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Cushman & Wakefield appointed co-exclusive letting agent for Lisboa Retail Center
1 Aug, 2008, Lisbon
New Bouygues Imobiliária project will be the first retail park in Lisbon
Lisbon, --- July 2008 – Global real estate consultant Cushman & Wakefield was appointed by Bouygues Imobiliária as exclusive letting agent of Lisboa Retail Center, which will be the fifth retail park developed by the French developer in Portugal.
Lisboa Retail Center is a unique project in Lisbon, being the first retail park to be established in the city, where existing supplu consists mainly of shopping centres. The new retail park will be developed in a prime location in Av. Marechal Gomes da Costa, alongside the main road which links the 2nd circular ring road to Parque das Nações. This location is also close to the airport, various residential areas and the new headquarters of RTP, Portugal’s state owned television channel.
With a gross lettable area of 23,800 m², with 14 shops, 10 restaurants, and 1,190 parking spaces, Lisboa Retail Center presents an innovative concept for a retail park, both aesthetically and functionally, as well as in terms of the variety of retail units. The innovative elements include in particular the food court, an option that is uncommon for a retail park format and which will feature a glass façade overlooking Avenida Marechal Gomes da Costa. The food court will be spread over two floors, one with more traditional restaurants and the other with fast food, complementing the restaurant facilities existing in the Parque das Nações and adjacent areas.
In terms of 'anchors', Lisboa Retail Center is innovative in that it includes a Pão de Açúcar supermarket (owned by Auchan), instead of a hard discount retailer, which will increase the daily inflow of visitors to the retail park. DYI retailer IZI is the other anchor retailer already confirmed for this project.
Lisboa Retail Center, which already has an approved retail licence, will serve a population of more than 1.6 million within a 30-minute access radius.
According to Sandra Campos, Partner and Head of C&W’s Lisbon Retail team “this project presents enormous potential, since in addition to being in a prime location and being innovative in terms of its design and range of retail units, it meets all the criteria for being described as a unique retail and leisure area in the city of Lisbon. The fact that it already has two guaranteed anchors confirms the market’s acceptance that it will be successful and that it will serve as a model for future innovative retail projects”.
“This new Bouygues project clearly demonstrates that there is considerable acceptance on the part of consumers for this retail format. Going shopping is increasingly an experience, and the most alert retailers have adapted traditional shop formats to this concept. Lisbon needed a retail park, and as we have sai,d there is considerable interest from other retailers. We are confident that the Lisboa Retail Center will be marketed in a short period of time.”