Shopping Centres Refurbishment and Redevelopment

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Case study Shopping centre redevelopment Forum Steglitz, Berlin Project: Forum Steglitz, Berlin Owner: Hammerson GmbH Location: Berlin, Germany Opening: after refurbishment May 2007 Managed by DTZ: January 2002 - March 2009 Number of tenants: 63 Main tenants: H&M, Esprit, Karstadt Situation before redevelopment Why refurbish the Forum Steglitz? • Competiveness of centre decreased within the years • The shape and size of the units no longer matched the demands of the retailers • Few new retailers and poor lease terms • Growth of competitive retailers and shopping centres in the neighbourhood and catchment area • Change of the purchasing/shopping habits of the customers • Old building structure, not customer-friendly and modern • Timeline: good timing because of leases expired • Retailing on five floors with poor circulation. 10 Shopping Centres Refurbishment and Redevelopment Main goals • Increase of rental income - securing of return of investment • Improved energy efficiency • Reducing service charges for tenants and owner • Co-ordination of planning and construction works • To keep the centre opened during refurbishment work • To provide marketing during constructions works to inform customers. Results • Step by step refurbishment without closing the centre • Analysis of refurbishments goals, target groups, possible equipment • Analysis of letting market, demands of tenants and potential tenants • Analysis of footfall, customer habits and demands • Analysis of current leases (e.g. rents, durations, break options, service charge agreements ) • Refurbishment agreements, short-term agreements and termination agreements with tenants • New lettings, owner covered buildings costs for tenants • New marketing for the centre, newly developed logo.
Our services DTZ provides unique solutions to increase the value of shopping centres using a combination of local expertise and global knowledge. We understand that people create the strength of any company, which is why we hire the best professionals to deliver exceptional service and support our clients’ longterm success. • Property and asset management • Agency – retail and leisure, office and industrial • Investment consultancy • Land and development consultancy • Consulting and research • Project and building consultancy • Valuation and appraisals • Hospitality. Contacts Martyn Chase European Retail Sector Head +44 (0)20 3296 4232 martyn.chase@dtz.com Thomas Willekens Belgium +32 (0)3 303 10 09 thomas.willekens@dtz.com Petr Sulc Czech Republic +420 234 262 210 petr.sulc@dtz.com Jean-Philippe Carmarans France + 33 1 47 48 77 24 jean-philippe.carmarans@dtz.com Martin Lange Germany +49 (0)30 201705 541 martin.lange@dtz.com Cuno van Steenhoven Netherlands +31 30 60 222 11 csteenhoven@dtz.nl Patrick Delcol Poland +48 (22) 222 31 00 patrick.delcol@dtz.com Razvan Sin Romania +40 21 310 3100 razvan.sin@dtz.ro Maria Krumlinde Sweden +46 8 671 34 93 maria.krumlinde@dtz.com Hugh Radford UK +44 (0)20 3296 4179 hugh.radford@dtz.com Shopping Centres Refurbishment and Redevelopment 11
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Shopping Centres Refurbishment and Redevelopment

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