Construction on the second phase of the project is set to start next year.
“The first phase, namely the retail park, is currently rented by Carrefour, Leroy Merlin and Altex, and we are in advanced negotiations with Domo. Investment in this stage reaches EUR42 million,” said Panico Panayi, sole shareholder of the project developer.
The retail park will span over 53,000 square meters, and its construction is financed by Bank of Cyprus.
The company expects yearly rental revenue to reach EUR6.2 million, as the average rent stands at EUR11 per sqm per month.
The second stage of the project will involve the construction of a mall, with an area of 137,000 sqm, set to include 480 stores.
“Next year we will start construction on the mall, with the first phase spanning over 50,000 sqm. We will seek financing from banks, but we cannot request a loan until we have 70% of the phase one surface rented out,” Panayi added.
The first phase of the mall will be complete in 2014, and the project will be delivered in 2016.
In 2003, Nova Imobiliare bought a plot of 600,000 sqm, on which it plans to built a retail scheme with a total area of 190,000 sqm.
The overall investment is higher than EUR350 million, and it should create over 5,000 jobs.