The second half of December saw an opening of the first phase of Otrada retail park located at the 7th km of Pyatnitskoe highway. O’KEY hypermarket chain has become its first and biggest anchor tenant taking up c. 13 000 sqm. Knight Frank acted as an exclusive leasing consultant in this transaction.
A lease agreement with such important and well-known retail operator as O’KEY is a major milestone in the project marketing highlighting yet again its importance and long-term ambitions of the chain with regards to its development in the Moscow Region. O’KEY hypermarket will be the first of its kind in Mitino.
Otrada Retail Park is a successful mix of retail and entertainment space. The first phase will include clothes and accessories retailers and a fashion gallery while the second phase which is due to open in Q2 2012 will feature a number of famous international and Russian brand names.
The rentable area will total to 80 000 sqm, with the 15 000 of them occupied by the entertainment facilities. 2 400 parking spaces have been designed for the visitors. A new retail centre in the area is likely to generate a great number of customers given the high density of residential buildings in the North-Western Moscow and immediately beyond the Moscow Ring Road.
Elt Russian Industrial Company is a developer of the project, while BCI Design(UK) retained as an architect. Total investment volume will add up to about 1,2 bln roubles.
Otrada Retail Park is being constructed in lieu of the factory building belonging to Elt. Apart from the obligatory cinema and an entertainment zone the complex will feature a water park where visitors will enjoy a summer like atmosphere.
Natalia Myasoedova, Project Manager, Retail Real Estate Deparment Knight Frank Russia and CIS: ‘An opening of O’KEY hypermarket which is the first ever in Mitino is indeed a landmark event on the market – this is something to make the project more visible as well as simply satisfying the residents’ demand for the quality retail space. The infrastructure of the project is rather developed allowing customers to combine high quality shopping and leisure activities’.
Igor Khripkov, General Director at Elt: ‘We are quite certain that Otrada Retail Park is not just yet another successful commercial project, we want it to be a truly outstanding project on the market. Knight Frank, an international consultancy, acted as our parner when it came to the concept, brokerage and marketing support. Now we can witness the first fruits of our labour – an increased level of interest from western and local brands alike. The presence of the key tenants at Otrada is a true affirmation of the project quality as well as the uniqueness of the chosen concept’.
As has been highlighted by the press office at O’KEY this has been also a remarkable occasion for the company – not only the hypermarket was the 3d in the Moscow region, it also became the 70th hypermarket for the company in total. ‘Otrada Retail Park is conveniently located, has a brilliant tenant mix – it simply has everything to become a popular destination. This is what this area needs most. We would like to thank Knight Frank for their ongoing participation in the project’.
Elt Group of Companies was launched in 1994 when Igor Khripkov, back then a General Manager of Troika furniture store, decided to open up a furniture manufacturing facility in Russia. At the moment the company’s factory (20 000 sqm) has 3 state-of-the-art Italian kitchen assembly lines. 1 to 3 brand new models are being introduced on the market annually which is impressive by Russian and Italian standards. Elt’s products are distributed via network of independent dealers – as a rule, these are large furniture stores in the biggest cities of Russia and CIS countries (Ukraine, Belarus, Uzbekistan, Kazakhstan, etc).
O’KEY is one of the largest supermarket retailers in Russia. O'KEY has two store formats – hypermarkets ("O'KEY") and supermarkets ("O’KEY-Express"). O'KEY’s stores are based on a classic European hypermarket concept, with a wide range of products and services at affordable prices, including the company’s own bakeries, a well-lit, ample selling space, large car parks, children's play areas and a variety of additional services, such as phone retailers, pharmacy, banking services, dry-cleaning and cafés. The very first O’KEY hypermarket opened in St. Petersburg in 2002 and a rapid expansion has not stopped since then. O'KEY operates 71 stores in the North-Western, Southern, Central, Urals and Siberian regions, with a total selling space of 342 973 sqm.