Cathedral Plaza, sold for EUR 70 M, although declared illegal

A British investment fund is buying, for EUR 70 M, the office building Cathedral Plaza in Bucharest, reports. The Alba-Iulia Court of Appeal confirmed the irrevocable annulment of the building permit for Cathedral Plaza. Based on this ruling, the building could very well be demolished. However, the only one who can decide to have the building demolished is the general mayor, Sorin Oprescu, who stated, on previous occasions, he would consult the people of Bucharest on the fate of the building. In November 2010, the Suceava Court of Appeal, the court entitled to issue the final decision, declared the building permit was illegal. The ruling is final and irrevocable and, even if it is appealed against by five suits for annulment by Millenium Building and the District 1 Mayor’s Office, it remains binding, so that, legally, demolition could be initiated any given moment.

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