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Cushman & Wakefield to lease Pinhal Novo Retail Park
21 Jul, 2008, Lisbon
Global real estate consultant Cushman & Wakefield (C&W) recently announced that it has been appointed exclusive letting agent for Pinhal Novo Retail Park, a new retail project by Dutch property developer TCN/IBRD, which also has other projects in Portugal, such as Guarda Mall, Aveiro and Portimão Retail Parks, among others.
With an investment of 33 million euros, Pinhal Novo Retail Park will have a Gross Leasable Area (GLA) of 22,216 m2, of which almost 525 m2 will be used as a food court. The retail park will also have a car park, with over 1,000 spaces.
The new Pinhal Novo Retail Park is located between the A2 South motorway and the N252 national road which links Montijo, Palmela and Setúbal. Set to open in 2009, Pinhal Novo Retail Park will serve a population of more than 440,000 within a 20-minute radius, given its location in a strong population growth area. It will also have a significant impact on job creation, since it is expected to employ almost 1,000 people, 700 of which will be direct jobs.
According to João Pereira of Cushman & Wakefield's retail department "the letting of TCN's new project is expected to proceed at an excellent pace. We are sure that we will be able to achieve rapid occupation of the entire retail park".
In 2007, the C&W's retail department was responsible for letting almost 50,000 m2 of retail space, and completed the marketing of projects such as Sonae Sierra's 8ª Avenida and Martifer's Gran Plaza in Oporto. It is currently marketing projects like Loures Retail Park or Dolce Vita Braga and collaborating actively in the expansion of retailers such as Claire's, Game, Aldo, Virgin Active and others.