Miller Developments - Retail Development - Hungary’s First Factory Outlet Centre

Date: 18 Mar 2004

Miller Developments, part of the Miller Group, the UK’s largest privately owned property development, house building and construction services company has formed a joint venture to develop Hungary’s first factory outlet centre.

Miller has entered into a 50:50 jv with Raiffeisen Ingatlan (Raiffeisen Estate Management), part of the Austrian Raiffeisen Bank Group after buying Outlet Estates Ltd.

Located in Buda, to the west of Budapest city centre, at the junction of the MO and M1 motorways, the 16.2-hectare (40-acre) site sits in an existing retail corridor with the likes of Tesco’s and IKEA.

The site has detailed planning consent with Phase 1 comprising 13,335 sq m (143,530 sq ft) of retail space with 46 units ranging from 118 sq m to 900 sq m (1,270 sq ft to 9,688 sq ft) and 870 car parking spaces.

It is proposed that Phase 2 will comprise a further 28,000 sq m (300,000 sq ft) of retail space with an additional 1,800 car parking spaces.

Phil Miller of Miller Developments comments: “With Hungary due to join the EU this May, interest in the country from international retailers has intensified. This is the first of its kind in Hungary and will complement Miller Developments’ existing retail development programme in Spain and Portugal.”

Miller and Raiffeisen are to start construction immediately and have already substantially pre-let the scheme to major international retailers and are in detailed negotiations with numerous others.

GVA Grimley is advising Miller/Raiffeisen.

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