The uncertain situation in the commercial real estate segment is forcing developers to minimize in its portfolio of office assets. So, the group “Glavstroy”, which on the market associated with the structures of Oleg Deripaska, can carry out redevelopment of the business centre opposite the Cathedral of Christ the Savior in Moscow: there will be a complex of elite housing. In the crisis of 2014 the situation was about the same, but then companies built housing on the site commercial facilities.”Glavstroy” can rebuild an office building in Simonovska passage in the residential complex, this “b” told the real estate market. These plans are confirmed by the data IRN: in may, the resource specified in the list of promising residential projects of the company and the project in Simonovska travel. In addition, this area is already decorated town-planning plan of the land plot, allowing the placement of residential houses with apartments. Glavstroy is not answered the request to “Kommersant”.Group “Glavstroy” was established in 2008 on the basis of the largest contractor “Glavmosstroy” and combines the construction assets of basic element of Oleg Deripaska. In 2018, the businessman announced the exit of asset: owner of the group was “Libra holding”. According to the register, the latter belongs now to the four individuals. In 2018-2019, one of the owners “Libres holdings” was Arkady Sarkisyan, whom Forbes called a longtime partner of Oleg Deripaska. The publication, citing sources claimed that Mr Deripaska could rewrite your company to Trustees to protect assets against sanctions.The plot of 0.3 ha in Simonovska passage near the metro station “Kropotkinskaya” belongs to “Glavstroy”. Now there is a four-storey business center of class B with an area of about 6 thousand sq. m. rental Rate is estimated at 20-25 thousand RUB for 1 sq. m a year. The building itself was built in 1902, before the revolution, in the house lived the priests in the temple of Christ the Savior, located right across the mansion is recognized as a cultural heritage site. Therefore, companies have to refurbish the building in the existing dimensions, says partner at Cushman & Wakefield Alan Baloev.In his opinion, the translation of the object in the housing will increase its liquidity. Partner of Colliers International Vladimir Sergunin estimates the cost of apartments in a future complex of 1.3 million rubles. for 1 sq. m. the Chairman of the Board of Directors “best new Building” Irina Dobrokhotova has estimated that the future residential complex of “Glavstroy” can compete with the elite family projects in the area. Only two of them are still in the initial stage of construction but they stated in the format property. If Glavstroy will sell the apartment, it will give the new project the opportunity to start with a higher price than the nearest competitors, said Mrs. Dobrokhotova.”Glavstroy” is not the only compania, which recently decided to transform the office space into housing. The redevelopment of the business center in a Large Palashevska alley near Patriarch’s ponds will hold and the group Snegiri Alexander Chigirinsky, previously reported the newspaper “Vedomosti”. The developer intends to build there is about 12 thousand square meters of real estate, of which 7 thousand square meters will have on housing.Now on the office market because of the crisis there is uncertainty. According to Knight Frank, in the first half of 2020, the vacancy in this segment was 6.7–8.9% based on class a business centers, an increase of 0.3 percentage points. This is not a critical value. But developers predict that in the future the figure may increase due to the relocation of major companies of its personnel in a remote format.The developers have tried to convert commercial property to residential or mixed-use complexes in previous crises. In 2014-2015, many companies have stopped the search for sites for construction of offices and reformat the already started projects of commercial real estate. At the same time there is a reported increase in the area of the apartment due to the reduction of offices, including the projects of MR Group, O1 Properties, Coldy, KR Properties and others.Elizaveta Makarova
