During the period between July and November 2014, we conducted a feasibility study for the utilization of the territory of the former Óbuda Gas Factory currently held by the Municipality of Budapest and managed by the Budapest Property Management Company for Urban Development and Renewal. There are several protected buildings on the 16-hectare area (Clock House, Compressor Station, Tower). Some non-protected industrial buildings on site have previously already demolished allowing for the development of the area.
After exploring the basic characteristics we have carried out a detailed market analysis to look into the utilization possibilities of the property in various segments of the tourism and real estate market, including the hotel, office, retail, and logistics market as well as the housing market. We have investigated in detail projects of similar functions and scales that had been realised in Hungary and beyond, with the simultaneous analysis of any competing projects in their surroundings.
The feasibility study has been conducted in two phases. Within a pre-feasibility investigation, we have drafted the concept of three fundamentally different ways of utilization, with various emphasis on profit oriented (office), non-profit social (cultural), and recreational (sports and leisure) uses. After completion of the project, the above-ground net floor area of the buildings would range between 62,000 and 95,000 sqm for the various concepts, including both new development and the repurposed protected buildings. The floor area of all underground development is planned to vary between 39,000 and 58,000 sqm.
In the second phase of the feasibility investigation we have conducted a detailed analysis of the development concepts, verified the space requirement of the various uses with plans, and carried out a detailed cost analysis and rate of return investigation.
127 000 m²