The owner of the Centro Ostrava retail park has revealed expansion plans for additional sales space. Development is planned to commence during the second half of this year while leasing and talks with future occupiers are now underway. The developer and investor for the second phase of the park is Bluehouse, and leasing of space has been entrusted to Cushman & Wakefield, a leading global real estate services firm.
“At present the Centro Ostrava Park is fully occupied, reassuring the owner of the potential and stability of the Ostrava market in terms of the retail park concept. The existing project surpasses the average size of retail parks in the Czech Republic (currently amounting to around 5 thousand sq m) by almost 30 per cent. The expansion will almost double the area of Centro Ostrava,” says Lukáš Výtisk from Cushman & Wakefield’s Retail Warehouse Team.
The second phase of the Centro Ostrava Park should grow the premises by approximately 3 thousand sq m including a range of fashion stores as well as appliances and accessories for the household and DIY projects. The park would like to appeal to young people setting up their first home as well as a generation looking to make improvements to their current living arrangements and/or garden. The current park space comprises 9 units with an overall size of almost 8 thousand sq m. It offers a good mix of occupiers, the largest among these including Jysk, Kasa.cz, Mountfield, Breno koberce, Okay and Rossmann.
“Expansion allows us to diversify the current structure of the segment. The park’s main selling points include the presence of a food chain at the location, excellent public transport links as well as car access - these were the main requirements of Kasa.cz which, on the list of occupiers, represents the ever growing segment of “online” sales,” Lukas Vytisk comments.
Bluehouse, the investor and project developer, entered the Czech market last year. Regarding its acquisitions, it concentrates on value added projects offering quality and a strong composition of premium occupiers from the given segment. It currently owns a shopping centre in Hradec Králové and a retail park in Znojmo. It is planning to expand further in the future.