Historic Centre becomes focus of real estate transactions
Bucharest's historic centre has been the scene of the first
transactions sealed between coffee shop owners, pubs, and
restaurants, after for two years in a row investors took over old
stores, mostly dilapidated ones, retrofitted them, and turned them
into stores with hundreds of thousands of euros in sales per
year.
Up until now at least four restaurants have changed their brand,
after their managers sold the refurbished and fully equipped places
for sums that enabled them to cover the initial investment or even
exceed it twice or three times.
According to figures thrown around on the market, a restaurant in
the Old Centre, which had entailed 200-300 thousand euros in
investments, are sold for close to one million euros.
"In August 2009 I sold the pub I had opened a few months before, in
order to focus my investment on a bigger place, covering 750 square
metres, with an interior garden, a terrace, an underground club,
that can accommodate a total of 400," says Cristi Dumitriu, one of
the owners of Old City pub in Lipscani, which he manages with his
Italian partner, Osvaldo Iandolo, via Lipscani Beer Garden
company.
Dumitriu sold Pub Vintage to Remus Nica, who renamed the restaurant
The Vintage Pub.