REDEVCO Belgium is to redevelop 14,000 m² of the complex located on Korenmarkt in Ghent. Part of the complex will be demolished and reconstructed, and the remaining parts thoroughly refurbished. The building complex is situated in the historical center of Ghent on the most strategic and commercially important corner of Korenmarkt. The reopening of the completely refurbished complex is scheduled for spring 2012.
The building was operated as a Sarma department store until 1997. When this store closed, the building was split into several retail units on the ground and first floors; the other floors remained empty. The complex consists of two buildings forming one commercial entity, spread over five levels.
REDEVCO Belgium is carrying out the redevelopment in order to create a Saturn store on several levels and refurbish the existing stores on the ground floor. Saturn will cover a gross leasable area of approximately 5,500 sq. m. The other tenants Ici Paris XL, Hans Anders, Damass, Blokker and Casa are granted commercial leases for new, adapted units in the complex. Hema will continue to operate from its current premises. On the third floor of the complex, Health City will install a brand-new fitness center on 1,400 m².
Five low-energy apartments will also be created, equipped with extra insulation and heat pumps for heating. All electricity, gas and heating installations in the complex will be renewed in line with current legislation and regional regulations.
The socio-economic and building permits have now both been delivered by the City of Ghent. Construction works are scheduled to start in February 2010 and the reopening of the completely refurbished complex is scheduled for spring 2012.