colliers magazine 78 | 2010
office solutions right now class A office projects Serdika Offices: “be ready with your quality project when the market shows demand” “investors clearly see the market resetting and about to enter the next upward cycle” lifestyle: a walk down Graf Ignatiev Str.
Tenant Leasing Guide
The indispensable handbook for commercial office space
This is an abstract of Colliers Tenant Leasing Guide. If you find it missing, someone has already taken hold of it. If you want to receive your copy of the full version, please contact us at 02Â 976 9Â 976.
editor's note colliers magazine
In this issue: 4
news from Bulgaria
6
many office solutions right now
8
class A office projects
10 Serdika Offices: “be ready with your quality project when the market shows demand” 12 office offers 16 logistics and industrial projects 20 “investors clearly see the market resetting and about to enter the next upward cycle”
Dear reader, Welcome to the summer issue of Colliers Magazine which is dedicated to the office real estate market. First impressions last. That is valid whether you go for the first job interview, an important date, or welcome potential clients or partners to your office. Which impression does your current, corporate location leave? The summer months may be a good time to contemplate if your office space fits the current and future needs of your company, and if it leaves the right first impression. We are pleased to share our tenant leasing handbook summary – an easy step-by-step guide to the leasing process. To stay updated on the latest development and trends in the office market, go to page 6 for the interview with Anton Slavtchev, Manager, Offices & Business Parks. Learn more about the landmark office projects in Sofia (page 8) or check other office options (pages 12-15). On page 20 we uncover the global investment market - are markets about to enter the next upward cycle? Summer means time for long walks and maybe gets new impressions. Graf Ignatiev Street in Sofia may feel familiar, but through the prism of some unknown facts and elements it offers a new perspective (lifestyle section, pages 24-25)
22 retail projects 24 lifestyle: a walk down Graf Ignatiev Str.
…and if you are still wondering if there is a better office solution, do not hesitate to contact us; no matter the size of your business is, there is an office for you too.
26 residential projects
Colliers wishes pleasant reading and an exciting summer season!
Graphic design by Colliers International Colliers international is a worldwide afiliation of independently owned and operated companies. This magazine has been prepared by Colliers international for advertising and general information only. Colliers international makes no guarantees, representations or warranties of any kind, express or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. any interested party should undertake their own inquiries as to the accuracy of the information. Colliers international excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from.
Business Park Sofia Building 7B, 2nd floor 1766 Sofia Tel: + (359) 2 976 9 976 bulgaria@colliers.com www.colliers.com/bulgaria printed on recycled paper
find out more on www.offices.colliers.bg
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news from Bulgaria The Mall announces a successful one month of operation
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ithin just a month and a half of its opening, THE MALL has already welcomed a million and a half visitors. “I am proud to see THE MALL is gaining ground as the new urban destination, just as it was meant to be. It has been a milestone for the project to stand up for itself in the retail market right from the start. The hard work, however, is yet to come, with the stakes in the quest being customers’ long-term loyalty, and not just
fleeting fascination any more. And this is where THE MALL is to offer more lasting experience and difference to clients. ”, comments Frank Whiting, Shopping Center Manager at THE MALL. The biggest shopping center in Bulgaria sets out to challenge local concepts of both scale and positioning. A strategic location on one of the main traffic arteries of Sofia, a diverse and unique entertainment zone, a rich selection of world-famous brands and
great shopping opportunities blend within the core strategy of the property management consultant, Colliers International. Within only a month, this approach has helped position the shopping center as the preferred urban destination of an average of 45,000 people per day. A successful completion of the ISO 14001:2004 certification of the project is also among the highlights in its track record so far.
Amongst the anchors of THE MALL is Europe’s leading retailer Carrefour (the first in Sofia), as well as several retail brands that are new to the Bulgarian market. The new shopping center offers a great variety of leading international and Bulgarian retail brands and numerous entertainment facilities, including a 10-screen cinema complex, restaurants, bowling, fitness, children’s area, sports and gaming arcade. Colliers International is the exclusive leasing agent and property management company of the project.
Colliers secures three new tenants for the European Trade Center European Trade Center has welcomed three new tenants - Alcatel Lucent, Samsung and Special Events Group, all of which will occupy building B in ETC. Alcatel-Lucent, a global leader in fixed, mobile and converged broadband networking, IP technologies, applications and services, will occupy 1,200 sqm in ETC. Samsung, a global market leader in high-tech electronics manufacturing and digital media, will occupy 500 sqm, and Special Events Group (the new name of Kongresstechnik-Bulgaria) - a Bulgarian-Austrian conference service provider offering the full range of technical facilities for world-class conference events – will spread their office on 300 sqm.
news colliers magazine
Colliers International is an exclusive leasing and property management company of the project.
Grand Mall opens doors
T
he biggest mall in Varna and the region (GLA 52,000 sqm) officially opened doors in the end of May. Visitors witnessed the debut of many international and domestic brands in the city, such as Carrefour, the retail giant Inditex with its brands Zara, Bershka, Pull & Bear and Stradivarius and Arena cinema. “It is our intention to position Grand Mall very firmly as the number one leisure, shopping and entertainment destination in Varna. The design, atmosphere and superb tenant line up will ensure that we are able to capture not only the Varna population but also to draw in customers from the entire region. With a combination of great service, great marketing, great atmosphere and most importantly great tenants
we will ensure that Grand Mall will very quickly become a landmark development in Varna”, said Steven Cleaver, Mall Manager of Grand Mall. “Colliers team is excited to witness the opening of such a milestone project for
Varna. We are very pleased to have secured strong anchors for Grand Mall – a result of the focused and dedicated effort of the whole retail team. This is also an indication of the confidence in the project and I am sure that Grand Mall will position itself as a preferred shopping destination for the whole region”, shared Iglika Yordanova, Manager, Retail Services, Colliers International.
