Tsimiski 18 - Thessaloniki
Acting on behalf of the buyer, CB Richard Ellis Atria has advised on the organizing of finance and subsequent investment acquisition of a prime retail building in Thessaloniki.
The property offers a total of 3.760sqm and is located in the intersection of Tsimiski and Komninon str, an area characterized as the most marketable spot of Tsimiski str. Renamed as Notos Galleries in 2000, the property serves the multistore Lampropouloi Bros who has been operating with great success in the building for many decades.
Case Study info
| Market Sector | Retail |
| Client | Sarantopoulos Properties S.A. |
| Client Type | Investor |
| Project Background | Tsimiski str. has been acknowledged as the prime retail area of Northern Greece and one of the three most commercial streets in Greece. A large number of retail brands, national and multinational, are located in Tsimiski str. In the near future, the new archway Hirs will operate in the proximity of ‘’Plateia’’ and the multistores Public and Notos Galleries are expected to serve as anchors. Other multinational clothing and footwear brands operating in Tsimiski are Inditex, who has developed 12 units of all its brands over the last 12 years and their competitor H & M who has a 2.500 sqm presence since September 2009 in the most commercial block of the street. |
| Client Benefits | Following a renovation, the building will be delivered to the tenant (when is this renovation taking place?). It is an ideal choice for a self-contained operation of retail businesses offering simultaneously the flexibility of contemporary office spaces on the upper floors, if required. The building is also considered to have promising potential due to the contiguity with the under-development project in the archway Hirs (12.500 sq.m). |
| Start Date | January 01, 2010 |
| End Date | March 01, 2010 |
| Service | Financial, Investment Advice & Acquisition services |