New Gorka Shoppping & Entertainment Center in Russia (RU)

Construction has started on the Gorka shopping and entertainment center situated on Rublyovo-Uspenskoye Shosse 24 km from the MKAD in Gorky-10 . The project's developer is Sistema and the exclusive marketing and brokerage agent is S.A.Ricci/King Sturge. Financing is being provided by Raiffeisen Bank. Market experts estimate the total investment at approximately €10 million (excluding land costs).

According to Ilya Shuravin, partner at S.A. Ricci in association with King Sturge the pay back period is 5 years. Construction will take place in two phases. The first phase comprises the construction of just over 7,000 m² including the anchor tenant Sedmoi Kontinent supermarket (2,000 m²), a retail gallery and a mini-anchor entertainment center (400 m²) which will include children's rides, a games arcade, food court and restaurant courtyard. According to S.A. Ricci/King Sturge the retail rental rates in the first phase will range from €450-1,300 (excluding VAT operational and communal charges). The delivery of the first phase is planned for the first quarter of 2007. The second phase includes the construction of a 4,500 m² fitness center the operator of which has not yet been named.

Source: CRE

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