Thursday, 12 November 2026
Construction has started on Churchill III, a new office development near Prague’s main railway station that will accommodate the future headquarters of Raiffeisenbank. The project is being developed by Penta Real Estate and SUDOP Invest, with an estimated investment of CZK 2.9 billion and completion scheduled for 2028.
The building will provide approximately 18,000 sq m of office accommodation, together with more than 2,000 sq m of space for shops and other commercial uses. Raiffeisenbank has committed to occupying around 16,000 sq m, accounting for nearly 89% of the planned office area.
The bank intends to relocate from its existing headquarters in City Tower in Prague’s Pankrác district. The move will transfer one of the city’s major financial services occupiers to the area surrounding the central railway station, where several commercial developments have been completed in recent years. The new property will be constructed beside Seifertova Street, close to the railway viaduct, and will extend the existing Churchill office complex. The earlier buildings, Churchill I and Churchill II, accommodate companies including Deloitte and Fortuna. The architectural plans for the third phase were prepared by Jakub Cigler Architekti.
The development occupies land previously associated with railway operations. According to information disclosed by Czech Railways, approximately 9,400 sq m of land connected with the project was sold to Penta Real Estate and SUDOP Invest in 2025 for CZK 320 million. The transaction formed part of the process of transferring railway-related property for commercial redevelopment.
Churchill III will add a substantial amount of office accommodation to the area adjoining Prague’s main transport interchange. The commitment from Raiffeisenbank means that most of the office space has an identified occupier before construction is completed, reducing the amount that will need to be marketed to other tenants.
The relocation will also have implications for the existing office market in Pankrác. According to Czech property publication Newstream, Raiffeisenbank’s departure is expected to release approximately 17,500 sq m at City Tower. The availability of this space will create a separate leasing requirement for the building’s owner once the bank moves to its new premises.
The investment comes as Prague’s office market continues to accommodate companies seeking modern premises with access to public transport. Churchill III combines a substantial headquarters requirement with additional commercial space, while extending the redevelopment of former railway land near the city centre. The developers have not disclosed the duration or financial terms of Raiffeisenbank’s lease.
The project is expected to be completed in 2028, when the bank is scheduled to relocate from Pankrác.
