Today at 11:00 in the Agency for licensing of bankruptcy administrators located on Terazije, a public auction for IMT factory location on New Belgrade took place. The public auction is being part of the bankruptcy administration process for the Industry of Engines and Tractors. Company ABL Solvent doo from Zemun bought the location for 8.3 billion dinars (cca. 70 million euros).

Total surface of the plot is 35.8 hectars and it’s located between Zemunska street (extension of Tosin bunar) and Jurija Gagarina street, entirely in the city urban zone. Interested parties were invited to bid for several dozens of industrial buildings once owned by the ex Yugoslavia industry complex producing engines and tractors. The land plot itself is owned by Republic of Serbia and City of Belgrade which requires from the buyer to convert use right over the land into freehold.

This is one of the biggest city locations that has ever been offered on a public auction and its future development will heavily influence this part of city which is rapidly growing. The new owner has a an opportunity to develop a small city on this location. Next to it there is a sizable plot of the ex foundry which we expect to appear on the market in the foreseeable future. Along with several other surrounding plots, we are talking about 50 hectars which is half size of the Belgrade Waterfront. As the connection to the “Miloš Veliki” highway from the streets of Yuri Gagarin and Vojvodjanska is currently under construction, it is clear that this part of New Belgrade, with all its potentials, is slowly taking the lead on the Sava’s left bank.

We need to believe that the city authorities will be up for the task in the permitting process and that they will try to leave enough green areas, areas for public facilities (kindergartens, schools, clinics) so that future residents can have quality living space. This is as equally important in our view as the amount of funds to be poured into the state and city budget on the basis of land conversion and land development fees.