CBRE Global Investors, acting on behalf of its Property Fund Central Europe (PFCE) will start a major extension at Ogrody Shopping Centre, Elblag. Ogrody’s current 17,500 m² of retail space will be extended to over 40,000 m². The total cost of the redevelopment is expected to be €65 million and will take approximately 22 months to complete.
The extension will be one of the largest retail developments that Poland has experienced recently. The current parking area will be turned into a 5-level structure – one floor being underground, two at retail level and a further two levels of roof car parking totaling 1,000 car parking spaces. The core part of the center has already undergone a part-refurbishment and this second phase will be redeveloping the old portion of the center. Throughout construction the existing Carrefour hypermarket will continue trading.
In 2012 there were over 4.4 million visitors to the center, retail turnovers remain very good and there is strong interest from other retailers to lease units making the redevelopment of the center well timed.
Krzysztof Bocianowski, Head of Asset Management, CBRE Global Investors Poland said: “The aim of the extension is to transform the Ogrody Shopping Centre into a retail destination for the 21st century. It will meet the needs of residents of Elblag and the region as well as meeting the requirements of tenants who have expressed a strong interest in the modern retail space. The best confirmation of such interest is the fact that we have already leased over 60% of total GLA of the new Ogrody.”
This already leased area of over 24,000 m² will have 130 retail units which includes cafes, restaurants, a multiplex cinema and top retailers such as Carrefour, H&M, Reserved, Mohito, Sinsay, House, Cropp Town, New Yorker, CCC, Deichmann, Rossmann, RTV Euro AGD, Camaieu, and Orsay.
“We are proud that Ogrody will be the biggest and the most modern shopping center in the region. I believe our project will have a profitable impact on development of the city of Elblag and the whole region as well” adds Martin Sabelko, Managing Director CEE CBRE Global Investors and Fund Manager of CBRE Property Fund Central Europe Fund.
Ogrody Shopping Centre was developed in 2002 by Ahold Real Estate Central Europe and is owned by CBRE Property Fund Central Europe.
Acteeum Central Europe is responsible for project management of the project. The co-leasing agent supporting Acteeum is CBRE leasing. The project is designed by architect ESA Sp. z o.o. and will be executed by PORR (Polska) S.A.
Source: CBRE
