Polish-based international company Global Trade Centre (GTC) announced its plans for the construction of the Galleria Varna mall.
The shopping centre will occupy an area of 100 000 sq m, making it the biggest shopping centre in Bulgaria. This is the fourth mall project in the coastal city of Varna. All have to be completed by 2009.
“We chose Varna for the setting of our first project in Bulgaria because the market here is thirsty for large and high-quality commercial facilities. Varna is a very attractive city for buyers and renters from both the country and Europe. The project’s unique location – on the crossroads of two major boulevards in one of the busiest residential districts in Varna, Mladost, is another important reason,” said Shimon Galon, GTC’s regional manager for Romania.
GTC is one of the 25 largest Polish companies, with a market value of four billion euro. Its property assets total one million sq m of commercial, office and residential developments in Poland, Ukraine, Hungary, Romania, Serbia, Croatia and Slovakia.
GTC will invest about 80 million euro in its first project, Galleria Varna, and another 80 million in two other projects in Bulgaria for the next two years. The company has acquired plots in two other cities, one on the Black Sea coast and one in the interior, both of them for large shopping centres. “We are a public company so we cannot announce the exact locations of our future projects yet,” said Galon when asked about the other Bulgarian cities GTC plans to invest in.
Galleria Varna will provide for more than 130 shopping, entertainment and leisure units and a parking lot for 1300 cars. As a company with more than 10 years experience on the market, GTC are convinced they can bring the biggest trademarks and international retail chains to the shopping centre.
“Retail area per capita in Bulgaria is one of the lowest in the region. The country’s EU accession was a great stimulant for retail property market. Demand for modern shopping malls will increase corresponding to the locals’ increasing incomes and the needs of foreign tourists.” GTC said explaining their decision to invest in retail.
Construction of Galleria Varna mall will start in the next few months. The construction permit is expected to be issued in July and contractors will be chosen by public tender. The mall is being designed by the US architecture firm Laguarda Low Architects LLC.
About 40 000 sq m of retail space will be offered for rent in Galleria Varna. Investors expect annual rental income to reach 9.5 million leva.