Colliers secures new tenants for Universal Logistics and ZMM One of the biggest Bulgarian auto parts distributors – Euro 07, leased 1000 sqm warehouse in Universal Logistics. The industrial project is located close to Bulgaria’s capital, with an excellent accessibility to the airport and the 3 Trans-European corridors.
Solaris 999, FMCG distributor, will be the new tenant of ZMM (1000 sqm), another industrial project in the Northwestern part of Sofia. Colliers has been representative of the landlord for both projects.
Colliers International: “More transactions on the office market are expected in the second half of 2010” According to Colliers International’s experts, the office rental levels in Bulgaria are starting to stabilize. Colliers’ Top-15 research, conducted by the end of March 2010, includes the 15 largest existing, multi-tenant office projects in Sofia. The projects have a combined size of almost 300,000 sqm, representing more than a third of the total speculative stock, and serving as an indicator of the developments in the market during the first quarter of 2010.
“After a period of relatively low activity, we are already seeing signs of recovery in the office market. We expect the market to start picking up in the second half of the year with more transactions at attractive rental levels and conditions taking place”, said Anton Slavtchev, Manager, Offices and Business Parks at Colliers International. If you wish to learn more about the perspectives to the office market development, please go to page 6.
ING bank will situate one of its head office divisions in Kambanite Business Center – a class A office building featuring modern business systems and office space flexibility.
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many efficient solutions right now More transactions on the office market are expected in the second half of 2010
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ere is what Anton Slavtchev, Manager - Offices and Business Parks, shares with Colliers Magazine’s readers regarding the development on the office market in Sofia.
Mr. Slavtchev, are you witnessing a change in the office market environment? A.S. After a period of relatively low activity, we are already seeing signs of recovery in the office market. Although companies tend to be more selective in choosing the best office solution, there are actually transactions that are indicative that this market has started to pick up. The majority of the current activity on the market is driven by relocations. Companies choose to optimize their office space, take advantage of the better market conditions or opt for a quality office in a better location or lease conditions, thus being able to reduce their operational costs. Which type of companies has been the main driver of the office market lately? A.S. Many transactions during the last few months were related to companies, operating on the IT and Business Process Outsourcing (BPO) sectors. These companies will remain the most active ones and are also expected to drive demand going forward. The effect of further consolidation and global mergers and acquisitions will be a major driver of demand on the Sofia office market in the coming months as well. What is it that these companies are mostly looking for – location, quality and functionality, office space flexibil-
Anton Slavtchev, Manager - Offices and Business Parks at Colliers International Bulgaria
ity, lease conditions…? A.S. Recent research conducted among 900 major employers shows that the key priorities are location, parking and easy access. Our experience further shows that most companies select the location as a main driver when looking for new office premises. The market’s current conditions are favorable enough to provide prospective tenants with the best possible solution: good location, building class and quality, attractive rents. Is Bulgaria an attractive outsourcing destination? How can we ensure that more companies enter the Bulgarian market? A.S. According to the recent research
conducted by Colliers International and A.T. Kearney, Bulgaria is the leading cost-quality location for BPOs in Europe. It consistently ranks in the top 15 worldwide as the best location for servicing BPO functions based on the following components: financial attractiveness, business environment, people skills and availability. At Colliers we strongly believe that the BPO industry will create numerous opportunities for our country and the business – of course, with the dedicated support of the government and the involvement of the business community in order to further contribute to promoting Bulgaria as a global BPO destination. What are your expectations regarding
interview colliers magazine
Global services location index 2009 3,13
2,48
2,59
2,33
2,76
1,97
1,30
3,23
0,99
1,20
3,19
1,37
1,17
2,41
1,24
1,20
2,99
1,89 0,91
3,21
1,59
1,02
2,48
1,24
1,50
2,18
1,45
1,83
2,83
1,37
0,89
1,62
2,71
2,15
3,26 3,13 2,86 2,06
0,70
1,36
0,95
1,17
0,91
1,45
0,93
2,20
3,12
1,08
2,63
0,93
0,91
1,58
2,31
0,81
1,99
2,28
0,86
1,96
1,74
1,14
2,39 1,95 1,82 2,05
2,07 1,45
1,08
1,01
1,92
1,22
1,73
0,94
2,63
Financial Attractiveness
1,41
1,47
3,07
What is the key message you would like to send to prospective tenants? A.S. My main advice to companies is that they can optimize their office solutions at very favorable conditions right now. There are numerous opportunities in the market, which offers flexible and efficient solutions meeting every company’s specific needs. â–
1,37
1,24
3,05
0,47
1,30
Source: A.T. Kearney
the short-term development in the office market? A.S. The number of pre-leases signed for the "Top-15" (the 15 largest office buildings in Sofia) during this period of time indicates that the market is taking advantage of the attractive conditions offered at the moment, and higher absorption is foreseen in the coming quarter. We expect the market to start picking up in the second half of the year with more transactions at attractive rental levels and conditions taking place. Though landlords have become more flexible, they would offer rental reductions as a last resort, and prefer to entice tenants with step-rents, rent-free periods, free moving and other incentives. Our expectation is an increased fragmentation on the market, where established office locations will continue to be successful, while some newly build office buildings will struggle to find tenants in a rather soft, demand-driven market. Even very competitive rental offers will probably not be sufficient to draw in occupiers. So in essence, we will see a market in two paces; one segment with slight increasing rents and relatively stable occupancy, and another with tumbling rental rates and low tenancy.
