"Global real estate consultant Cushman & Wakefield has recently been appointed the letting agent and property management adviser of Közraktárak cultural, retail and entertainment center in Budapest to be completed by November 2009.The 19th century buildings of the former public bonded warehouses owned by the Budapest Municipality will be redeveloped by Porto Investment Hungary Ltd. The existing clinker warehouse buildings together with a newly built iron-glass central atrium will form a ca. 23,000 sqm-large cultural, entertainment and retail complex. The project, which is implemented in Public Private Partnership, has a budget of 8 billion Huf. The refurbishment and construction works, based on the design of the Dutch ONL architecture studio, leading architect Kas Oosterhuis will start latest in summer 2008.
"We are looking forward to working with Cushman & Wakefield on leasing and managing Közraktárak cultural and retail complex," says Imre Márton, Director of Porto Investment Hungary Ltd. "It is a truly unique property due to its long heritage, landmark architecture and complexity of services." he adds.
Following the refurbishment of Közraktárak 40-50 units will be shaped in the area including fashion stores, cafes, restaurants, art galleries, antiques stores, gift stores and a multifunctional hall. The complex situated next to the Corvinus University, will be fully integrated into the rich cultural and entertainment atmosphere of the Danube bank.
"The Közraktárak cultural and retail complex will be a new landmark to Budapest." says Viktória Szabó, Head of Retail at Cushman & Wakefield. "We are confident that the excellent location and the unique retail concept will convince prospective retail tenants to choose Közraktárak." she adds.
The list of the ongoing retail developments in Budapest shows a diversification of the retail shopping experience. Owing to the developments that are currently underway, the city centre will be restored to its former glory, and buildings like Közraktárak that have lain dormant for many years can once again play an important role in shaping the character of the capital.
Cushman & Wakefield is currently advising on 600,000 sqm of retail space in Hungary including such major retail development like Arena Plaza, Hungary's largest shopping mall and Fashion Street in down-town in Budapest. The firm, which has 400 retail professionals across Europe, has won three major European retail awards last year:
- European Retail Property Adviser 2006 at the inaugural EG Retail & Future Project Awards MAPIC 2006.
- European Retail/Leisure Agency Team of the Year 2006 European Property Awards.
- Property Specialist of the Year 2006, the Global RLI Awards."
Source:
Cushman&Wakefield
16.08.2007