“Rassvet” meets developers
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KR Properties, the owner of the Azimut hotel chain, Alexander Klyachin, managed to agree on the volume of new construction at the site of the former Rassvet plant in the center of Moscow, where one of the creators of the space industry, Sergey Korolev, worked, twice as many existing facilities on the site. In total, it is planned to build 120 thousand square meters in this cluster. m of offices and housing worth almost 28 billion rubles. The company starts the project at the height of the crisis in the real estate market, but experts do not undertake to predict whether demand will recover by the end of construction.
The Moscow Committee for Architecture approved the architectural and urban planning solution for a new business center for 50.37 thousand square meters. m in the business district “Rassvet” in Stolyarny Lane on Krasnaya Presnya, the chief architect of Moscow, Sergei Kuznetsov, told Kommersant. Rassvet belongs to Alexander Klyachin’s KR Properties, who also owns the Krasnaya Roza and Danilovskaya Manufactory business districts in Moscow.
Sergey Matyukhin, CEO of the company, confirmed this information, adding that construction will begin in the third quarter of this year and is planned to be completed in 2026. Andrei Kukhar, director of the Nikoliers office real estate sales department, estimates the volume of investments in the new business center at 7.5 billion rubles.
At the Rassvet plant in Soviet times, developments were carried out for the space industry, one of its founders, Sergei Korolev, worked here. KR Properties bought the area in the early 2000s. For a long time, the company leased the area of the former plant, but in 2022 it announced the reconstruction of one of the buildings into a modern business center “Korolev” for 17 thousand square meters. m.
The area of existing buildings in Rassvet is about 60 thousand square meters. m, but the developer managed to agree in the mayor’s office the volume of new development of the territory is twice as large – 120 thousand square meters. m. In addition to the reconstruction of one of the buildings under the business center “Korolev” and the construction of a new office facility for 50.37 thousand square meters. m in this cluster, according to Kommersant, there will be another similar building for almost 23 thousand square meters. m and a business-class residential area of 30,000 sq. m. m. The director of the land development department at Nikoliers, Timur Ryvkin, estimates the total investment in the entire project at 16.5-23 billion rubles, the investment director of Trinfico, Vladimir Voskoboinikov, at least 20 billion rubles.
A developer can earn up to 18 billion rubles from the sale of housing, and 450–520 thousand rubles from the sale of offices. for 1 sq. m, calculated Mr. Ryvkin. Office space in Rassvet is sold only in Queen. The premises in the new business center will be leased out, says Sergey Matyukhin. The profitability from renting offices for developers is now 8-10% per annum, while the profitability of investments from the sale may be higher, Mr. Voskoboinikov believes.
According to Stone Hedge analysts, now 60-90% of transactions in business centers under construction are demanded by private investors who have shifted their focus from buying housing to acquiring small office space. Demand for rent by large companies has narrowed significantly after international companies left the Russian market and optimization of office maintenance costs by local companies. Now demand is formed mainly by state-owned companies, they say in Stone Hedge.
The situation on the Moscow office market is really difficult, Vladimir Voskoboinikov states: the segment has a high level of vacant space, and besides, objects that began construction even before the crisis are entering the market. Under these conditions, new projects will compete with existing business centers, and developers will face the problem of their implementation, the expert adds.
The new office project in Rassvet is one of the few that start during the crisis. The developer expects demand to recover in the segment in three years, when construction is completed. According to Mr. Voskoboynikov, the office market directly depends on business activity, what it will be like by 2026, it is impossible to predict now.
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