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1,75 0,97
0,99
People Skills and Avaliability
Business Environment
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colliers magazine
class A office projects
Project name
Location
Size
Tsarigradsko Shousse Blvd. — one of the busiest traffic arteries in Sofia
TBA 72,000 sqm GLA 50,000 sqm Floor plate 1,300 to 1,700 sqm (buildings B, C, D)
Sofia’s Broad Center, Sitnyakovo Blvd.
TBA 35,000 sqm GLA 28,000 sqm Floor plate up to 4,000 sqm
www.businesspark–sofia.com
At the foot of the Vitosha Mountain, about 20 minutes away from the Central Business District in Sofia
TBA 300,000 sqm
Bulgaria House
Sofia, close to the crossroad with Todor Kableshkov Blvd.
TBA 12,400 sqm GLA 10,500 sqm Floor plate 212 — 2,200 sqm
Platinum Business Center
Sofia’s Central Business District
TBA 8,760 sqm GLA 7,000 sqm
Landmark Centre Varna
Varna, Central Business District, in close proximity to the City Hall and the Sea Garden
TBA 10,500 sqm GLA 6,300 sqm Floor plate 1,200 sqm
European Trade Center www.etc–bg.net
Serdika Offices www.serdika–offices.com
Business Park Sofia
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Amenities • • • • •
variety of shopping and leisure facilities banks mobile operators office supply store restaurants, cafés and food court
Parking more than 800 parking spaces within easy reach on three levels under the office buildings
Key Benefits • a landmark office project with excellent location and accessibility • the highest office building in Sofia, offering unmatched visibility • easy access to the Central Business District and Sofia International Airport • good access by public transportation • each building has direct access to the underground garage and storage facilities • contemporary building management systems and property management • key tenants: Vivacom, Alcatel-Lucent, Samsung, Special Events Group, Call Point New Europe, Inditex
• hypermarket, shopping, wellness • •
and entertainment facilities bank offices food court and restaurants in the shopping area and the office part
• bank branches • restaurants, cafés, 15 screens multiplex • pharmacy • copy center and office supply • car service and rental • supermarket • electronic and home
underground and open air parking 500 parking lots dedicated to the office tower
• provides efficiency, flexibility and convenience for corporate tenants • attractive work environment, with abundant opportunities to relax and find inspiration
4,000 parking spaces
and direct access to the Ring Road
supply hypermarket
• •
walking distance gym within walking distance number of restaurants and bank branches within the area
• conference facilities • on–site short term apartment • fitness center • café
• many restaurants, cafés and office •
• good infrastructure • conveniently reachable from all major boulevards • within a 10 minute drive from the international airport • high level of security
• Holiday Inn Hotel
• Bar & Dinner (in the building) • Billa hypermarket within
• a benchmark office center adjacent to the shopping mall • created by a highly–experienced international team of companies • class A office space with contemporary technical specifications • great visibility and quick access to downtown Sofia • high optimization of working space, flexibility in partitioning
• located in one of the most dynamic commercial and underground parking with 65 parking spaces
available (underground and open–space)
two–level underground supply stores within walking distance parking with 72 bank branches and the entire downtown parking spaces shopping area in close proximity
residential areas in Sofia on Bulgaria Blvd.
• excellent visibility • easy access by foot as well as public and private transportation • convenient underground parking • flexible partitioning
• exceptional design and high quality materials • high level security, state–of–the–art systems and communications • access to a number of amenities • property management • governmental and financial institutions within walking distance • blue chip tenant mix
• landmark building with classic architectural design and distinctive exterior • less than 10 minutes away from the international airport • flexible floor areas and efficient accommodation options • convenient parking • property management services
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"Be ready with your quality project when the market shows demand"
M
r. Wachernig, Sparkassen Immobilien AG has invested in Austria, Germany and six countries in CEE. How does the Sofia office market distinguish itself from the rest of the cities? F.W. We see a high demand in first class office space in Sofia over the coming years. Although many companies have stopped their expansions or relocations due to the economic situation this year, we are confident that Serdika Offices will be one of the first projects to benefit from the recovery after the crisis. And that’s what a good investment is about: you have to be ready with your quality project when the market shows demand.
The past year has shown quite soft demand for office space, with increasing vacancy. From an investor’s perspective, what is the outlook for the office market in 2010? F.W. While investors had focused on the relatively stable markets of Central Europe during the last two years, confidence in Southern and Eastern Europe fell. Investors reacted with uncertainty about the region’s economic and property prospects. Starting with the first quarter 2010, we have seen
Friedrich Wachernig, Member of the Board of Directors of Sparkassen Immobilien AG
a significant stabilization of office rental levels in Sofia and are very confident with our Serdika Offices as we are on the shortlist of every large relocation that is being planned in Bulgaria’s capital within the next months or quarters. Serdika Offices will be the first genuine
office project in the area. What were the drivers in choosing this location? F.W. Our project is close to the city centre, one can reach the airport within 15 minutes and it has very good access via public transportation and car. It is the perfect location for the headquarters of small and medium sized companies. Secondly, I would like to highlight the infrastructure of Serdika Offices. With the Serdika Center below our tenants will have direct access to more than 210 shops of international and local brands, a large food court, bank branches and over 1,600 parking spaces. As one of the few up-and-coming office projects in Sofia, we take part in a green building certification process which will demonstrate the sustainable and efficient aspects of Serdika Offices. What are the next milestones in the project? F.W. The display offices will be ready in the third quarter of 2010. The other offices will be designed on request of the respective tenants. By the end of the year, the rest of the building will be completed. ■
landmark office project colliers magazine
"Serdika Offices offers everything a contemporary company needs"
M
r. Petrov, if you are to describe the main competitive advantages of Serdika Offices in a few words, what would they be? M.P. Serdika Offices has three key advantages; The location. Situated on Sitnyakovo Boulevard, less than 2 km from the city centre, the project has excellent access by road and public transportation with the tram and trolley line few minutes from the entrance. The specifications. Raised floors, suspended ceilings, a 4-pipe fan coil system for heating and cooling are just some of the standards throughout Serdika Offices, where building management systems and sophisticated access control ensures a safe and efficient work place. The amenities. The proximity to Serdika Center shopping mall enables access to multiple amenities such as restaurants, food court, bank branches, mobile, computer and stationary shops etc. Medical facilities are also available in the neighborhood, with a post office within 5 minutes walk.
