Pan-European warehouse asset manager and developer PointPark Properties (P3) has started construction on a new 12,000 m² extension for Mobelix (XXXLutz), the furniture retailer.
In total this will mean that Mobelix will occupy over 39,500 m² in the P3 PointPark in Slovakia. Ian Worboys, CEO of P3, said: "PointPark Bratislava has been the fastest-growing logistics park in Slovakia since 2008, despite the economic crisis, because of its enviable location as a distribution hub and state-of-the-art warehouse facilities.
"There are very few logistics developers, such as P3, still actively developing across Europe and able to offer tenants quick Build-To-Suit solutions that meet their requirements. We are particularly pleased to be the cornerstone of Mobelix's distribution strategy in the region and to be part of the company's rapid growth plans."
Mobelix has been the tenant at PointPark Bratislava since September, 2009 with 26,000 m² of warehouse space and 1,700 m² of offices in a Build-To-Suit (BTS) facility, which stores and is a centre for the distribution of furniture to the consumer markets of Austria, Croatia, the Czech Republic, Slovakia and Hungary.
The new agreement is for the development of an additional 12,000 m² of space, with the option to expand by a further 14,000 m² within the park. Construction started in July 2012 and the building is due to be delivered in December this year. Including this new project, PointPark Bratislava currently consists of 122,000 m² of warehouse and office space occupied by companies such as Whirlpool, Brightpoint, HBPO and Schnellecke Logistics, among others.
The park offers the potential for the development of a further BTS warehouses for logistics or production use with a total area of approximately 70,000 m². The park provides excellent access to surrounding markets from Central Europe's so-‐called 'The Golden Triangle' lying between Bratislava, Vienna, and Gyor in Hungary.
Peter Becár, Managing Director of P3 Czech Republic and Slovakia, said: "Slovakia didn't experience the speculative logistics development boom prior to the economic crisis to the same extent as other surrounding markets such as Poland or the Czech Republic, so consequently vacancy rates have not raised to the same extent as for our neighbours.
"But the regional market is still relatively underserved from a logistics perspective, particularly for high quality modern facilities. This makes PointPark Bratislava an attractive location for fast-growing companies."
Slovakia is the logistics property hotspot, with one of the lowest vacancy rates in the EU variously estimated at around 4 to 6% of available space. There has been limited development supply and its location as the gateway to the surrounding Central and Eastern Europe region, as well as thriving domestic car and LCD manufacturing industries makes it particularly attractive to logistic companies.
Source: Bellier Financial