Old Town Square building sold for record price

U Červené lišky, which faces the Old Town Clock, changed hands in a rare deal

Development firm Coast Capital Partners (CCP) has purchased a historical building on Prague's Old Town Square for Kč 500 million. This comes to Kč 230,000 per square meter, which is a record for the Czech real estate market. Including the underground levels, the building has some 2,000 square meters of usable space.

The company plans to invest several hundred more crowns into renovating the Romanesque building known as U Červené lišky, meaning At the Red Fox. CCP plans to work with conservationists on the renovation, as the building is part of the protected heritage zone.

The building stands opposite the Old Town Clock, offering views of the famous clock face.

The sale of a historical property on Old Town Square is a rare event. Real estate experts offhand could not recall a similar transaction involving one of the 30 “trophy property” buildings on the square in recent times. The building has been empty since the ground floor tenant Komerční bank moved out in 2013.

CCP co-founder Daniel Aalsvel told daily Hospodářské noviny that once the property became available, the company quickly decided to buy it. The company has not disclosed specific plans, but it is not intended for residential use. He said it would be a unique space accessible to the public, but it would not be a fast food outlet or a three-star hotel. CPP is looking for a suitable tenant with a vision for the building that brings added value to the square. CPP is looking at several options for remodeling the interior of the building.

Historical buildings are often owned by large families, and cannot be sold unless all of the owners agree, which is one reason they so seldom come on the market.

U Červené lišky, at Old Town Square 24, was built in 1401, and its basement dates to the 12th century. It has been renovated several times, most recently in 1993 to turn the ground flood into a bank. It was returned to the family that historically owned the property in 1990 under restitution. Why the family chose to sell it at this time was not disclosed.

Coast Capital Partners specializes in the development of high-end residential and commercial properties. CCP was founded in London in 1995 by Guy Sharon and Daniel Aalsvel. CCP in 2004 established of its first branch in Prague, where they now have several other projects including properties on Liliová, Jilská and Karoliny Světlé streets. CPP also has a branch in Florida.

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