What companies would be interested in moving their office to Serdika Offices? M.P. Serdika Offices has offices ranging from 200 sqm up to 4,000 sqm on a single
Milen Petrov Managing Director of Immorent Bulgaria
floor. This makes it an excellent solution for small and medium-sized companies. Which additional benefits will the office building offer to its tenants? M.P. Besides what I have mentioned before, I would like to emphasize the ample parking. The Serdika Complex features a total of 1,600 car parking spaces distributed on three floors. With surface parking on the central reception level, it is very convenient
for visitors and employees alike to arrive by car to Serdika Offices. What are the energy efficiency features of Serdika Offices? M.P. Serdika Offices is designed with green and energy efficiency aspects. The occupancy comfort and higher productivity are secured by the natural daylight, green roof, natural ventilation under the condition of operable windows, as well as smart property management. The rectangular shape of the building with atrium and narrow building depth allows two benefits: optimization of the daylight and potential for natural ventilation in interior spaces. The green roof makes this building more environmentally friendly in terms of stormwater retention and solar reflectance. Due to the bigger size of the green roof area, the building provides opportunity for enhanced stormwater management and water quality, as well as absorbing pollutants and CO2. Serdika Offices is currently the only office building in Bulgaria with double layer facades. The windows and the shadings have double pane glazing on the inside and laminated safety glass on the outside. This type of windows provides better energy efficiency performance. They are operable and provide opportunity for cross ventilation and thus increasing naturally the amount of fresh air in the building. The auto shading devises can greatly improve occupant comfort by shading from heat and glare. â–
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colliers magazine
office offers
BenchMark Business Center
sofia main boulevards
Location Layout Floor Plate Size Rent Availability
Tsarigradsko Shousse Blvd. Open space 260 — 3,600 sqm 10 Euro/sqm Tenant Ready
Brussels Center Location Layout Floor Plate Size Rent Availability
Brussels Blvd. Open space 1,300 sqm 10 Euro/sqm Q4 2010
BenchMark Business Center is a landmark building with distinctive design and visibility. The project is providing class A office space in close proximity to the Sofia International Airport and is 15 min away from CBD. The building offers two–level underground and open–air parking with a total of 400 parking spaces. There is accommodation and fine dining near by, two on–site restaurants and conference facility next to the project. Office premises available vary in size between 260 and 3,600 sqm. High class of building systems and quality finishes are provided. DB
Brussels Center is situated in the vicinity of Sofia Airport, on Brussels Blvd. The future complex includes two office buildings and a business hotel. Brussels Center is a contemporary multifunctional complex, which combines good location, great visibility, fast connectivity to the city centre and sufficient amenities on spot, including conference centre, hotel, restaurants and showrooms. Brussels Center will be open for tenants and visitors in December 2010. VG
Office building
Complex Terminal
Location Layout Floor Plate Size Rent Availability
Location Layout Floor Plate Size Rent Availability
Sitnyakovo Blvd. Partitioned 700 sqm 8 Euro/sqm Tenant Ready
Vladimir Vazov Blvd. Open space 400 — 650 sqm 6 Euro/sqm Tenant Ready
This office building is located on Sinyakovo Blvd. only 5–10 minutes away from the center of Sofia by private and public transportation. The project offers office areas approximately from 30 sqm up to 400 sqm. Open–air parking lots are available. VG
The multifunctional complex Terminal is located 3 km away from the Sofia downtown area. It has good transport communication to the Ring Road and the main traffic arteries to Varna and Burgas. The project comprises show rooms, hotel and on — site restaurant, underground and open air parking. The office part provides a high quality finishing works including suspended ceilings and a central HVAC system. GU
Iztok Tower
AVI Business Center
Location Layout Floor Plate Size Rent Availability
G.M. Dimitrov Blvd. Open space 1,100 sqm 10 Euro/sqm Tenant Ready
Iztok Tower is a Class A office building conveniently located on G.M.Dimitrov Blvd. The development features contemporary high–standard finishes and building systems and allows functional workspace distribution. Parking spaces are available for tenants in the building and accross the street. The easy access to one of the main traffic arteries in Sofia–Tsarigradsko Shousse Blvd., and the good accessibility by public transportation are important factors when considering Iztok Tower as a possible location for your office. DB
Location Layout Floor Plate Size Rent Availability
Tsarigradsko Shousse Blvd. Open space 500 sqm 11 Euro/sqm Tenant Ready
AVI Business Center is an office building located on Tsarigradsko Shousse Blvd. The project features high visibility and is in close proximity to the city center, the Airport and Business Park Sofia. AVI Business Center has modern building systems, open–space floor plan and competitive rent levels. Underground parking lots are availabe. VG
check more opportunities on www.offices.colliers.bg
High Tech East Location Layout Floor Plate Size Rent Sales Price Availability
Tsarigradsko Shousse Blvd. Open space 9,180 sqm 8 Euro/sqm 1,000 Euro/sqm Tenant Ready
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Matrix Tower Location Layout Floor Plate Size Rent Availability
Ring Road Open space 600 sqm 10 Euro/sqm Tenant Ready
Matrix Tower is an office building located at the entrance of Residential Park Sofia opposite Business Park Sofia and in close proximity to the planned metro station. It features 4,000 sqm office and retail space with high quality of finishes and building systems and is characterized by relatively good ratio of underground and open parking spaces. Amongst the key benefits of the building are the option for short–term lease and the excellent value for money proposition. VG
Office Center Mandarin Location Layout Floor Plate Size Rent Availability
Nikola Vaptzarov Blvd. Open space 633 sqm — 917 sqm 10.5 Euro/sqm Tenant Ready
Kambanite Business Center Location Layout Floor Plate Size Rent Availability
