After four years of waiting, construction on the second part of the Eurovea Shopping Centre on the Danube riverside in Bratislava is around the corner. Since early 2016, real estate companies have mentioned Eurovea II in the plans for up and coming shopping centres and recently, the owner of the centre Peter Korbačka, talked with the European retail real estate magazine, Across, about the details, the Reality.etrend.sk website reported.
Up until now the community has known that Eurovea II will offer a further 25,000 square metres, approximately, of rentable area and Korbačka has now given some specifics to the magazine, describing the proposed three-floor building with a two-floor underground garage.
The Eurovea property was originally the third largest shopping centre in Slovakia, built by former developer, Ireland group Ballymore, and opened in March 2010 after four years of construction and an investment of €350 million. It consisted of 55,000 square metres of rentable area, 24,500 square metres of office premises, a Sheraton hotel and 235 flats. While Ballymore planned to immediately construct the second part with high-rise buildings, the arrival of the economic crisis halted these plans.
Peter Korbačka then acquired the complex through the Cypriot company Trenesma Limited, for €364 million in the summer of 2014, which made it the largest real estate transaction in central and eastern Europe at that time and probably the largest ever in Slovakia, Reality.etrend.sk reported.
In the last two years, the original Eurovea Shopping Centre has been subject to the reconstruction of escalators, toilets and rest areas and the developer also plans to reconstruct the terraces on the riverside promenade, Reality.etrend.sk wrote.
These improvements, however, do not diminish the motivation to construct Eurovea II which includes, amongst other things, the completion of six hundred flats in the neighbouring Panorama City and a better connection with the Petržalka district via the new Old Bridge. Korbačka though will face some competition from the forthcoming shopping centre at Mlynské Nivy which has a planned area of 70,000 square metres and a new bus station and is to be constructed by rival company, HB Reavis.
“Despite the fact that 2016 has been the best year for us so far, in terms of visits and turnover of tenants, we believe that Eurovea has not yet reached its maximum and has the potential to improve,” said Korbačka, as quoted by Reality.etrend.sk.
Eurovea II will offer brands which could not be accommodated in the already fully occupied centre, more flats and offices, the expansion of the food court and the cinema multiplex, which at present has only nine halls.
Caption: Eurovea Shopping Centre
Company owners are searching for more effective solutions for managing their companies. One of such solution is shared office space; as much as 80 percent of companies using this solution put cost reduction as the reason. This way they save especially on costs needed for acquisition of offices and rentals, as well as repair and maintenance costs, a survey conducted by International Workspace has confirmed.
Extensive reconstruction of Mlynské Nivy Street in Bratislava and construction of a brand new central bus station, including an adjacent high rise office building, are progressing. Currently almost 450 workers of various professions and 18 cranes are working on it, the biggest construction site in central Europe at 4.4 hectares large. The developer HB Reavis still promises to launch the new bus station in late 2020.
In the former industrial zone on Račianska Street in Bratislava, next to the Lidl retail store, stands an old brick smokestack and concrete beams. These are the remnants of a long defunct parquet factory. Developer Corwin plans to replace the remnants with Guthaus, a residential complex with a new vision for housing quality.
Good office spaces keep employees happy at work, while having a modern, healthy and attractive office is also an efficient tool for recruiting new talent. Companies in Slovakia are aware what influence the working environment has on their employees and design their offices accordingly, show results of an annual competition organised by the real estate consultancy CBRE.
European commercial real estate investment volumes reached a record high of €312 billion in 2018. This represents a 0.3 percent increase on 2017, which was previously a record, when total investment volumes reached €311 billion, according to the latest data from leading global real estate advisor, CBRE.
Germany is the sixth European country in which the Slovak developer HB Reavis is active. In mid-February it announced two major acquisitions in Berlin and Dresden totalling 3.5 hectares. The announcement followed only a few days after media reported on the sale of some HB Reavis projects in the Czech Republic.
The oldest shopping mall in Bratislava, Polus City Center in Bratislava’s Nové Mesto borough, is undergoing major reconstruction. With an investment of €4 million euros, the interior and exterior of the shopping mall will undergo radical change.