A new retail park called ‘Nova Vila Retail Park de Portimão’ is due to open in the first half of 2023 in Portimão, international property consultants CBRE have announced.
It will be located on the same plot of land as the previous retail park that was destroyed by a fire in 2012. The plot is located a stone’s throw away from the EN125 road, just a few minutes’ drive from Portimão and the A22 motorway.
The retail park will span a 22,000 sqm area and feature 18 stores, all located on the ground floor. There will also be a large car park with 875 spaces.
“Portimão is a town that boasts considerable growth in the Algarve and already has one of the largest resident populations, which along with the high number of tourists that visit it, constitutes a very interesting universe of potential clients,” says Carlos Récio, director of retail advisory and transaction services at CBRE.
According to Récio, investing in a retail park of this kind in Portimão “makes sense,” particularly given the location of the plot which boasts easy access and allows for the implementation of a “highly qualified and innovative project for its target audience.
“Besides, the retail market in Portugal will continue to recover and consolidate, which luckily we have taken advantage of through projects throughout the country,” he added.
The project is being developed by Mitiska REIM, which describes itself as “Europe’s leading specialist investor in convenience real estate.”
While the retail sector continues to face a series of challenges at the moment, Mitiska REIM’s investment director for Iberia believes that there is still considerable demand for “modern, well thought out and well located retail parks.
“What sets retail parks apart from traditional shops and shopping centres is their easy access combined with low operation costs for operators. Besides, they offer stores with larger spaces and free parking, allowing retailers to maximise their online sales through the ‘Click & Collect’ service,” said Jan Du Bois.
Meanwhile, investment manager Enzo Guidez said that this project represents a “significant step” towards the group’s presence in Portugal.
“With the Portuguese economy and consumers’ confidence growing strongly, new retail brands are also appearing in the market. Our specialisation in the retail park and convenience retail segments, combined with our strong relationship with local and international retailers, puts us in a good spot to take advantage of that opportunity,” he added.