Brussels Blvd. Open space 1,300 sqm 10 Euro/sqm Q4 2010
Kambanite Business Center is one of the upcoming office locations near Business Park Sofia, across the Ring Road. It is a Class A office development with maximum available floor plan of 1,100 sqm. The building is 50% occupied and tenant–ready. The tenants of this office building will have the opportunity to use all the amenities on the ground–retail floor. The building features modern building systems, flexibility of the space and sufficient number of parking lots. The main strength of Kambanite Business Center is the great visibility and easy access by car and public transport. VG
Sofia Business Centre Office Center Mandarin is a modern and functional commercial Class A building, designed to provide contemporary solutions for efficient office space usage, quality of construction and technical facilities. The development features a high level of security, Category 7 cabling and high standards of finishing works. In close proximity to the Central Business District and the Airport, the development is now fully operational. GU
Florida Office Building Location Layout Floor Plate Size Rent Availability
Geshov Blvd. Partitioned 310 sqm 8 Euro/sqm Tenant Ready
Location Layout Floor Plate Size Rent Availability
Business Park Sofia Area Open space 3,900 sqm 8 Euro/sqm Tenant Ready
Sofia Business Centre is located on the Ring Road, just across from Business Park Sofia. The building features contemporary state–of–the–art systems, which would meet highest standards for office space. SBC is easily accessible and offers a sufficient number of parking lots. Among the main advantages of this class A office development are the big, open space floor plates of approximately 3,900 sqm, appropriate for the corporate needs of large tenants as well as the high visibility. DB
Alfa Business Center Location Layout Floor Plate Size Rent Availability Florida Office Building is located in proximity to the city center on the corner of Felitz Kanitz Str. and Geshov Blvd. It features easy access by public transport and good visibility. The building has suspended ceilings, 2-pipe HVAC system, 24hour physical security and video surveillance. The offered office premises vary in size between 70 and 1,200 sqm. Parking lots are available. DB
Ring Road Open space 1,240 sqm 6 Euro/sqm (1 Euro/sqm for first year) Tenant Ready
Alfa Business Center is located on the Ring Road in close proximity to Business Park Sofia. The project’s total built–up area is 15,812 sqm. The Class A office premises offer with great flexibility thanks to the building’s large footprint, the open space layout and the high level of finishing works. Alfa Business Center features amenities such as cafeteria and a restaurant. The project, behind which stands a very experienced developer, has a very communicative location. DB
Business Park Sofia Area
The project High Tech East is located on Tsarigradsko Shousse in the area of the 7th kilometer. It carries the characteristics of a Research and Development building, featuring large open — space floor plates, exceptional weight loads and heavy duty elevator. With attractive rent and sales price levels and good communication and visibility, High Tech East represents a suitable office solutions for clients with corporate needs. GU
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colliers magazine office offers
Office building
7M building Location Layout Floor Plate Size Rent Availability
Center Partitioned 292 sqm 10 Euro/sqm Tenant Ready
Location Layout Floor Plate Size Rent Availability
National Palace of Culture area Open space 350 sqm 12 Euro/sqm Tenant Ready
Located in the center of Sofia, next to the National Palace of Culture, this administrative building provides very good visibility and accessibility for corporate headquarters. It features excellent finishing works with high — quality materials. Small storage facilities are available on the underground floor. VG
Office building 7M building is an office building with prime downtown location. The property has a frontage to Fritiof Nansen Blvd. and faces the National Palace of Culture. It features excellent visibility and accessibility, modern architecture and design. The building has all the necessary telecommunications infrastructure with computer cabling and network, telephone lines, as well as central air conditioning and controlled access to the floors. VG
Crystal Business Center
broad center / CBD
Location Layout Floor Plate Size Rent Availability
Todor Alexandrov Blvd. Open space 500 — 700 sqm 8.5 Euro/sqm Tenant Ready
Location Layout Floor Plate Size Rent Availability
The project features a new office building with central location and very good visibility on Totleben Blvd., as well as accessibility to major traffic arteries in Sofia. It offers flexible office layouts at competitive rent levels, providing good value for money. VG
Administrative building on Giueshevo str. Location Layout Floor Plate Size Rent Availability
Crystal Business Center is a Class A building located in downtown Sofia on Todor Alexandrov Blvd. and Osogovo Str. The project features modern design with up to 8,000 sqm of open layout office space, contemporary building systems, including BMS and state–of–the–art finishes. For a building located in central Sofia, Crystal Business Center offers the luxury of 86 underground parking lots and more space across the street. DB
Sofia Tower Location Layout Floor Plate Size Rent Availability
Stamboliiski Blvd./Opalchenska Str. Open space 490 sqm 14.5 Euro/sqm Tenant Ready
Totleben Blvd. Open space 173 — 286 sqm 8 Euro/sqm Tenant Ready
14 Giueshevo Str. Open space 700 sqm 9 Euro/sqm Q4 2010
This administrative office building is located in a quiet area with central location, in close proximity to Mall of Sofia. The building features high quality finishing works and building systems, open–space floor plan at attractive rent levels. 32 underground and 40 open air parking lots are available for the tenants. KH/GU
business center Doverie
Location Layout Floor Plate Size Availability
Tintyava Str. Open space 1000 sqm Tenant Ready
Business Center Doverie is located on Tintyava Str. in close proximity to Tsarigradsko Shousse Blvd., which is one of the main traffic arteries connecting the suburban areas with the center of Sofia. The office building features excellent visibility, modern architecture and easy access on foot, by public transport or by car. The flexible layout and modern building systems are its main advantages.
