Cushman & Wakefield Healey & Baker (C&W/H&B) who operates the European division of global real estate consultant Cushman & Wakefield, announced today that it is concluding the final stages of the letting of Freeport Designer Resort Alcochete, Europe’s largest factory outlet.
In 2000, C&W/H&B sold an obsolete tyre manufacturing plant, just outside the village of Alcochete (south of Lisbon, across from the river Tagus), to Freeport Leisure plc, Europe’s leading developer and operator of retailer outlet villages. Freeport developed the site into Freeport Lisboa Designer Outlet Resort, which, at 75,000 m² GLA, is the largest designer outlet in Europe.
With 3.8 million people living within 90 minutes’ drive time of the centre and over 3 million tourists visiting Lisbon every year, coupled with Freeport Lisboa’s outstanding natural surroundings, it demanded the creation of a true destination resort.
Freeport Lisboa officially opened on September 2004, offering over 200 retail outlets, 30 restaurants and cafés, and extensive leisure facilities including a 21-screen multiplex cinema, in a high-quality, open-air environment.
According to Michael Rodda, Head of Retail of Cushman & Wakefield Healey & Baker (Portugal), “We are delighted with the results achieved by our team on the leasing of this project. The leasing efforts were initially met with scepticism from the market, due to its sheer size, being the largest factory outlet in Europe. It was a challenge to convince retailers to accept the terms of a typical factory outlet lease as used by Freeport in all their developments and we’re glad we have achieved our objective of letting over 85% of the scheme prior to opening”.
C&W/H&B dedicated a 7-strong leasing team from its Lisbon office to the programme, including permanent on-site negotiators. In addition, C&W/H&B teams in Madrid, Milan, Paris and London covered the high-fashion retailers in their respective markets. Tenants include many international brands such as Adolfo Dominguez, Burberrys, Carolina Herrera, Gant, Lacoste, Max Mara, Mocci, Purificación Garcia and Versace, among others.
Source: C&W H&B