Resolution Property is launching an extensive refurbishment and reconfiguration programme at its Carre Göttingen retail property in the Lower Saxony region of Germany, the company announced at the Mapic retail fair in Cannes.
Resolution Property is launching an extensive refurbishment and reconfiguration programme at its Carre Göttingen retail property in the Lower Saxony region of Germany, the company announced at the Mapic retail fair in Cannes.
Resolution recently completed the acquisition of the 14,200 m2 centre, which was first built in 1974 as a department store and converted to a shopping centre in 1987.
The refurbishment 'will transform the former department store into a modern, brand-friendly shopping centre for the thriving German city,' the European real estate investor said.
The company also said it aims to capitalise on unsatisfied demand for large modern units from a number of international and national retail brands not yet present in the town.
The refurbishment will improve the configuration of the centre and maximise its internal floor space, creating a 2,000 m2 anchor tenant unit over ground and first floor as well as increasing the number of inline units.
The existing store, located in the centre of the historic university city, comprises retail across the lower ground to second floors, with the third and fourth floors occupied by a fitness centre and offices.
Working with its development advisers ERWE Real Estate of Darmstadt, Resolution is currently refining its designs for the refurbishment and reconfiguration project and expects to commence work on site in summer 2013. Completion is scheduled for the first quarter of 2014. Resolution has appointed Prime Real Estate Consulting as the leasing agent for the centre.
PropertyEU is holding a special investment briefing in Frankfurt on the outlook for the German market in 2013. Click on the link below to find out more about the event that takes place on the morning of 27 November.
