A new lease of life for the Miramar retail park and shopping centre

8 Jul, 2009, Madrid

• Cushman&Wakefield plans to redevelop and manage the centre

The global real estate consultant Cushman & Wakefield (C&W) has been entrusted by developers Myramar and Henderson with both the strategic redevelopment and asset management of the Miramar retail park and shopping centre.

Miramar is located in Fuengirola, Málaga. The shopping centre’s GLA (gross leasable area) measures 43,000 m2, while the retail park, which contains over 160 shops, has a GLA of 24,300 m2, making this one of the largest centres in the whole of the Costa del Sol.

After several years under the management of other companies, the retail complex is now in the hands of C&W. Asset management (AM), a term commonly used in the world of real estate, consists of maximising the value of the property, whether it be an office or, as in this case, a shopping centre, by adopting a pro-active, committed approach to management in all relevant areas, reducing costs, optimising resources and increasing the property’s attractiveness in the eyes of its end-user. In this case, C&W will be in charge of the operational, financial, facility and community management of the complex.

Susana Clarke, partner and head of asset management at C&W in Spain commented, “our objective in managing this development is to increase its value from three points of view: as an investment for its owner, as a place of business for the tenants and as an answer to the public’s need for a pleasant space in which to go shopping and spend their leisure time. This strategy has been made possible thanks to the multi-skilled asset management team at C&W, which has around thirty members in Spain.”

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