Coop Development v H. Králové started building 126 apartments for cooperative ownership
Hradec Králové – The company Coop Development Hradec Králové today started the construction of an apartment building in Hradec Králové, which will offer 126 apartments in cooperative ownership. According to the Hradec Králové city hall, which sold the land for the building to the developer, this will bring cooperative housing back to the city. The form of cooperative ownership will allow people to acquire an apartment without using a mortgage. The total project costs amount to approximately 700 million crowns excluding value-added tax, the developer's representatives stated.
The half-hectare plot, located in the Pouchov district adjacent to the city’s public transport company area, was sold by the city for 46.5 million crowns. The minimum price set by the city was 43.6 million, and the condition was that the apartments would be cooperative. In the tender for the sale of the land, Coop Development Hradec Králové, whose owners are the Prague cooperative Coop Development and the Finep group, was the only interested party.
The apartments, ranging from 1+kk to 4+kk, should be available for occupancy by the beginning of 2029. The project also includes over 150 parking spaces.
According to the company, the cooperative form should appeal to people who cannot obtain mortgages. "It is evident that there is interest in cooperative ownership; we already have our first cooperative members," said Anna Ježková from Coop Development.
Interested parties must pay 20 percent of the apartment's price as an entry deposit to the cooperative, then repay the rest as rent to the cooperative. For example, for a 2+kk apartment valued at approximately 6.5 million crowns, the entry deposit is 1.3 million crowns. Subsequent financing is spread over 30 years, with the amount of the installment depending on the bank interest rate.
The city of Hradec Králové itself is preparing cooperative construction in the Kukleny district. In June, the city council approved the establishment of the Koželužna Housing Cooperative, which will build a building with 90 apartments. According to the city hall, the prices of the apartments should be about 25 percent lower than those in a typical development project. The planned block of cooperative housing should be built near Pražská street and the new square in the Nové Kukleny project, transforming the brownfield site of the former tannery. The project for the building permit for Nové Kukleny could be ready by 2028. After obtaining the building permit, reservations for apartments will begin.
According to the city hall's vision, cooperative apartments should primarily benefit young families and households with middle incomes. "Cooperative housing can soon be the easiest way for many people to get their own apartment. The affordability primarily lies in the fact that you don't have to take out a mortgage because the loan is secured by the cooperative," stated Deputy Mayor for Property Pavel Vrbický (Pirates) earlier.
The half-hectare plot, located in the Pouchov district adjacent to the city’s public transport company area, was sold by the city for 46.5 million crowns. The minimum price set by the city was 43.6 million, and the condition was that the apartments would be cooperative. In the tender for the sale of the land, Coop Development Hradec Králové, whose owners are the Prague cooperative Coop Development and the Finep group, was the only interested party.
The apartments, ranging from 1+kk to 4+kk, should be available for occupancy by the beginning of 2029. The project also includes over 150 parking spaces.
According to the company, the cooperative form should appeal to people who cannot obtain mortgages. "It is evident that there is interest in cooperative ownership; we already have our first cooperative members," said Anna Ježková from Coop Development.
Interested parties must pay 20 percent of the apartment's price as an entry deposit to the cooperative, then repay the rest as rent to the cooperative. For example, for a 2+kk apartment valued at approximately 6.5 million crowns, the entry deposit is 1.3 million crowns. Subsequent financing is spread over 30 years, with the amount of the installment depending on the bank interest rate.
The city of Hradec Králové itself is preparing cooperative construction in the Kukleny district. In June, the city council approved the establishment of the Koželužna Housing Cooperative, which will build a building with 90 apartments. According to the city hall, the prices of the apartments should be about 25 percent lower than those in a typical development project. The planned block of cooperative housing should be built near Pražská street and the new square in the Nové Kukleny project, transforming the brownfield site of the former tannery. The project for the building permit for Nové Kukleny could be ready by 2028. After obtaining the building permit, reservations for apartments will begin.
According to the city hall's vision, cooperative apartments should primarily benefit young families and households with middle incomes. "Cooperative housing can soon be the easiest way for many people to get their own apartment. The affordability primarily lies in the fact that you don't have to take out a mortgage because the loan is secured by the cooperative," stated Deputy Mayor for Property Pavel Vrbický (Pirates) earlier.
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