“This was the fastest deal in the history of our commercial office and incredibly important for the motivation of the team after the Corona crisis,” says a delighted Andreas von Schlik, Managing Director of Engel & Völkers Commercial Prag.
The unrenovated and gutted apartment building with building permit for 14 apartments and seven garage parking spaces in a sought-after residential area, in Vinohrady, was the first newly acquired house after the Corona lockdown. Despite high motivation in the team, the deal was associated with a number of hurdles.
The private owner already had a buyer and from this buyer a reservation contract for around 45 900 000 CZK (1.75 million euros) was available. However, our new colleague in the commercial team, Martin Novák, was able to convince the owner of a temporary cooperation with us.
This opportunity was seized, with impressive results: 40 inspections took place within five working days, after which 15 letters of interest were received. Only two days later the purchase contract was signed, also because the Czech project developer had sufficient liquidity.
In the end, with the purchase price of approximately 66 100 000 CZK (2.52 million euros), we achieved an increase of 43 percent for the seller! The purchase price per square meter was ultimately around 100 000 CZK (3,800 euros).
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