One United Properties announces the acquisition of a historic building located in the centre of Bucharest, the former Ford factory, from Auchan Romania.
The developer estimates significant investments in the next two years in the restoration of the building, with the purpose of protecting and regenerating the cultural heritage of Romania’s capital.
One United Properties intends to fully restore the factory and transform it into a retail space integral to mixed-use development One Floreasca City. The space will host an Auchan concept store supermarket of 2,000 sqm, high-end shops and restaurants with expansive terraces, distributed on the 6 meters height ground and first floor.
The Gross Development Value (GDV) of the development upon completion is estimated at 82 million euros. Auchan Romania was already granted the building permit, therefore the construction will start immediately, with an estimated delivery date in mid-2024. Upon completion of the construction, the restored building will have a gross leasable area of approximately 13,000 sqm and 400 parking spaces built on two underground floors.
“We are thrilled about the acquisition of the former Ford factory because it is a one-of-kind location in the CEE region. We are determined to restore it so that it can be, once again, a thriving city destination, bustling with life, and a must-see landmark on the agenda of anyone visiting Bucharest,” stated Victor Căpitanu, co-CEO at One United Properties.
The building, located within the One Floreasca City development of One United Properties, was the first Ford factory with an operational assembly line in Eastern Europe. The land where the factory was built was bought in the early 1930s by Henry Ford. The factory opened in 1936, having 100 employees. Approximately 2,500 vehicles were assembled in the factory every year until 1948 when the plant was closed after Romania came under Soviet influence. The principal car built in the Bucharest factory was Ford V8 Fordor Sedan.
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