Oulu Investment Guide 2024

Retail and Office Property Market

Welcome to Oulu, Finland!

Explore the commercial opportunities in the Oulu Area

Oulu is the most important commercial, logistic and cultural hub of Arctic Europe. It is a region of over 270,000 inhabitants that is best known for its technological expertise, that makes it a globally significant center in the Europe. Two universities, young population and year-round events makes Oulu vibrant. As a university city Oulu attracts tens of big international conferences yearly.

Oulu Region has been on the fastest growing city region in Nordic. Considering Oulu's availability of skilled workforce, status as a hightech hotspot, excellent connectivity and increasing population, the city has an extremely positive future outlook. The growth is accelerated by the spectacular increase in business in the region. Tens of new companies are establishing themselves in Oulu early and investing in the region. Also the city of Oulu is investing 630M€ for the city infrastructure in the coming 3 years. The region is also a great hub for investments in Northernmost Europe totalling 187B€ in coming years.

Oulu is the biggest year round travel city in North Finland. Here the business and leisure travellers meet green environment, modern city and norhern hospitality. Of the total hotel overnights 60% comes from leisure and 40% from business visitors. Stable growth in tourism makes Oulu attractive for the hospitality business and investments. Occupancy rate in all accommodation has been around 60-70% or even more all year round from year 2015 except the pandemic years 2020-2021.

With this guide, we wish to provide you with an overview of the possibilities Oulu has to offer for commercial real estate investors. Read more at oulu.com

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OULU

HELSINKI 0:55 H

MUNICH 3:05 H

TOKIO 14:00 H

270,000 1 h

2nd inhabitants in the area one hour flight to Helsinki

busiest year round airport in Finland

1 Market Area Analysis

39 average age of the population

25,000 university students

1.1 Oulu in Brief

Oulu is an easily accessible city in Northern Finland by the Bothnian Bay. There are over 210,000 inhabitants in the city and 270,000 in the Oulu region. Oulu has one of the youngest populations in Europe: the largest age group is 20- to 24-year-olds and the average age of inhabitants is 39 years. In addition, 25,000 of the population

Why invest in Oulu

are university students. This vibrant city with a variety of events and activities all year round is an excellent destination for both business and leisure travel as well as conferences. Oulu is also an excellent base from which to explore the surrounding tourism centres and Lapland.

1 Location: Being the biggest commercial, logistic and cultural hub in Arctic Europe,Oulu is a gateway to the North.

2 Travel destination: Oulu is the biggest year-round travel destination in Northern Finland.

3 Hospitality performance: Oulu has a good record of long-term performance development in hospitality KPIs, such as occupancy, average daily rate and RevPAR.

4 Potential and opportunities: The demand for new hotel capacity is increasing in Oulu. A limited number of new concept offerings and international hotel brand presence means more opportunities.

5 Stability: Finland provides an economically and politically stable environment for business. The hotel market provides stability for longterm commitment and income generation, and potentially higher returns and yield levels than other property types.

Read more at investinoulu.com

There are 6 times more jobs in ICT industries in Oulu region compared to the same industry in the whole country.

Measured with Balassa-Hoover index 2020

3rd most venture capital in Europe per capita

No 1 in R&D investments per capita in Finland

1.2 Economic Structure

Oulu is 15th in attracting venture capital per capita among the top 50 cities in the world. Robust ICT expertise has created a unique foundation for innovation and business in Oulu. ICT is one of the strongest Oulu industries. At the same time, it is a key enabler for many other industries. Together the global tech giants and the hundreds of SMEs operating in the city they form a strong Tech-cluster with high degree of expertise and entrepreneurial spirit. During the past decade, Oulu has attracted dozens of foreign companies especially related to technology research and development.

The emphasis of Oulu region’s economic structure is on services. Information technology services,

other technology sectors, social and health services as well as education are regarded as specialities of the region. Oulu is specialised in wireless technologies R&D and electronics manufacturing, and the services supporting it for example engineering, software and information services.

