Speedwell starts sale process of Record Park Offices in Cluj Napoca

Speedwell has mandated Knight Frank to sell the office buildings and sport center of Record Park, a mixed-use project (office, sport center & residential) in central Cluj-Napoca (next to Dedeman’s The Office). The sales mandate includes three separate buildings: two office buildings – a new A-class office building next to a renovated historical building of the former imperial stables – and a new stand-alone sport center with a pool.

The total rentable area will reach 14,263 square meters, 207 underground parking spaces and 291 square meters of underground storages.

“The property has an unexpired lease term of more than 5 years, without break options, and an estimated annual NOI (net operating income) in excess of 2.7 million Euro when fully leased. Transaction is likely to be structured as a share deal with all three buildings owned by the same company”, says Valentin Lupu, Associate Director Capital Markets Division, Knight Frank Romania.

Besides the sport center which is already completed and functional since June 2019, the other two buildings are expected to be delivered in the second half of 2020. The residential units will be delivered simultaneously with the office buildings but will not be subject to this transaction.

While the subject property has already reached a pre-lease of 84%, the remaining 2,500 sqm offices will be rented by the completion of the project. The sport center is fully occupied by World Class (2,090 sqm).  The renovated historical building is leased by restaurant operator Stradale and the co-working operator Stables. The new office building has two anchor tenants: MHP Consulting (5,349 sqm) and Yardi (3,450 sqm).