Bulgarian Property Developments (BPD) has completed the purchase of a major site in Bulgarian capital Sofia. The contracts were exchanged on July 7, 2006. The site is half-way between the southern section of the inner-city ring road and the centre of Sofia, well located for a business and retail development.
Bulgarian Property Developments (BPD) has completed the purchase of a major site in Bulgarian capital Sofia. The contracts were exchanged on July 7, 2006. The site is half-way between the southern section of the inner-city ring road and the centre of Sofia, well located for a business and retail development.
'Part of the site is currently occupied and producing a yield in the region of 3%. Bulgarian Property intends initially to develop the vacant part of the site. Once these new buildings are let, the existing buildings will be demolished and redeveloped,' BPD said in a statement.
The company said that it is too early to predict exact costs and rents, but added that it is targeting a net yield of more than 15% once the development is completed. The purchase of the site means that Bulgarian Property Developments is effectively fully invested. Established in 2002, BPD is active solely in Bulgaria.