In addition, consumer potential is growing, as the amount of wage income tax has increased the most (+3.5%) of all Finnish cities. The population of the region will continue to grow. Population growth and the consequent increase in retail purchasing power creates a wide range of opportunities for commercial development and new investments in Oulu and the Oulu region.

1.3 Purchasing Power

Oulu is a university city and a city of high level of R&D expertise. Relatively high salary levels and many success stories have brought prosperity to the city. At the same time, Oulu has become a commercial hub for the entire Arctic Europe region, attracting customers from a wide area. Despite general economic fluctuations, purchasing power in the area has grown steadily and has created a good basis for commercial

investment in the Oulu region. However, the most important driver of purchasing power has been the population growth in the Oulu region, which has been the fastest in Nordic city regions. A survey made about retail purchasing power (Ramboll 2019) estimated in neutral scenario that purchasing power in the Oulu region will continue to grow by about 25% between 2018–2030.

1.4 The gateway to Arctic Europe's investments

Located by the sea, Oulu is a junction for sea, railroad and road traffic. Together with Finland's second busiest airport and largest general port in the Bothnian Bay, makes Oulu the most important transport hub for both passengers and freight in Arctic Europe.

Oulu’s accessibility will be further improved in coming years with development projects in Oulu’s railway and bus stations and the Port of Oulu which is part of European TEN-T core network. There are plans to make the railway connection from Oulu to Helsinki faster by developing the rail network and accessibility to and from

the Port has been improved by new triangular rail road connection. The fastest train connection from Helsinki to Oulu currently takes just over five hours and will be even faster in future.

Oulu is the gateway to Arctic Europe regions, which will see close to 200 billion euros invested over the coming years. The largest investments will be made in industry, energy, mining, infrastructure, tourism and other industries. By 2030, the number will be 160 billion. The largest investments will be made in construction, energy, mining, logistics, tourism and creative industries.

Opportunities for sustainable industry in Oulu

Massive investments in industry

Major ongoing projects in the fields of technology and industry continue to enhance vitality and employment in Oulu in the near future.

Opportunities in Oritkari Port and Industrial area:

1 New land area in Port of Oulu from 40ha up to 200ha of new industrial site for e.g. Hydrogen economy.

2 Oritkari has the potential for major industrial investments and to increase the value added of sustainable industry production.

Ruskonselkä Industrial Area:

1 City owned existing industrial greenfield site 26ha with excellent connections to the power grid, district heating network and natural water.

2 Expansion area up to 200ha is under development.

The Oulu Green Industry Master Plan 2030

1 Port Area

New 70 hectares for e-fuel / ammonia production + expansion opportunity

2 Pyyryväinen

10 km² industrial area for different industries e.g. H2 and battery roduction

3 Laanila

Chemical industry ecosystem with Oulun Energia energy production

4 Pikkarala

1

hotspot for H2 production with excellent utility connections

Oulu is the European Capital of Culture 2026

The Capital of Culture year aims for a broad long-term urban development and it will bring international visibility to both Northern and the whole of Finland’s culture. With co-operation its 50 million budget will boost tourism, create new jobs and develop the region.

1 st 3 000

Finland is the number one happiest country in the world

Source:The

total number of events yearly

1.5 Tourism, Leisure Activity & Conferences

A city of year-round experiences

Oulu is an extraordinary city from the perspective of travel & tourism. The city has a lot to offer for both business and leisure travellers, from attractions, activities and festivals to exotic arctic nature experiences all year round. Oulu region is a diverse nature destination. Within easy reach from the city of Oulu, you can find ski resorts, national parks and more. Oulu offers a variety of possibilities for day trips and connections to different tourist centres and Lapland.

Finland's leading destination for educational and technical visits

In Oulu you can explore world famous Finnish education system from elementary school to university level. There is a wide variety of educational visit programs both for education professionals and school excursion groups, for example on themes such as computer programming, sustainable development and learning English.