Office building
Sofia Tower offers five floors of modern office space, operated as an independent part of the first shopping and entertainment center in the country — Mall of Sofia. The concept and design of this landmark building unites more than 70,000 sqm of shopping, entertainment and office space. This combination provides office tenants with all the benefits of multiple business services, conference facilities, cozy cafés, restaurants and fitness center in close proximity to their corporate offices. GU
Location Layout Floor Plate Size Rent Availability
5 Verila Str. Open space 220 — 260 sqm 11 Euro/sqm Tenant Ready
Located in the CBD, near the National Palace of Culture, this administrative building offers easy access and convenience. It has reception on ground level and 3 office floors with floor plates between 220–260 sqm. The building features high–quality finishing works as well as video surveillance for the common and access control to the office areas. VG
check more opportunities on www.offices.colliers.bg
Business Center Tzum
Este Home and Spa
Location Layout Floor Plate Size Rent Availability
Location Layout Floor Plate Size Rent Availability
Nikolay Haytov str. Open Space/Partitioned 413 sqm — 1,276 sqm 12 Euro/sqm September 2010
broad center / CBD
Center Open space 3,000 sqm 17 Euro/sqm Tenant Ready
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Business Center Tzum offers exclusive location, high quality of finishing works and exceptional tenant mix. Located in CBD, neighbouring the Council of Ministers and the Presidency, Tzum represents a desirable office solution. Along with the AC and ventilation systems and high category cabling, the building features 24/7 physical security and video surveillance as well. GU
The office part of Este Home and Spa is located in Iztok district. The building offers both open space and partitioned layout. One of the main advantages of the building are the 213 underground parking lots available. The building has raised floors, suspended ceilings, computer cabling, telephone lines, AC and ventilation systems. Video surveillance and 24/7 physical security for the common parts are provided, along with access control to the office premises. GU
Varna Towers
Business Park Varna
Location Layout Floor Plate Size Rent Availability
Location Layout Floor Plate Size Rent Availability
Varna Towers is a shopping, entertainment and administrative center located on one of the main crossroads in Varna where Vladislav Varnenchik Blvd. and Republika Blvd. meet. The location has good access by private and public transport and it is within 10 min. drive both from the center of Varna and Varna International Airport. The project is the highest business center in Varna, offering unmatched visibility. It features two office towers of 12 floors each, class A office space with high quality finishes, flexible floor areas and efficient accommodation options; direct access from the underground parking with 550 parking lots, additional ground parking with 250 parking lots; access to a wide variety of shopping and leisure facilities, restaurants, cafés and a food court.
Suburban, Varna Open space approx. 2,000 sqm office space — 12 Euro/sqm; retail space — 15 Euro/sqm Tenant Ready
Business Park Varna is a complex of 9 class–A office and multifunctional buildings. The unique location of Business Park Varna provides easy accessibility, convenience and flexibility to corporate tenants. Businesses can benefit from open– space offices, warehouses and retail space, as well as from an infinite number of services. Business Park Varna offers high–class communication network, 4–pipe HVAC system with individual temperature control, independent electrical supply system and property management services. Building 8 is the third building that is already open and offers office and retail space for rent.
Agrocenter Dobrich Location Layout Floor Plate Size Rent Availability
Suburban, Varna Open space 560 — 700 sqm 12 Euro/sqm Q2 2010
Agrocenter Dobrich will be the first specialized agribusiness mall in Bulgaria. It is situated 5 km from the very center of Dobrich and 35 km away from Varna. The Agrocenter will be developed on the main road to Dobrich, at the very entrance of the city. This road is a main thoroughfare, connecting the town to the other cities in North–East Bulgaria. Agrocenter Dobrich is designed as a unique retail complex, a venue for local and foreign agricultural companies. It will offer retail units, offices and warehouses under one roof. The total leasable area, allocated on two floors, will exceed 10,000 sqm. The shops size varies from 50 to 400 sqm, as showrooms with outdoor exhibition area will be available on the ground floor. The retail section will also accommodate a restaurant, a café and a gym. The business function of the complex, complemented by a conference room with 250 seats, will turn it into a perfect place where exhibitions can be held. The agribusiness mall will be serviced by 240 parking lots.
