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The two banks of the Malaya Neva

 

There are practically no high-quality offices on Petrovsky and Dekabristov Islands at present. But given thorough redevelopment, the possibilities for creating commercial real-estate here will be more than sufficient.

The territory of Petrovsky Island and Dekabristov Island is a former industrial zone. “In some buildings, offices of companies are located, but as such there are no modern business centers there,” says the general director of the Leontevsky Mys development company Igor Onokov.
According to data from Astera company in alliance with BNP Paribas Real Estate, at present there are just six business centers of class B and C on Petrovsky and Dekabristov Islands. They include Almaz (class C, total area 7,000 m2), Manufaktura (class C), AkademiA, (class B, total area 10,000 m2), Rot-Front (class C, total area 18,000 m2), Na Smolenke (class B+, total area 16,700 m2) and Petrovsky (class B, 3,500 m2).


Projects and plans

 
While the territory of both islands is occupied by industrial enterprises, there are few free spaces for creating new real-estate. On Dekabristov Island, only one project is currently being realized. At the end of Prospekt KIMa (by Lenta hypermarket), in the location of the St. Petersburg river port, Baltiisky Monolit is starting construction on the multifunctional complex Docklands, which includes a class B office center of an area of 17,500 m2, business-class apartments and a hotel. The project is quite large-scale and occupies a territory of 3.6 hectares. Completion of construction is planned by the end of 2016. The volume of investment has been assessed at $100 million.
According to data from Knight Frank Company, on Dekabristov Island, several projects of commercial real-estate have been announced, but they have either been postponed or are staying as yet at the planning stage.
On Petrovsky Island, one project has also been announced with an office component. It should appear during reconstruction of the malt house of the Novaya Bavariya factory on Petrovsky Prospekt. The project is being developed by the Leontievsky Mys company, while opposite, on the other bank of the Zhdanovka river, is being built an elite housing complex. According to Igor Onokov, the malt house building will have elite residential lofts and a business center of class A built in it.
“Thus, the malt house will be the first historical factory transformed into elite apartments in Petersburg, in other words the first representative of the loft class,” says the general director of Colliers International in St. Petersburg, Andrei Kosarev. Designers from the Yoo studio have been invited to work on the project, and John Hitchcock, who invented the loft concept, will also be involved in planning.


A comprehensive approach

 
According to experts, the development of residential real-estateseems more promising at present for Petrovsky Island, and on the Malaya Neva embankment from the side of Dekabristov Island. To realize individual projects on Dekabristov Island, comfort-class housing could mainly be built, and if the entire territory is developed according to a general concept, then business-class housing could also be built on the Neva embankments.
Petrovsky Island is a more elite location, but its territory should not be mono-functional. “If only elite housing is built here, then it will be another Krestovsky Island, which is insufficiently developed from the standpoint of infrastructure,” says Igor Onokov. But, in Andrei Kosarev’s opinion, offices here could be very interesting and expensive projects that might attract investors who are interested in a prestigious central location.
As the prestige of the territory in its current state is questionable at present, the business centers here are classified as class C. On the whole, as experts justly note, both Petrovsky Island and the part of DekabristovIsland next to the Malaya Neva are rather large territories, and so are not homogenous. The demand for a business center, besides its quality, is influenced by transport access, parking availability, and the surrounding area.


“At present, only the eastern parts of the territories examined are located in a zone of reasonable access from the metro,” says the General Director of Surveyor International Group Arsen Kelemenyan.“For Petrovsky Island, this is Sportivnaya metro, and for Dekabristov it is Vasileostrovskaya.”
It is harder to reach the western parts, and the surrounding area there leaves much to be desired. The shoreline territories of both islands in a western direction, in accordance with Soviet practice, were built up with industrial enterprises, part of which are still functioning, and part of which are spontaneously rented out. All of this has a negative effect on the quality of the surroundings.

 
A long process


Prospectively, the possibilities for redevelopment here are extensive.“The documents for the territorial planning of Petersburg envisage a change in the functional use of these territories to a business and residential function,” says Arsen Kelemenyan. If agreements are reached on moving the enterprise and buying the lot, such a development may in the absence of any legal difficulties realize a project for the construction of an office center.

 
According to Igor Onokov, around 80% of all industrial objects located on Petrovsky Island are of no cultural and historical value, do not measure up to requirements and conditions of use and qualify for demolition.
“But redevelopment is a lengthy process, and it can drag on for a long time – for 10 years or more,” says Alexei Gulevsky, the head of the consulting department at ASTERA.

 

Maria Mokeicheva - maria.mokeycheva@dp.ru

Feature pages of ‘DelovoiPeterburg’,supplement Where to live’, 27/08/2014

Short address for the article:  http://www.dp.ru/103e6v/