Surrounding tourist centres and Lapland

Arrow-Right Syöte Ski resort and national park , Finland’s southernmost fell area, 1,5 h

Arrow-Right Rokua national park and UNESCO Global Geopark , a rare natural environment shaped by the Ice Age, 1 h

Arrow-Right Liminka Bay, an internationally renowned, valuable bird habitat for migrating birds, 30 min

Arrow-Right Hailuoto, the largest island in the Bothnian Bay, 1 h

Arrow-Right Ruka Ski resort and national parks, Kuusamo, 2,5 h

Arrow-Right Snow Castle and Sampo Ice Breaker, Kemi, 1,5 h

Arrow-Right Santa Claus village and Arctic Circle, Rovaniemi, 2,5 h

Read

Oulu

Pohjola route Pohjola route

The European Capital of Culture 2026 is a lively event and tourism city

Oulu hosts around 40 international conferences in a normal year. Oulu’s strength in conference tourism lies in a strong science community and expertise. Oulu offers versatile facilities for meetings, conferences and exhibitions.

There are many different developments that will make Oulu even more attractive for both domestic and foreign tourists alikeas well as event visitors. Oulu new exhibition center opened in 2021 and a huge arena for up to

Biggest yearly event

Biggest yearly fairs

10,000 guests is planned next to Oulu station. Two hotels and sea spa and saunas is under planning to the heart of city center. New investments appr. €100 million are coming to the seaside resort in Nallikari for example amusement park and leisure services.

The cultural scene of Oulu is strong and diverse. Over 3,000 different events in sports, culture or business are organised in Oulu every year and Oulu is known around the world for its original events such as the Air Guitar World Championships and Polar Bear Pitching. Oulu has been chose as the European Capital of Culture in 2026.

To see & to do in Oulu

Nallikari Seaside Resort

Hupisaaret City Park

Science Center Tietomaa

Turkansaari Open Air Museum

Toripolliisi Statue

Market Hall

Oulu Cathedral

Pikisaari Old Town

Botanical Garden of the University of Oulu

Northern Ostrobothnia Museum

Oulu Museum of Art

Oulu Automobile Museum

Nallikari Winter Village and Snowfest

Vauhtipuisto Amusement Park

Northern Photographic Centre & Gallery

Oulu City Hall

Kierikki Stone Age Centre

Credits: Arkkitehdit Kontukoski Oy

Future Development Areas

In accordance with its strategy, the city of Oulu's goal is to be a vibrant city, where happier and healthier citizens live. The city boldly makes choices for a better future in the north - ensuring the best conditions for citizens to live, and companies to renew and increase their competitiveness. Oulu´s City Centre Vision 2040 has ambitious goals. The plans include large projects that would help the city to attract mega events and increase tourism. Significant city centre development projects have been finished, still hundreds of millions of euros in investments, such as the Station Centre and several hotels, are yet to be realized. There are also several other areas of development that produce viable and sustainable investment opportunities.

Urban Oulu

Arena for events and experiences & Station Centre

The construction of the station centre area will create a connection between the city centre and the Raksila neighbourhood, increasing the appeal of the whole city and further solidifying the city structure. In the future, this area will offer modern and smart travel services for tourists and locals, as well as shops, a hotel, and venues and spaces for culture.

The original, modern, and memorable architecture of the area and a cosy, welcoming atmosphere will greet travellers coming to Oulu in the future! Planned for construction right next door to the station centre is a new multi-purpose arena for sports and events. After its realisation, the arena would allow culture and sports events or conferences to be organised on a whole new scale in Oulu. The arena’s location will promote the development of the nearby city centre and increase the vitality of the city. When the arena is built, it will serve a large northern section of Europe with 2.5 million potential event visitors.

Museum and Science Centre

Museum and Science Centre is a unique combination of history, art and science. Stories of life in the North, collected and cherished by Museum and Science Centre, unfold to the audience through history, science and art. Museum and Science Centre consists of nine destinations loved by tourists and locals alike. The Historical Museum, Oulu Museum of Art, and Tietomaa Science Centre are located near the city centre. The annual amount of visitors is over 200,000. Museum and Science Centre is working on new development plans to increase the number of visitors to 250,000 by 2026.

