Centro Ostrava – nákupní centrum: a new retail park opens

31 Aug, 2011, Prague

Centro Ostrava – nákupní centrum is constructed and will open on 9^th September 2011. The project has been developed by Discovery Group in cooperation with 3C Real Estate Investment Management. Cushman & Wakefield was appointed as exclusive leasing agent.

It is situated in Ostrava – Třebovice next to an established Tesco hypermarket and shopping gallery. Centro Ostrava provides 7,500 sq m of floor space and leases have been secured for 75% of this space. The remaining units are in final discussions with prospective occupiers.

Centro Ostrava – nákupní centrum will immediately provide 10 new outlets to the existing TESCO hypermarket and shopping gallery, offering product ranges such as garden equipment, electric appliances, carpets, drug store, pet shop, household appliances, showrooms etc. with additional units to follow shortly.

“Despite the most difficult market conditions the Czech retail market has ever suffered, the successful development of Centro Ostrava proves that retailers still have an appetite for well designed retail parks in great locations. Centro Ostrava is situated in the densest populated district of Ostrava in a well established retail location, we share the retailers belief that this will be a successful and welcome addition to Ostrava’s retail landscape,” says Iain Sellers, managing director of Discovery Group.

Following a quieter 2010, developers’ activity in the field of retail parks has picked up slightly this year. From the announced development of 13 parks for this year, eight are actually in construction or already opened. Centro Ostrava is one of three new retail parks which should open or are opened in North Moravia this year.

“Until recently, there were only two retail parks in Ostrava. This year has seen growth of Avion Centre extension. The construction of Centro Ostrava commenced in spring of 2011 and is opening to the public in September this year. Two other retail parks are already planned in Ostrava during the next few years,” says Jiří Kristek, Head of Cushman & Wakefield’s Retail Warehouse Team.

“The retail investment market has thrust back into life in 2011. International and domestic investors see Czech retail as a growth sector; a trend driven and supported by the increased tenant activity. The long-term income profile secured from strong tenants in retail parks can offer one of the most attractive sub-sectors for investors.” says James Chapman, Head of Cushman & Wakefield’s Capital Markets Group.

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