Construction starts on Évora shopping
11 Jul, 2011, Lisbon
After the completion of Évora Retail Park, Madford Developments and Imorendimento, through EVRET, the investment vehicle created to develop this project, announced today that construction on Évora Shopping would be commencing in August. This shopping centre is part of a wider complex which includes 3 plots, including an IZI Unit with 4.000 sqm.which has been trading since 2008, the aforementioned retail park with 6.000 sqm, which will begin trading in September and the shopping centre.
C&W , is acting as the project manager of the construction process, carrying on its role on the Évora Retail Park scheme. The services consist of providing project supervision and coordination, procurement and negotiation of contracts, value engineering and cost control, planning management, site supervision and coordination services, including complete supervision and quality control of the works and health and safety coordination on site.
The shopping centre with a gross leasable area (GLA) of 16,400sqm and a gross construction area of 20,030 sqm is expected to be complete in November 2012. The shopping centre will have 80 stores, will be divided in two floor and will include basement parking, a cinema complex, a supermarket, anchor stores and a food court area.
Anthony Henry Lyons, Managing Director of Madford Developments said “Évora Shopping is responding to a real need of the market and, despite the actual economic environment, we are confident about the feasibility and success of this real estate investment”.
According to Matt Smith, Associate and Head of Project Management department at Cushman & Wakefield Portugal “This project has experienced several setbacks due to the economic events of the past few years. Nevertheless, we are at the final stage of closing out design and planning in order to begin the construction. We are very aware of the importance of this project, as despite the current economic trends and uncertainties it shows that real estate investment interest in Portugal still remains and there is financing available for good projects”.