17 May 2018 – Inmodiario
Palmas Altas is progressing well. More than 60% of the gross leasable area (GLA) in the shopping and family leisure complex, which is owned by Lar España, has already been leased. Specifically, agreements have now been signed to occupy 50 stores, which span 42,581 m2. The shopping centre will have 100,000 m2 of retail and family leisure space in total and comprise almost 150 stores.
The Socimi expects to lease more than 90% of the complex by the end of 2018. Lar España forecasts that Palmas Altas will generate annual rental income of around €15 million from the lease of its stores.
Those who visit Palmas Altas will find an extensive offering of leisure, fashion, household goods, restaurants and entertainment at Sevilla’s largest retail and leisure complex. That will be complemented with public spaces and a lake spanning 6,000 m2. Specifically, 60% of the total surface area will be dedicated to commercial space and 40% to restaurants, leisure, sports and green space.
Lar España has reached agreements with major brands, such as Mercadona, which will manage the complex’s hypermarket, and MediaMarkt, which will open a large store dedicated to the sale of household appliances, IT products and consumer electronics. The leisure offer will include Yelmo’s latest generation cinema screens and an Urban Planet space measuring 3,000 m2, which will include a wind tunnel and aquatic activities around the lake, amongst other options.
In the restaurant area, highlights will include Five Guys, McDonalds, 100 Montaditos, Starbucks and Friday’s, as well as several Andalucian operators. The fashion brands that have already confirmed their presence in Palmas Altas include Primark, Levis, Jack & Jones, Diechmann and Foot Locker (…).
Progress of the construction work
The work to build Palmas Altas, which began in August 2017, has already completed the foundation phase (…). In total, almost 30% of the project has been finished.
The Palmas Altas project will result in the creation of 4,800 jobs. Of those, 1,500 are related to the construction of the retail complex and the remaining 3,300 will be permanent jobs. This represents a significant wake-up call for the economy and creation of jobs in Sevilla: in fact, Lar España prioritises the contracting of local suppliers for the construction and maintenance of its assets.
The total investment in the development of this commercial and family leisure complex will amount to €250 million, which represents the largest urban planning investment in the city in the last decade and the Socimi’s most valuable asset to date.
Original story: Inmodiario
Translation: Carmel Drake
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Source:: AURA Real Estate Experts