Citycon Oyj starts to build a new shopping centre in Martinlaakso, Vantaa, Finland. The new shopping center has a central location in Martinlaakso, in the immediate vicinity of railway and bus stations. The existing old retail property will be demolished prior to commencing construction work.
Citycon will invest approximately 26.3 million in the shopping center to be built, which will have a gross leasable area of 7,300 m² of retail premises and parking facilities for 475 cars. The new Martinlaakso shopping centre will be part of Citycon's Partners in Everyday Life shopping center cluster: its offering will mainly focus on groceries and other daily necessities as well as on local services. The shopping centre will house grocery stores S-market and Lidl, a pharmacy as well as bank services and cafes. The new Martinlaakso shopping center will be opened in September 2011.
Citycon has today sold the building right of 5,000 m² for apartments which will be built on top of the shopping centre to Skanska Talonrakennus Oy. The selling price was 2.3 million. In addition, Citycon receives a one-off compensation of 1.1 million from the City of Vantaa for the commuter parking facility investment.
Martinlaakso in Vantaa is a lively and growing suburb in the Helsinki Metropolitan Area, just 20 minutes by train from the Helsinki CBD. There is clearly demand for a new shopping center. "The old shopping centre to be demolished is both technically and commercially outdated. The new shopping center will improve and broaden Martinlaakso's retail offering considerably and increase Citycon's market share," says Jukka Posti, Citycon's Property Development Director.