22 September 2017 – Eje Prime
The Revilla brothers are making their investments profitable. The company Hermanos Revilla, which specialises in the acquisition of real estate assets in Madrid, has signed a pre-lease contract with the Japanese fashion chain Uniqlo to open a mega-store in El Jardín de Serrano, a shopping arcade in the heart of the Salamanca neighbourhood. According to sources close to the operation, the store will be opened by 2020 and will see the conversion of the arcade into a single store.
El Jardín de Serrano is located at number 6 on Calle Goya, in the heart of the Salamanca neighbourhood of Madrid. Uniqlo will occupy two floors of the property, specifically the first and basement floors, which together span approximately 1,300 m2. The property, which will be subject to a comprehensive renovation, has been on the market for a long time and had also received interest from groups such as Primark and H&M.
According to the same sources, the rental contracts of all the retail establishments that currently occupy the arcade expire in 2019. In this way, Uniqlo and Hermanos Revilla will have a period of one year to carry out the necessary construction work to transform the property into a large format store. Professionals in the sector consulted by Eje Prime say that Uniqlo will pay rent of approximately €2.5 million per year.
El Jardín de Serrano underwent a remodelling project in 2011. It has a total surface area of 3,700 m2, spread over four floors. If Uniqlo does end up moving into the property (it has included a cancellation clause in the pre-lease contract, to be invoked in the event that “a better opportunity arises”), then the two upper floors will continue to be used as offices. This will represent the fashion chain’s first store in Madrid.
Sources at Hermanos Revilla declined to comment about the deal, whilst some of the establishments that currently operate in the shopping arcade confirmed that they are aware that negotiations are underway for a fashion brand to open a large store in the building.
Hermanos Revilla is one of the main investment families in the real estate sector in Madrid. The company owns a portfolio of properties comprising office buildings and shopping centres, such as the case of El Jardín de Serrano.
Currently, Hermanos Revilla own a dozen office buildings located in the financial district of Madrid, including iconic assets on Paseo de la Castellana, where it owns number 41, the buildings at numbers 29 and 8 on Calle Goya (which together span a surface area of more than 10,000 m2 for offices and retail use) and number 35 on Calle Jorge Juan.
Hermanos Revilla also owns other properties in the Chamberí area, with a building at number 2 on c/José Abascal; in Chamartín, with an asset at number 132 on Principe de Vergara; the Musgo 1 and Musgo 3 buildings in the Moncloa area and four buildings on the outskirts of Madrid, in the M-30 and A-2 districts.
Original story: Eje Prime (by Custodio Pareja)
Translation: Carmel Drake
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Source:: AURA Real Estate Experts