Seaside Oulu

Located right next to Oulu City Centre is the estuary of Oulu River. With its waterways, islands, and parks, it is one of the most important destinations for development in the coming years. One of the islands is Kuusisaari, the venue for large outdoor events and mega festivals for as many as 40,000 attendees every summer. The surroundings and islands of Oulu River estuary are developed as a location for urban events around the year, aiming also to increase the selection of tourist services in the area. Pikisaari island is one of two big islands in the estuary, the district is protected and part of a popular island route for pedestrians and bikers. Pikisaari is being developed as a hub for services and experiences in culture and arts.

Credits: Architects Kontukoski

1

ARENA FOR EVENTS AND EXPERIENCES

The development project of the City Centre, the goal of which is to realize a multi-purpose arena, hotel, restaurant premises and offices next to the Station Centre. The size of the project is 54,000 square meters and it is worth about € 130 million.

Credits: Lahdelma & Mahlamäki Architects

2

OULU STATION CENTRE – MODERN & VERSATILE STATION ZONE

Station Centre will be a functional and versatile whole where transport, jobs, services, and accommodation come together. The size of the investment will be approx. € 350 million and total building area around 100,000 m 2

Credits: MUUAN Design Agency, Nomaji Landscape Architects

3

NATIONAL HOUSING FAIR OULU 2025

The National Housing Fair Oulu is expected to showcase the future of urban living - a high-quality, healthy and stimulating urban environment that promotes community spirit in the area. Housing Fair area is in the shore of Hartaanselkä, which is 25 000 hectares. Area consists mainly of residential construction, including about 350 new apartments and 600 residents.

Credits: UKI Architects, Lukkaroinen Architects, Tähti-Set Architects

4

KONTINKANGAS CAMPUS

The Future Hospital OYS 2030 programme is an extensive operational renewal programme, which will secure the position of OYS as a national and international top provider of specialised health care. Total project size is around € 1.6 Billion.

Credits:LUO Architects

5

LINNANMAA TECHNOLOGY CAMPUS

Linnanmaa is a location of joint campus for the University of Oulu and the University of Applied Sciences with total 25,000 students. Nokia is building their new “Home of Radio” campus with R&D and production facilities total 50,000 m 2 , Oulu Radio Park will invest in Europe´s leading R&D&I and testing environment for RF-technologies ~35,000 m 2

Credits: Sitowise, Graphroot

6

RITAPORTTI RETAIL AREA

Ritaharju area´s development includes both public investments to public services as well as private investments to residential and business premises. Ritaportti commercial area of 30 hectares is under planning.

Credits: Linja Architects

7 One of the City's growth project Raksila includes new hyper market area and housing and offices. Total floor area consists of commercial space 25,000 m 2 and housing 2

8

Oulunportti has a prominent location near the centre and Oulu Airport. There is 20 business plots in the area. Overall, 89,700 m2 of floor area have been allocated for building rights and about 500 new jobs will be created in Oulunportti.

Tourism & Leisure

Retail and Office Industry

Credits: Terwa Kiinteistökehitys Oy

9

SEASIDE AND MARKET SQUARE AREA

Development of the market square area includes two hotels: the so-called “market square hotel” is under construction and hotel Terwa Tower has been planned on the waterfront by the market square behind the library.The city of Oulu is organizing a land transfer competition for two commercial plots adjacent to Oulu Market Square and next to the tower hotel. The plan could include e.g. a sauna world with pools and restaurant, by the sea in the heart of Oulu.

Credits: Linja Architects

10

NALLIKARI SEASIDE RESORT

Nallikari resort has superb possibilities for developing and diversifying tourism, training and education, sports, leisure and recreational facilities. The Nallikari area is 95 hectares with a total building area of 75,000 m 2 Investment opportunity is approx. 100 million euros.

