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COMMERCIALISATION AND PROPERTY MANAGEMENT OF ZŁOTE TARASY


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The Challenge

Cushman & Wakefield was instructed by ING RE, the developer of Złote Tarasy retail and entertainment shopping centre, to let the scheme. In May 2006 we were also appointed property management consultant, and in February 2007 tenant fit-out coordinator. We were also responsible for the management set-up and launch of Złote Tarasy. Cushman & Wakefield was also letting agent in the Lumen and Skylight office buildings forming part of the Złote Tarasy complex and was responsible for their property management.

The 225,000 sq m Złote Tarasy mixed-used complex is located in the centre of Warsaw. The project was designed by the Jerde Partnership architectural studio. The project won numerous prestigious awards already before its official opening. The project aimed to boost the city centre for residents, visitors and businesses. Złote Tarasy provides 63,500 sq m of retail space in more than 200 shops and service points. The key tenants include: Hard Rock Café, Mexx, Next, Zara, Empik, Intersport, H&M, Saturn, Van Graaf, New Yorker, Almi Décor and Smyk. The complex accommodates the city’s major cluster of restaurants, cafes and bars, totalling 4,500 sq m. Złote Tarasy offers 1,600 underground parking spaces.


The Solution

The advisory services provided by Cushman & Wakefield included:
• preparation of appropriate tenant mix and distribution within the complex
• determining current rental rates and future rent revenues
• preparation of tenant structure
• design and fit-out advisory services
• technical services and their scope
• building security and its scope
• current maintenance of the complex
• determining the amount and structure of service charges, their forecast and settlement.


The Results

Cushman & Wakefield was involved in the Złote Tarasy project for over ten years. The Retail Department of C&W leased 100% of the Złote Tarasy space to major foreign and Polish retail chains prior to its completion. Among them were new entrants to the Polish market. The Property & Asset Management Department provided advisory services in the development of the real estate management strategy. We were also responsible for the preparation of the scheme for its grand opening. We had managed Złote Tarasy for one year until its management was taken over by the owner, Unibail-Rodamco. We prepared all the necessary procedures for financial management, current operating activities and communication with tenants. We also developed a marketing plan and budget, and advised in selecting subcontractors. We were also involved in the procedure of handover of space from the General Contractor. Upon its acceptance by the owner the scheme was fully operational and leased.