“OASIS Florenc Property Holding was a green field investment in 2005 as the site was vacant, even though it was right in the middle of Prague,” recalls Robert Pastuszek, managing director and asset manager for SachsenFonds. “The original buildings there had been demolished during the building of the Prague metro system, so the site was available.”
Alongside Jones Lang LaSalle, SachsenFonds took the risk of building on the site. It was put into operation in 2007 with the two companies in joint control of the lease.
OASIS Florenc Property Holding is divided into two parts. There is office space on 15,000 m², and the remaining 3,600 m², found on the ground floor, is retail space. The office area houses the headquarters of a few international companies and law firms.
“When it comes to real estate, location is what counts, and ours is ideal,” Mr. Pastuszek says with pride. “This is a prestigious location, which our clients prefer. We also have a metro station, a tram station and a bus stop all within walking distance, so it is convenient for shoppers to come here. We are in the greater downtown area yet close to the highway.”
Some tenants have had their logos installed on the roof, making them highly visible. The shopping passage offers everyday items that are of use to the office staffers as well as passersby on their way to and from the public transport stations.
OASIS Florenc Property Holding is such a desirable facility that it has no vacancies at the moment. The roofs are also planted with gardens for the tenants, giving them a spot to take a breather from a stressful day and get some fresh air.
“That is what makes us the Oasis,” Mr. Pastuszek highlights. “That is something you will not find in most other office buildings, certainly not in a big city. It makes the working environment friendlier.”
Income from rent amounts to about four million EUR, roughly 25% of which comes from the retail sector. “We generate revenue based on rentals, so it is important to us to keep our occupancy as close to 100% as possible,” Mr. Pastuszek discusses how to make the property successful. “We maintain high occupancy by keeping our customers happy. Most of the leases expired last year, but our tenants contacted us about renewing them, which was a huge compliment.”
A high flow of people in the building is good for the retailers there. OASIS Florenc Property Holding is a hairdresser, a bank, a telephone shop and many other services rolled into one. This colourful mix is of benefit to the retail tenants. “We have 19 units in the building,” Mr. Pastuszek says. “We plan to keep it in the best shape we can, so we can sell it again in a few years.”