Varna area
Suburban, Varna Open space 560 — 700 sqm 12 Euro/sqm Q2 2010
16
colliers magazine
logistics & industrial projects
Project name
Location
Size
Types
Logistics Park Varna
Varna, Vladislav Varnenchik Blvd., 10 minutes drive from Varna’s seaport, international airport, central train station and city center
132,000 sqm land plot 120,000 sqm TBA allocated in 10 buildings
warehouse/office space/ showrooms for rent
Universal Logistics
Sofia entrance from Trakia highway, in close proximity to the crossroads of Tsarigradsko Shousse Bldv. and the Ring Road
69,000 sqm land plot 37,000 sqm TBA
warehouse/office space for rent/for sale
Stad Logistics Center
Sofia Ring–Road at the Kazichene region, between the Hemus and Trakia Highway
5,740 sqm TBA
warehouse/office space/ showrooms for rent
Transkapital
Sofia city, located on Botevgradsko shosse
normal warehouses 40,000 sqm 3000 pallet places with temperature control 12,000 sqm offices
ambient warehouse and warehouse with temperature control for rent/ rental of pallet places with logistics services/ offices
Trade Center Europe building 15
Sofia, near the Sofia Airport area, on Iskarsko shosse
6,000 sqm — warehouse on 3 levels 4,000 sqm — offices
warehouses and offices for rent
ZMM — Sofia
The Northwestern part of Sofia, near Voenna Rampa
12,000 sqm TBA located on 2 floors of 6,000 sqm each — divisible space
warehouse/office space for rent
www.logisticspark–varna.com
17
Technical Specifications
Additional spaces
Infrastructure
services provided
• 10 meters clear height of the warehouse premises
• technological docking doors • loading bays • column spacing of 12 by 25 meters • truck maneuvering space • fire detection and sprinkler system
• 10 meters clear height • grinded concrete floors • thermo isolated sandwich • •
panels — 7 cm hydraulic loading bays — 1,20 m height parking space for cars and trucks
• 12 meters clear height • grinded concrete floors • 4 hydraulic loading bays • hydraulic elevators • raised, noise–isolated floors • suspended ceilings • elegant and modern
office units/ showrooms
electricity, water, sewage, gas, telephone cabling, public transport
24/7 physical security, video surveillance, maintenance of the rented and surrounding premises
office units
situated close to 3 Trans– European Corridors; excellent accessibility to air cargo traffic– Sofia Airport is 8 km away from the project
24/7 physical security, access control, maintenance of the common areas, road maintenance, etc.
office units/showrooms
automatic fire detection and extinguishing system, back– up power supply by a powerful generator, central air– conditioning and ventilation, telephone and internet access
24–hour digital security system, combined with physical security, video– surveillance system, security access control, property management
offices
electricity — double electrical supply, water, HVAC, telephone and internet access
24/7 physical security and video surveillance; reception; possibility for access control; maintenance of common areas
offices
bank office, customs office, parking areas, car wash, restaurants, fitness center, availability of city transport
facility management: 24/7 physical security and video surveillance; maintenance of common areas; possibility for access control;
office units
railway tracks in very close proximity to the warehouse building; sewage, water, and electricity
24/7 physical security, maintenance of common areas, access control
suspended glass facade
• underground parking
• Industrial freezer — temperatures from –18 to –20
• height: 9–12 m • hydraulic ramps with levellers • access for big trucks • thermoinsulation: 6 cm • heat insulation: 10 cm
• warehouses: height 5,50 m
on –1 level and on ground level
• loading position
• ample maneuvering space • 5 meters clear height • grinded concrete floor • loading position — ground level freight • •
elevator with loading capacity of 2 tons loading capacity of the second floor — 1 ton/sqm parking space for trucks and cars
continues on next page ►
colliers magazine logistics & industrial projects
Project name
Location
Logistics Park VeDeA
Axxon logistics and business center
Size
Sofia region, town of Bozhurishte, 15 km from the center of Sofia, close proximity to the Ring Road
Land plot of approximately 15,000 sqm 7,000 sqm of built–up area
Sofia, western industrial zonev
8000 sqm — warehouse building; 5600 sqm — Office building
Types
• warehouses for rent
• warehouse and offices for rent (rental of pallet places with logistics services)
• warehouses for rent– 19,000 sqm — land plot 8,000 sqm — built–up area
Maritsa Industrial Zone
Plovdiv region, between Trakia Highway and the Western arc of Plovdiv Ring Road
7,300 sqm TBA
Central Distribution Park
PJ Logistics
• •
with temperature control + normal offices and social areas rental of pallet places with logistics services
• warehouse • office space for rent
• built–to–suit solutions — Sofia region, Elin Pelin municipality, 13 km highway drive from Sofia
700,000 sqm land plot
•
spaces available for rent with specialized facility requirements zoned land plots for sale offered with a turnkey development option
• built–to–suit solutions —
built-to-suit
Industrial Park Sofia East
built-to-suit
Univeg
Sofia region, Municipality of Musachevo, near Elin Pelin, eastwards of Sofia
Western arc of Plovdiv Ring Road, only 6 km from the city center of Plovdiv
built-to-suit
18
PJ Logistics Project is situated near Rakovski Industrial Zone (17 km away from Plovdiv), only 2.5 km to Kaufland Central Distribution Facility.
