Resolution Property signs major fashion retailer at Gottingen shopping centre
Resolution Property has secured a major international fashion retailer as well as two existing tenants – tegut… gute Lebensmittel and Saturn – at the innercity shopping centre Carré Göttingen in Germany.
Long term leases have been signed with the fashion anchor for a ca 2,200 sq m store on the ground and first floor, with tegut… gute Lebensmittel for ca 2,400 sq m in the basement and with Saturn for ca 3,300 sq m on the second and third floors. As part of the refurbishment and reconfiguration programme, the retailers will move into brand new modern retail units.
These new lettings form part of the significant investment by Resolution to transform the former department store into a modern, vibrant shopping centre. Work will soon commence on the major refurbishment and reconfiguration programme which will include a completely refurbished façade, improve the configuration of the centre and maximise its retail areas by increasing the number of shop units. This will capitalise on the demand for large modern units from a number of international and national retail brands not yet present in the centre. The renovation work will also include revamping the customer car park. The work is expected to be completed within 12 months but the centre will continue to trade throughout the building works and the car park will remain open throughout this period.
Resolution acquired the 14,200 sq m shopping centre in October 2012. The centre was first built in 1974 as a department store and converted into a shopping centre in 1987. In line with its established asset management strategy, Resolution aims to unlock its significant potential to enhance the retail offering, in response to the restricted retail footprint and an absence of competition from out-of-town centres.
Christina Forrest, Resolution Property, says: “The refurbishment programme at Göttingen is part of our wider asset management plans to position the shopping centre as the first-choice destination for leading international and national retail brands. It’s very encouraging to see the confidence retailers have in the centre and our commitment is to create a diverse retail environment.”
Resolution is working with ERWE Real Estate on the refurbishment and reconfiguration of the centre and Prime Real Estate Consulting GmbH as the leasing agent. Estama is the centre manager.