Tallinn, Estonia: Capfield have today announced further details about their €10mn extension plans for Norde Centrum. The Centre will double in size providing a total of 23,000m2 and over 50 shops.
Construction of the Norde Centrum extension will take place in one phase and will start in Spring 2016 with the new Centre open for Spring 2017. The planned extension falls within the Centre’s current detail plan and Capfield plan to attain building license approval towards the end of the year. Construction is forecast to cost around €10mn which has already been secured through the successful refinancing that Capfield achieved on its €150mn portfolio by Nordea Bank earlier this year.
The Norde Centrum expansion will be anchored by a new Rimi store, an expanded Sportsdirect.com and other leading fashion brands. The additional retail space will be dedicated to youthful fashion, family shopping, diverse dining and a dedicated health and beauty gallery. “This extension allows us to seek the best possible tenant mix for our shoppers. We feel that with a larger fashion offering and wider selection of restaurants, Norde Centrum will easily be the most convenient destination shopping centre in central Tallinn for shoppers to come and spend their time” says Ruben Gornischeff, Member of the Capfield Management Board.
The extension will give the centre a completely dynamic new look and feel. A key part of the architectural plan was focussed on capitalising on the extremely high footfall the centre enjoys from the Port. There will therefore be a visionary new entrance for shoppers facing the Port side as well as modern improvements to the current façade which will enhance the visibility of the centre from Tallinn City Centre. Access to the Centre from the City will also be improved with a new pedestrian crossing over Ahtri Street. “We are welcoming the idea to open the shopping centre also to the direction of Port of Tallinn, thus improving the pedestrian mobility between the city centre and harbour area, especially as these plans convert Norde Centrum in to a modern, welcoming gateway for Tallinners and those visiting Tallinn” says Mr Endrik Mänd, Chief Architect of Tallinn.
The extension will see vast improvements for current tenants. The Rimi hypermarket, the only one in downtown Tallinn, will be refurbished at the same time as the extension, offering shoppers an even better of selection of goods when open. The new Calle Bordershop alcohol store, the most well stocked alcohol store in Tallinn, will also have a modern store at the renovated Port side entrance.
Norde Centrum’s performance over the last couple of years has been very strong with close to 100% occupancy rate and steady footfall. “The scale of the redevelopment of Norde Centrum is very reasonable and easy to deliver within the central Tallinn retail market. It is a logical step to improve on the value of the site which has always benefitted from an unbeatable location between the Port and City Centre” comments Urmas Laur, Seven Real Estate Advisors.
“Baltika Group is happy to be involved in the extension plans at Norde Centrum. We will be opening a unique multibrand concept in the expanded centre, one that creates playful possibilities to showcase our fashion brands according to what shoppers want. This new store will make it easier for locals to shop for the Baltika brands in one city centre location and a good introduction to Estonian design for tourists.” says Maire Milder, Branding and Retail Concept Director, Baltika Group.
To request more detailed information about the extension, CGI images or for lettings, please request our e-brochure from Seven Real Estate Advisors.