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Last Real Estate news

Évora Shopping to open in spring 2013 (PT)

Évora Shopping to open in spring 2013 (PT)


Source: europe-re.com

Imorendimento and Madford Developments, which are developing Évora Shopping retail scheme through joint-venture EVRET, will begin the construction work of the project’s last stage – the shopping center – after the retail park’s opening, in July.

Architecture, landscape architecture and urban design are signed by Broadway Malyan. Évora Shopping retail complex comprises a retail park, a shopping center, and a stand-alone. With a total investment of €60 million, the complex – including a stand alone, a retail park and a shopping center - will be completed in spring 2013, with the shopping center opening. The project will create about 600 direct jobs, strongly contributing to Evora’s (a city in southern Portugal) economic, social and retail boosting.

The retail scheme developed by EVRET is located in one of the only catchment areas of the country still unexplored and its arrival will completely revitalize Évora’s social and retail scene, providing an integrated, qualified, diverse and modern retail supply. Local inhabitants, economic players and public authorities recognize the project’s ability to boost the economy, through the increase of consumption and employment; but also see in it an opportunity to renew the regional retail, creating a new way to access a modern and diverse retail supply to consumers who currently can’t benefit from a similar supply in the nearest areas.

The construction work regarding the retail park and necessary infrastructures and access roads is already completed and developers schedule the opening of this format to next July. Évora Shopping’s Retail Park has 6,000 m² GLA, including a large Moviflor store – a Portuguese furniture and decoration brand - which will take 4,000 m² and be responsible for the creation of 40 direct jobs.

ImorendimentoActiveServices, a company of Imorendimento, and global real estate consultants Cushman & Wakefield are responsible for leasing the retail park, and should soon close new leasing agreements with two to three new brands. Cushman & Wakefield is also responsible for the project management of construction process.

After the opening of the retail park, construction work will begin on the shopping center, estimated to be completed in an 18-20 month period. The shopping center will be the final stage of the retail complex Évora Shopping and will be developed in two levels, with a GLA of 16,500 m² and 60 stores, including a variety of fashion and decoration brands, cinema multiplex, a food court and a supermarket. Local retailers are also very interested to have a presence in the new shopping center.

ImorendimentoActiveServices and Cushman & Wakefield are already pre-leasing the development, but full leasing process of the shopping center is scheduled to begin in July. The outlook for the placement of tenants is very optimistic.

Anthony Henry Lyons, Managing Director of Madford Developments, points out the location of the project as a key factor to its success. “Évora Shopping is located in the few areas in Portugal where it still lacks modern retail supply. Our project provides a solution to a real market need and, despite the current economic outlook, we are very confident about the success and viability of this real estate investment.”

Luis Mesquita, Commercial Director of ImorendimentoActiveServices, points out: "Despite not having started the leasing process, we are already registering an encouraging demand, both by national and international retailers, which reflects the huge interest that this project has been raising among key players in retail.” An interest is also clear among the local players, “who have contacted us in order to be part of this project, which will boost the economy, creating jobs and improving the retail and leisure supply in Évora,” he adds.

Sandra Campos, Partner and Head of Retail Department at Cushman & Wakefield, said: "We adopted a conservative and cautious time table regarding the launch of this project. We also redefined and optimized the layout, in order to have a more fitted project, in terms of placement and size, to Evora’s catchment area. We are very confident in this project’s success.”

The architectural design is the work of Broadway Malyan, who developed a modern and attractive concept, and in perfect harmony with the region’s landscape. The shopping center building is located in an area with significant visibility and it’s itself an opportunity to create an urban landmark, also enhancing the quality of the architecture already existing in the area.

According to Margarida Caldeira, Managing Director of Broadway Malyan: "Project planning took into account the main role of this building, uniting the nearest existing urban area and the other surrounding land still undeveloped. So we decided to give the building an architectural concept that could be an element of transition between these two realities – creating a landmark element that runs through the project, a 'wall' throughout the shopping center and that will be continued in the Retail Park, will be where the building's facade".

Among the preferred materials, the shopping center includes wood, glass, stone and the use of shading elements that stand out in the building's profile.

Located in the industrial area of Palmeirim, Évora Shopping retail complex comprises a retail park, a shopping center, and a stand-alone operated by bricolage brand IZI (4,000 m²), the latest already opened. The stand-alone was the first visible face of this project, which will feature a total GLA of about 26,500 m². The concept mixes retail formats and integrates a very large diversity of stores, offering wide purchase and leisure options to costumers, and also having the presence of the most important national and international brands and local retailers.