The first factory outlet center in northern Spain has been launched to the market, offering leading brands the opportunity to reach a potential catchment of 3.5 million affluent shoppers.
Park Avenue, located at Megapark Barakaldo - the established regional shopping destination near Bilbao - provides 20,000 m² of retail space in up to 70 stores, combined with 18,700 m² of leisure space, including an 11 screen multiplex and Imax cinema and 86,300 m² of retail warehousing. The center includes 7,800 free covered car parking spaces with direct access to the stores.
Designed by leading retail architects Chapman Taylor, construction of Park Avenue is complete and the scheme will be opened formally in the second quarter of 2007.
The development is the only fashion outlet centre within 270km, due to a complete moratorium on development which means that no other centres will be developed in the region in the foreseeable future. It offers a catchment of 3.5 million people - with earnings 28% higher than the national average - living within 90 minutes. One third of this catchment lives within 15 minutes. The Basque region has the sixth highest purchasing power of all EU countries.
Advanced negotiations are underway with a number of leading national and international brands, details of which will be released imminently.
Park Avenue is a development by Resolution Property Plc, the UK-based property investment company, which acquired the 125,000 m² Megapark Barakaldo in January 2006. Megapark, one of Spain's largest retail developments, has already attracted some of the top names in retail warehousing, including IKEA, Leroy Merlin, Mediamarkt, Saturn, Decathlon, PC City, Toys R Us, Kiabi, Surcouf and Conforama. The park benefits from direct access to the A8 motorway and already attracts around 15 million visitors a year.
Nigel Robson, Director of Resolution Property, said:
"Park Avenue will set a new standard for outlet retailing in Spain, offering leading international brands the opportunity to capitalise on Barakaldo's unrivalled location and catchment."
Resolution combined with specialist input from both Retail Consulting headed by Jane Allen (ex McArthur Glen)and Jones Lang LaSalle, are set to lease and operate an outlet of the very highest quality and encompassing all the best practices both in terms of retail operations and marketing seen in the industry.
Resolution Property has an impressive track record in the retail sector having acquired and managed more than £1billion in retail investments in both the UK and Europe, including a 1.3million sq.ft. retail park portfolio in Scandinavia. The team owned and managed the Stockholm quality Outlet Centre in Sweden and is currently developing around 42,000 m² of retail space in southern England and 28,000 m² in Northern Portugal.
A very strong team with extensive experience in the FOC market is working on Park Avenue, including asset managers Retail Consulting Ltd; retail agents Jones Lang LaSalle and marketing consultants Small Back Room.
Source: FD Tamesis