They intend to sell part of the inheritance of the Finnish YIT in St. Petersburg
Author of the photo: yandex.ru/maps
The Etalon group intends to sell the Axeli project in the Kalininsky district of St. Petersburg, which it received along with the entire YIT inheritance.
Plot of 0.3 hectares on the street. Vasenko, 7, YIT St. Petersburg was purchased in 2020 from Telecom-5 LLC (owned by Rostelecom and Sberbank structures). According to the general plan, this area is suitable for mid- and high-rise residential construction. Now it houses the Soviet building of automatic telephone exchange No. 540.
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The new owner planned to build an 11-story comfort-class residential complex with 100 apartments on the site. He intended to enter the construction site in mid-2021. But it was not possible to quickly prepare urban planning documentation; then the city decided to submit all projects to the urban planning commission, and then YIT itself decided to leave the Russian market. As a result, all his projects were bought by the Etalon group.
The Etalon group confirmed information about the sale of the asset. According to Nikoliers, its value as of December 31, 2023 was 201 million rubles.
As market participants say, for such a large developer as Etalon, this is too small a plot. “For companies that are accustomed to carrying out large projects, from 20-30 thousand “square meters”, such a “spot” on which a 100-apartment building can be built is of no interest. Moreover, the same amount of effort is spent on preparing urban documentation for such a project , as much as on a large scale,” says Vitaly Korobov, general director of Element development.
In addition, as experts note, it is not clear how to convince the city authorities at the town planning commission that this residential building is really needed. “If you build a kindergarten or renovate a school, the economics of the project simply won’t stand it, and the “square” will become golden,” says Sergei Terentyev, director of the real estate department of the CDS group.
Although the site is really interesting, market participants note. “It is located in a populated part of the Kalininsky district – well-maintained and comfortable for living. There are green recreational areas nearby – the Kondratievsky and Lyubashinsky gardens, Bezborodko square with a pretty lake, the spacious Academician Sakharov park,” lists General Director of Maximum Life Development Igor Kartsev .
The site will be of interest to a small developer who specializes in spot projects, but after the issue with the town planning commission is resolved. Another risk factor is residents of surrounding houses, who may oppose any construction near their homes.
The entire Russian business of YIT, which was acquired by the Etalon group, includes 19 projects in the design and construction stage with an area of 0.6 million m2 in five regions of the country, as well as the Greenstate industrial park in Gorelovo with an area of 115 hectares. The transaction amount was 4.6 billion rubles.
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Tags: intend sell part inheritance Finnish YIT Petersburg
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