Credits: Ramboll

11

ORITKARI AREA

Investment opportunities arising in Port of Oulu. In the biggest container port in Northern Finland new land area is forming, from 40ha up to 200ha of new industrial site is under development. Opportunity for sustainable industry and logistics operations.

12

LAANILA INDUSTRIAL PARK

Significant chemical industry area with access to sustainable raw-materials, green electricity and existing synergies e.g. for Hydrogen or Biorefining Investments. Available land are of 26ha.

13

RUSKO INDUSTRIAL AREA

14

AIRPORT CITY OULU

Finland's second busiest year round airport is located 10 minutes' drive from the center of Oulu. Airport City offers a prominent location and high-quality office space for technology and b-to-b companies, as well as plots

15PYYRYVÄINEN

Development of new industrial land area of 10 km² for for different industries e.g. H2 and battery production. Zoning ready by the end of 2026.

Oulu's largest and most important concentration of manufacturing industry. Available greenfield site of 36ha for industrial operations and and new extension area for industry up to 220ha under development. 2 km

2 Retail and Office Property Market

5 million visitors in Valkea Shopping Centre yearly.

2.1 Market Description

Office space market in Oulu has remained active. Newish, attractive, high-quality office premises stay in the demand. The amount of rented offices in Oulu has more than doubled over the last few years after dozens of new companies located their business in Oulu. Oulu also has a wealth of ideal business premises for companies in the retail and services sector. It is estimated that, by 2030, retail and services will need a lot of new space. Retail premises vacancy rate was 2,6 % (city centre 3,4 %) and office premises 5,5 % (city centre 3,7 %) in December 2022. There is a demand for modern office space projects in the City Centre.

The office space market in the city centre is increasingly marked by

conflicting demand and supply. There is demand for good-quality office space. Prime property gross rents are over EUR 20/m 2 . The rents of the best office properties have gone up slightly in the last couple of years.

Population growth in Oulu has also increased the demand for retail space. The City of Oulu has put strong efforts in making the city centre more appealing for citizens, service providers and investors. In the centre, various operators, property owners included, have worked hard to increase appeal. The City of Oulu has also invested in developing parking, public transport, and bringing fast bike routes to the centre, for example.

Vacancy rates, prime yields and prime rents

2.2 Commercial Real Estate Development

Vibrant city center - with excellent vacancy rates among business premises

City of Oulu has plans and ambition to significantly increase the number of jobs and residents in the city centre in the coming years. The main areas for growth is in city centre, market area and Raksila station centre.

Lots of development and renovation is happening in the city centre. Demand for rental offices has remained stable and the demand continues to focus on modern, high-quality offices. Retail space is still available in the city centre where rents have remained practically unchanged.

Arena for Events and Experiences

The Arena, right in the heart of the city, is the most important urban development project in Oulu in years. In the spring of 2024, the city will start a public bidding process for the development of the arena and its surroundings. For more info, contact Project Director Karri Oikarinen (karri. oikarinen@ouka.fi ).

The project complex includes an multi-functional arena, full-size practice rink, restaurants, a meeting, event & conference hotel and office space. The total cost of the 54,000 sqm project is around 130 M€. The arena will accommodate up to 13,000 spectators.

Ritaportti Retail Area

New shopping center and retail park area has total 30 hectares. Area is under planning with several major domestic retail operators. It locate in the heart of north suburban area near university and new Nokia Campus.

Linnanmaa Technology Campus

Nokia is building their new “Home of Radio” campus with R&D and production facilities total 50,000 m2 for 2600 employees.

Oulu Radio Park will invest for facilities to host Europe´s leading R&D&I and testing environment for RF-technologies, ~35,000 m2. Also under planning for Linnanmaa area is printed electronics manufacturing facilities called OpenFab, 20,000 m2 Altogether these investments make total ~450M€

Kontinkangas Campus

Adjacent of Oulu University Hospital renewal project (1.6B€) is ongoing development for future health care innovation and R&D center, OYSTER. The area offers opportunities for eHealth and MedTech companies for setting up operations as well as real estate investors and developers for construction. There is availability of brownfield and greenfield sites.

