Italian Developers Settle In St Petersburg

A business centre owned by Italian developers Ernesto Preatoni Agency is to open at 63 Ulitsa Zhukovskogo in the next few days.

<BR>A business centre owned by Italian developers Ernesto Preatoni Agency is to open at 63 Ulitsa Zhukovskogo in the next few days.<BR>The cost of the project is estimated at $10m, including the cost of the building itself, of $2m. The land under the building has been secured under a long-term rental agreement with the right to consequent purchase.<BR>The building was repaired between February and September this year, and the company owner, Ernesto Preatoni, emphasizes that only Russian companies acted as subcontractors. According to Preatoni, the project's recoupment period is calculated to be five years, given an average rent of $500/m2. The business centre's total area is 6000m2, 80% of which has already been let.