Noval Property’s € 30 million investment in River West completed
The new commercial complex, with a total rentable area of 62,050 sq.m., combines open and closed shops, as well as extensive green spaces.
Construction work on the development and expansion of River West was completed, with the delivery of the River West Open, the new set of shops, restaurants and leisure areas. The investment amounted to 30 million euros and is one of the largest made in the industry to date.
With the expansion of River West of Noval Property by 17,450 sq.m. AEAP of the Biohalko group now has a commercial complex of 62,050 sq.m. in the area of Kifissos.
Operational in the coming months
The opening of the stores is planned for the summer and autumn of 2021, with the shopping complex emerging as an innovative shopping and entertainment destination for all ages, which, in a unique way, combines stores located in open and closed spaces, as well as and extensive areas of greenery, play and recreation, which in their full development will total 20 acres.
The total development, owned by Noval Property, covers an area of 8.35 hectares, which includes the existing facilities of River West, the megastore of IKEA and the River West Open. The expansion of the shopping center is a continuation of its extremely successful course, which, within its 10 years of operation, now gathers 5.6 million visitors a year, while the fullness of the existing leased spaces reaches 100%.
14 million euros in the next 3 years
According to Noval’s estimate, pre-pandemic rental income stood at € 9.5-10 million at € 14 million at the end of the next three years.
Regarding the layout of the spaces, it is foreseen the further strengthening of the fashion sector in the already existing facilities of River West, with the entry of additional fashion brands.
Who are the new users?
The new store space that will be created will host large stores; it is typically noted that Decathlon, the French sportswear chain with an international presence, will open its flagship store in Athens, with an area of 5,016 sq.m. In addition, the Moustakas and Kotsovolos stores will open branches at the River West Open in mega-stores of modern aesthetics 4,600 sq.m. and 2,170 sq.m. respectively, while the Danish chain Jysk will soon operate a new store of 1,305 sq.m. It should be noted that the new commercial spaces are already 80% leased. The River West Open will include new restaurants, designed to operate in an environmentally friendly manner. It is worth noting that the dining areas will have sun terraces, for maximum use of natural light.
Two hectares of recreation areas
Upon completion of the project, River West will offer large outdoor recreation areas, totaling 2 hectares, which will include a playground, outdoor amphitheater, waterfall and extensive gardens. At the same time, innovative places of entertainment for children and families are being planned. In addition, free 3,000 place parking will be available.
Maria Kalouta, Head of Retail, Noval Property, said: “We are very happy to have completed the RIVER WEST development projects. For the first time in Greece we present a pioneering space, designed from the beginning to cater to the needs and desires of our customers and employees. In an upgraded and modern environment, we achieve the joining of the closed type shopping center, with outdoor multipurpose spaces, where the green and the liquid element dominate. “Now, it is clear that we are talking about a new generation shopping center, which reviews and redefines its classic function, thus creating a new destination, which offers visitors a wide variety of options for spending the whole day.”
RIVER WEST OPEN was designed by the international architectural firm L35 in collaboration with Vikelas Architects.
Noval Property is the second largest Greek REIT based on investment portfolio value. Noval Property’s real estate portfolio, which includes 42 properties, mainly in Greece and, selectively, in Bulgaria, consists of office buildings, shopping malls, hotels, and former industrial buildings with a total built-up area of about 453,000 sq.m. . The valuation of the properties on 31 December 2020 was 364.6 million euros. Noval Property is a subsidiary of Viohalco in the real estate industry.