Retailer will settle on Yakimanka

Co-owner of Reviva Holdings (develops Debenhams department stores in Russia) Yakov Panchenko has become the owner of a project to build an elite residential complex in the Yakimanka district in the center of Moscow. His company "Intellektkom," intends to build nearly 50,000 square meters near a monument of architecture that is in a dilapidated condition. Investments in the project could amount to over 4 billion rubles, and the revenue from the subsequent sale of real estate will exceed 20 billion rubles.

The Moscow authorities have approved the urban development plan for the reconstruction of four buildings in Staromonetny Lane, 19/11, according to a statement by Moscomstroyinvest. A mixed-use complex will be created during the reconstruction, according to the statement. Moscomstroyinvest reported that the investor for the construction will be the limited liability company "Intellektkom." According to Kartoteka.ru, the sole owner of this company is Yakov Panchenko. His representative did not respond to inquiries from Kommersant.

Mr. Panchenko owns 70% of Reviva Holdings, which develops the Debenhams department store network in Russia under a franchise agreement. At the end of 2015, the Debruss LLC, controlled by this company, acquired the Russian stores of the Finnish Stockmann network for €5 million. At the end of September, it became known about Yakov Panchenko's first development project: together with MR Group, he planned to build 200,000 square meters of housing on Amurskaya Street in eastern Moscow.

Moscomstroyinvest does not specify the size of the future complex in Staromonetny Lane, only stating that the area of the existing buildings is 1.4 thousand square meters. A source in the real estate market told Kommersant that Mr. Panchenko recently acquired this project, but did not name the previous owner of the property. According to the information on the website of the architectural protection movement "Arkhnadzor," a few years ago, the property was controlled by the LLC "Staromonetny, 19". According to Kartoteka.ru, this company is currently in the process of liquidation, and its sole owner is Vladimir Grishin.

As told by RBK, one of the real estate consultants, previously, an elite 12-14 storey house with a total area of ​​46,000 sq.m was planned to be built on this site in Staromonetny Lane, of which 25,000 sq.m was intended for sale. According to the estimates of Ekaterina Rumyantseva, the Chairman of the Board of Directors of Kalinka Group, the construction costs of this object may amount to 3.7-4.6 billion rubles, based on 80-100 thousand rubles per sq.m. Mrs. Rumyantseva considers the project in Staromonetny Lane as a logical continuation of the development of this part of Zamoskvorechye, which is now claiming to be the second "Golden Mile" of Moscow (the first one is located on Ostozhenka). "In the near future, about ten new sites will appear here, and the territory will change significantly," she adds. Olga Shirokova, the Director of the Consulting Department at Knight Frank, believes that the possible price of a ready-made object can amount to 0.8-1 million rubles per sq.m. Taking into account the volume of the selling area, it will be possible to generate 20-25 billion rubles from sales in Staromonetny Lane. According to Moskomstroyinvest, the buildings allocated for reconstruction are in a dilapidated state: one of them is a identified cultural heritage site, the main house of the urban estate of merchant Masyagin. According to "Archnadzor", the building has been abandoned since the 2000s. According to the coordinator of the movement, Rustam Rakhmatullin, the territory of the monument within certain borders, by law, cannot be changed or rebuilt. Two buildings, according to Moskomstroyinvest materials, are part of the historical and urban environment, and another one has the status of a valuable city-forming object. According to Mr. Rakhmatullin, changes to the appearance of the latter object can be made with the agreement of Moskomarhitektura and Moskomnasledie, the first two objects, in fact, do not have a protective status. Alexandra Mertsalova