The corner building with attractive architecture, whose decorative façades face southwest, preserves the historical character of its interiors in the form of high ceilings and bright rooms with casement windows, but at the same time offers a modern layout, a new elevator and technology.
The attractive architecture of the building, whose main façades have a very pleasant southwest orientation, is currently undergoing a sensitive reconstruction and it will offer 38 apartments on seven floors. The layouts range from bedsits to three-bedroom apartments and there are also 2 studios with an exit to the courtyard and 2 non-residential spaces on the parterre.
The charm of Old Vršovice, enhanced by beautiful architecture, seemingly invites you to live there. The location’s atmosphere is underlined by the mature trees in the streets, great places to eat and the popular Heroldovy sady gardens.
Rezidence Norská is located on the border of Vršovice and Vinohrady. You can take a pleasant walk to get fresh local ingredients at the farmers’ market on náměstí Jiřího z Poděbrad, for example, or head to Riegrovy sady park for a picnic with a view of Prague Castle.
I have a special relationship with the visually attractive Rezidence Norská. We acquired it for our Premium Properties Fund in October 2020 from the RSBC investment group as our very first real estate investment. The original owner auctioned the property and there were a large number of other bidders. It was evident that the corner Art Nouveau building in a quiet part of Prague 10 close to Královské Vinohrady, built at the beginning of the last century in the Art Nouveau style, was of great interest to investors.
As a good manager, it was clear to us from the beginning that the listed Art Nouveau building has a beautiful exterior on the one hand, but elevating the building’s internal parts to a high interior standard would require a relatively large investment, time and effort. To put these three ingredients into numbers: the fund’s investment in the extensive reconstruction of the entire building amounted to several hundred million Czech crowns. The preparation of the unique construction project in the city’s conservation area and obtaining a building permit took our colleagues from RSBC Real Estate almost two years. And lastly, the project successfully combined the real estate expertise and years of experience of RSBC and Fund real estate professionals, a development manager, an architectural firm and a construction developer.
I am sincerely pleased with the result of the challenging, carefully managed project. From the visualisation and gradual growth of individual housing units. There are not many buildings in Prague that can offer a similar combination of a prestigious address, comfortable new housing and views of green space.
After all, since the first child always has a certain privileged position in the family, it will be difficult for us to part with our Fund’s first investment. But I am happy that the beautifully-renovated Rezidence Norská apartment building is about to enter another chapter of its life with the new owners of luxurious residential units.
Miloš Filip, CFA
Funds Managing Director