remainder let by Morgan Stanley financial services, Germany’s Lufthansa and several other blue chip companies.
- Millennium Tower II, scheduled for completion in summer of 2008, will add a further 18,000m2 of premium office space and features a three level underground parking garage.
- Millennium Tower III, completion imminent, comprises 20,000m2 of high-end office space, spread over 8 floors. Morgan Stanley is the first tenant, and will set up its new Hungarian HQ in the building.
- The Millennium Gate building, scheduled for handover in 2009. This unique architectural development will become the new home of the prestigious Central European University’s (CEU) Business School, as well as offering an additional 14,000 m2 meters of ‘A” quality retail and office space.
- EUR 40 million investment in two brand new luxury residential property buildings, all completed, featuring underground parking and river views.
- A Convention Complex will house a 10,000-seat congress centre, a casino and a medicinal and recreational spa resort.
- A new multifunctional exhibition hall will also be built, as well as two new international hotels.
The whole development is without doubt the most striking example of the 9th district’s recent regeneration, kicked off by a government decision to construct the new Hungarian National Theatre there in 2002. Following that groundbreaking move, development began in earnest and the development is also now home to three major international cultural institutions: the National Theatre, The National Concert Hall and The Ludwig Museum.
Furthermore, development in this area of the 9th district is not only taking place in the ambitious Millennium City Center. In the third quarter of 2008, international finance giant AIG will handover the Haller Gardens project. Literally across the road from TriGránit ‘s Millennium I Tower, this modern, state-of-the-art, seven floor office building houses 32,000m2 of prime office space and a 3-level parking garage for up to 600 cars.