Oulunportti Retail Area

Oulunportti is a major specialty trade area at the intersection of the motorway and the road to the airport. There are numerous existing specialty stores already in the area, such as car dealers and hardware stores. In the new zoning plan, there is 89,700 m2 of building rights planned for the area. Around 500 jobs will be created.

Station Centre

The Oulu Station area will be developed into a centre for traffic, events, services and housing that will naturally connect the traditional grid city centre and the developing Raksila

area. The area is extensive and centrally located. This is an interesting and very large-scale renewal project by Finnish standards. This could be compared, for example, to the development and construction of Central Pasila in Helsinki. The estimated size of investment is 450–500M€.

Raksila Retail Area

Raksila is a traditional hypermarket area, completed in 1976. One of the City's growth projects is Raksila district that includes renewing the hyper market area as well as new housing and offices. All together the area includes around 60,000 m2 with

commercial space 25,000 m2 and housing 20,000 m2

Port of Oulu & Oritkari Logistics Area

Port of Oulu is the biggest general port of Bothnian Bay and a part of European TEN-T core network. New land area in Port of Oulu will be available from 40ha up to 200ha of new industrial site for e.g. Hydrogen economy. Oritkari has the potential for major industrial investments and to increase the value added of sustainable industry production.

Nokia "Home of Radio" Campus

Credits: Ala Architects

3 Hotel Market

780 000 total overnight accommodation 2023

79% OCC% rate 9/2023

3.1 Market Description

The hotel occupancy rate in Oulu is officially the highest in the country and new capacity is required to meet the growing needs of the visitors. The average annual occupancy rate of all Oulu accommodation establishments has been over 60% since 2015. The occupancy rates have been higher than in Helsinki, Tampere, Turku, Kuopio, Jyväskylä or Rovaniemi last years.

Travel to Oulu is evenly distributed throughout the year, and

approximately 20% of travellers are international and 80% domestic. Approximately 60% of the overnights in Oulu come from leisure travellers and 40% from business travellers. Peak season for leisure travellers is July-August, while the business traveller season is year-round. In wintertime, Oulu has big potential for leisure tourism and this aspect is currently being developed.

In recent years, the average RevPAR (Revenue Per Available Room) of all Oulu accommodation establishments has been 60–70 euros, higher than in Turku, Jyväskylä and Helsinki. The RevPAR of the hotels in Oulu in 2023 was around €78.

RevPar comparison

Credits: Terwa Kiinteistökehitys Oy

In recent years, the occupancy rate of hotels in Oulu has been higher than in Helsinki, Jyväskylä, Tampere and Turku. The occupancy rate in 2023 in all accommodation was 66%.

3.2 Demand and Supply

Oulu is a great place for tourism business. Seasonal fluctuations are moderate and demand is high throughout the year. Hotel occupancy rates and prices have been at the level of the best cities in Finland for the past five years.

The city's business growth and international activities provide a solid foundation for continued growth in business travel. Leisure tourists' growing interest in tourist destinations in the North brings growth to Oulu, for example from Asia and Central Europe. Tourism in Oulu is

also strongly based on the demand of domestic tourists. Oulu is also a city of thousands of different events.

Oulu and its neighbouring destination marketing organisations market the Oulu region through Visit Oulu cooperation. Oulu region with its surrounding tourism resorts has in total over 1 million overnights yearly.

Guest

60% 40% Leisure Business

Foreign overnights by country

Germany

Sweden

Norway

Estonia

Latvia

United States

Netherlands

Swizerland

France

3.3 Future Hotel Developments

The main hotel development areas in Oulu are in the city centre and the Market Square area, the station area and the Nallikari Tourist Centre about 3 km from the city centre.

Arena Hotel

A new hotel is also envisioned in connection with the Arena for Events and Experiences. The approximately 10,000 m 2 meeting, event and congress hotel will serve Northern Finland's business life, events and tourism. Opportunity for operators, investors and developers to get involved in the most significant investment to be made in Arctic Europe to leisure, tourism and entertainment fields.

