We successfully sold our street retail concept at Urban Residence
We managed to house retail spaces with attractive tenants, and to sell the entire concept to a brand new owner, having managed to create an interesting mix of diverse operations that work well as a whole. A popular shopping complex has been created, and has now been taken over in its entirety by a Bratislava company from the COOPEX HOLD group. Following on from shopping centres and retail parks, this comprehensive concept with a precise composition of retail operations in areas with a high density of housing is proving to be a great investment.
The concept of “street retail” provides several smaller establishments that are conveniently accessible from the street and all complement each other. In correlation with attractive public spaces, an extensive park, high-quality urban architecture, and an appealing commercial “hub” was created on Račianska Street in Bratislava – and was swiftly and easily occupied by high-quality tenants despite the difficult pandemic situation. The creation of new premises for small business operations and services was one of the key requirements of the inhabitants of the wider project area at a time when the investment plan in the locality of the Filiálka station was still being negotiated.
“High-quality public spaces, affordable parking, a purposeful selection of facilities and the all-day presence of a large number of potential customers have helped Lucron create a comprehensive retail concept in the Urban Residence project which has become a high-liquidity product,” says Ermanno Boeris, Lucron’s Chief Commercial Officer. “Compared to large shopping centres, it boasts significantly lower costs for tenants of commercial and operating premises”. The new owner of the retail space – a trading company from the COOPEX HOLD group – believes in the successful future of the project. “Through purchasing this concept, we decided to expand our investment portfolio with another quality retail investment project” said Peter Ostrica Jr. from the company’s board of directors. We also placed considerable emphasis on the uniform branding of its operations: aesthetic, fresh, modern and professional. This concept is successful because today there are a lot of people directly in the Urban Residence project and the surrounding area who are already able to make full use of the operations. They are attracted by our emphasis on building fully-fledged residential projects, which – in addition to housing – also provide fully-fledged civic amenities. Urban Residence features a drugstore, a traditional grocery store, a craft butcher’s shop, a late-night shop, a café, a bakery, a pharmacy, a dental practice, and a general practitioner’s practice. The range of services is rounded off with a bicycle shop, a bank, and manicure and hairdressing salons. Accessibility and convenient access from public parking for a “neighbourhood” price of 1 Euro per hour all come as standard. We are currently preparing a similar concept in our Arboria project in Trnava, and in the Bratislava Nesto and Vydrica projects.