"The planned 52.000 sqm multifunctional complex will be built on the site of the existing building of Buda Skála, to be ready by Spring 2009. The new complex will contain leisure, office and residential space.
The demolishing works of the existing Buda Skala building has just been started."Today we have removed the Skala signage and will start the demolishing works for a new premium class shopping, entertainment and residential complex." - said András Elekes, Managing Director at ING Real Estate. "The established retail location in Central Buda and the unique design of the mixed used scheme will ensure an enjoyable shopping experience in a master-planned environment surrounded by a park, pedestrian areas, restaurants and cafés."
Viktória Szabó, Head of Retail at Cushman & Wakefield said: "The large retail units, premium positioning and the well-designed layout of the development have aroused a great deal of interest among international retailers. Leases are signed with a 4,000 sqm fashion store and a cinema operator for a multi screen cinema operation. We are having negotiations with anchor tenants for about 7.000 sqm fashion, 1.200 sqm sportswear and 2.400 sqm electronic stores. Furthermore, Interspar will open a 6,000 sqm hypermarket in the basement.
The 31 years of operation of Skala had established a bustling retail location close to the busy hub of Móricz Zsigmond square. As a result of the Metro Line 4 construction a new underground station will be built in front of the complex, which will ease the access of the building.
ING Real Estate has invested HUF 50 billion in Hungary since 2001. Their developments include office, retail and residential projects, such as Park Atrium, Liget Center and Vörösmarty Square.
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
09.08.2007