Terwa Tower – Seaside Hotel

Terwa Management Oy has received a design reservation for a building site owned by the City of Oulu, located at a superior building site in the vicinity of Oulu Theatre and the City Library next to the seaside. The building is called Terwa Tower and is designed to host a 250 rooms hotel, offices, a restaurant and conference rooms, co-working facilities, plus a spa section with a seawater pool. A meeting place is planned for the top floor with stunning views across the city and the sea. Parking is planned under the building and the market square.

Market Square Hotel

Oulu Market Square Hotel and a covered winter market have been designed next to the 110-year-old Market Hall. The hotel is planned to have four floors and 130-150 hotel rooms. The covered winter market space will serve yearround market activities and provide a sheltered space for a variety of events during the winter.

Lapland Hotel Oulu

An extension of almost 100 rooms will be built next to the existing hotel. The hotel's capacity will increase to approximately 250 rooms. At the same time, a thorough renovation will be carried out, which will also increase the number of restaurant premises and conference rooms. The entire project is scheduled to be ready in 2025.

Nallikari Seaside Resort

Nallikari resort has superb possibilities for developing and diversifying tourism, training and education, sports, leisure and recreational facilities. The resort’s attractiveness and competitiveness in tourism will also be improved by supplementing available services with new functions, and by ensuring effortless accessibility with different modes of transport.

Credits: Lapland Hotels Oulu

NALLIKARI SEA SIDE RESORT INVESTMENT OPPORTUNITY

Nallikari has a beautiful seaside location, 3 kilometres from the city centre, with a beach, a wide range of outdoor, restaurant and recreational services, and a variety of events around the year, e.g. Nallikari Winter Village. The Nallikari area is 95 hectares with a total building area of 75,000 m2. Investment opportunity is approx. 100 million euros including hotel, themed amusement park, holiday villas, theatre, restaurants and other services.

Area is under construction. The first in 2023 completed children's amusement park, new holiday apartments and renewed beach boulevard with new shops and services.

Spa Hotel Eden in Nallikari

About 3 km from the center of Oulu is the Nallikari resort, where the

property of the spa hotel is available for a new tenant. The property is under renovation and it offers an excellent opportunity to develop a suitable concept for the new operator's own business. The new site plan also offers approximately 10,000 floor square meters for the construction of new additional premises in connection with the hotel. The property is owned and further information is provided by Capman Ltd.

Pikisaari Old Town

An idyllic wooden district, old industrial milieu and unique artists’ community awaits travellers who cross the pedestrian bridge from the Market Square to Pikisaari Island. Pikisaari (in English: Pitch Island) got its name from an old pitch

works founded in the 17 th century. Besides that, the island has housed shipyards, a sawmill, a distillery, a wool mill, and a machine workshop.

Nowadays the island is the home and studio for many artists and artisans. Unique accommodation businesses have also found home at the heart of the island, and there are charming restaurants, too. Pikisaari is developing as a center for companies in the creative fields, art and culture. The plans include new unique boutique hotels and restaurant services.

Credits: Linja Architects

HOLIDAY APARTMENTS

NALLIKARI CAMPING

NALLISPORT – INDOOR

Contact information

We are happy to help you discover the Oulu area commercial opportunities and provide you with the right contacts and market information.

Jyrki Kemppainen

Key Accounts, Service, Tourism and Logistics

+358 44 499 3296

jyrki.kemppainen@businessoulu.com

Janne Ylitalo Service manager, Investments

+358 400 999 523

janne.ylitalo@businessoulu.com

Seija Haapalainen

Senior Consultant, Relocation Services

+358 50 361 4791

seija.haapalainen@businessoulu.com

P.O. Box 22, FI-90015 City of Oulu, FINLAND Hallituskatu 36 A, 90100 Oulu, FINLAND info@businessoulu.com oulu.com

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