Note: Completion and opening: November 2020

Description

The project involves the renovation and expansion of a retail building. Stores in this area include large chain tenants, as well as many smaller ones. The shopping center serves over 700,000 people living around the retail zone. Building: After renovation, the leasable area is approximately 3,300 m², with a gross area of about 3,700 m². The tenant is the largest global retail chain. Preliminary conditions: Usable area of about 3,400 m² Standalone building Tenant will fit out the building with its own systems and retail equipment Forward acquisition based on around 4.8% per year Price: €14 million, negotiable Lease agreement to be signed in the coming days, irrevocable by the tenant, for 10 years, with a corporate guarantee of €1.5 million + bank guarantee for 3 months’ rent Rent: approximately €620,000/year for the first two years and around €660,000/year from the third year Completion and opening: November 2020 Little additional construction is needed on the site. A solid and high-quality renovation is required. The general contractor provides a multi-year guarantee in accordance with the law. Photos are not published.