100,000 sqm land plot
•
spaces available for rent with specialized facility requirements zoned land plots for sale offered with a turnkey development option
• built–to–suit solutions — 240 000 sqm land plot
•
spaces available for rent with specialized facility requirements zoned land plots for sale offered with a turnkey development option
19
Technical Specifications
• height: 5 m • Possibility for construction of small indoor office units and toilets
Additional spaces
office units
• loading position — ground level
Infrastructure
services provided
electricity, water, sewage, possibility for gas, telephone and internet access, rail access
24/7 physical security and video surveillance; possibility for access control
• warehouse — 11m height • Loading position — ground level, ramp • Insullation • Fire alarm system, sprinklers,
offices, reception, meeting rooms, restaurant;
electricity, water, sewage, gas, internet and telephone access
24/7 physical security and video surveillance; reception; possibility for access control; maintenance of common areas; restaurant and bus shuttle for the personnel of the complex;
• temperatures from –20 to +12 ; • 24 loading docks +1 ground level door
concrete loading dock area of 1900 sqm, Surrounding asphalt, car park and green areas
electricity, water, sewage, gas, internet and telephone access
24/7 physical security and video surveillance; possibility for access control
• 5 meters clear height • grinded concrete floors • hydraulic loading bays • sprinkler systems • 5 tons/sqm floor loading capacity
office units
high–power electric supply, large–volume water supplies, sewage, waste water treatment, high–volume gas lines, HVAC
24/7 physical security, access control, maintenance of the common areas, road maintenance, etc.
• loading docks with hydraulic levelers • cross–docking–ready design • large column spacing of 24 by 18 meters • ample truck maneuvering space • fire detection and sprinkler system
optional
Electricity, water, sewage, gas
24/7 physical security, maintenance of common areas, access control, etc.
Electricity, water, sewage, gas
24/7 physical security, access control, maintenance of common areas, etc.
Electricity, water, sewage, gas
24/7 physical security, access control, maintenance of common areas, etc.
gas heating;
• 5 meters clear height • hydraulic loading bays • grinded concrete floors • sprinkler systems • 5 tons/sqm loading capacity • telephone lines • high–speed internet access
optional
• Various built-to-suit options and turn-key solutions:
• Ambient warehouse • Flex buildings • Production facilities • Distribution facilities • High tech buildings
optional
20
colliers magazine investments
Investors clearly see the market resetting and about to enter the next upward cycle Georgi Kirov, Director Investment and Corporate Advisory Services at Colliers International
M
r. Kirov, according to Colliers International’s Global Investor Sentiment Survey real estate investors see market ready to rebound. Does this mean that we can anticipate that investors will eventually become more active this year? G.K. Investors clearly see the market resetting and about to enter the next upward cycle. Respondents view some of the regions, i.e. Latin America and the Pacific region as already on the upswing. The USA and Asia were viewed as at the market’s bottom, while the Middle East, Canada, Eastern and Western Europe were all still viewed as in the down part of the cycle but respondents believe that most of these areas of the world will be in various stages of the “up” phase of the market in the next 12 months. This is one of the main reasons why the majority of the respondents expressed a relatively high degree of optimism on the overall global economy and state of the real estate market. About two thirds from the respondent have expressed a wish to expand their property portfolios, leaving just under a third either holding steady or rebalancing their existing ones. There appears to be
a genuine feeling that despite a challenging economic backdrop, real estate prices today represent good value, and many are willing to look past what could be a difficult period in terms of rents and vacancies and to better times down the road. However, the majority of the investors (particularly those in USA, Canada, Germany and Australia) are showing little appetite for cross-border investments and are predominantly interested in their domestic markets. So far, although a majority of the investors have positive outlook on the market development, they are still cautious, highly selective and risk adverse. How would you assess the development of the Bulgarian investment market during the last few months? G.K. This market segment was amongst the first ones that reacted to the global financial downturn back in 2008. The number of the investment transactions and the availability of capital became much lower, combined with an increasing supply of real estate properties, many of which listed for sale. There was practically no demand as many investment funds backed
Real estate investors worldwide are painting a more optimistic picture of the market, with many convinced that the next up cycle will begin in the year ahead. That optimism is reflected by two out of three respondents to Colliers International’s 2010 Global Investor Sentiment Survey . We asked Georgi Kirov, Director Investment and Corporate Advisory Services at Colliers International to share with us the main conclusions from the survey and give a snapshot of the investment market in Bulgaria and globally. out and temporarily froze up their activities and access to debt financing was greatly reduced. It is worth noting that Bulgaria, as most of other countries from Eastern Europe, entered the downward trend much later than other markets like North and South America, Asia and Australia. This is a reason why the position outlook for Eastern European market supposes a later come-out of this cycle but this does not mean that the period will be longer. Although it is still early to forecast too positive development of the Bulgarian investment market during the next 12 months, now is the right moment to invest as this might bring a good return on investment. This relates to sellers as well and although they might get a lower price for an asset new, they could buy more with the money they take out from the sale. Due to the global financial downturn, the selling price of many properties has gone down. Isn’t this one of the drivers that would eventually provoke investors’ interest in 2010? G.K. The lower price is not enough to at-
* Colliers International’s inaugural Global Investor Sentiment Survey is compiled from 244 major institutional and private global investors with a total investment portfolio exceeding $300 billion
21
current cycle
cycle in 12 months
Western Europe
11
5:00
7:00
peak 12
peak 12
10
4 7
6
2
9
3 4
8
5
7
TrouGh
11
TrouGh
5:00
5:00
peak 12
peak 12
4
8
ups winG
2 3
9 4
8
5
7
TrouGh
6
downs winG
3
9
1
10
downs winG
ups winG
11
1 2
6
5
Property markets nearing the bottom and are expected still be on the downward leg of the cycle one year from now.
TrouGh
10
7
6 TrouGh
Eastern Europe
5
TrouGh
Usa
Property markets are at or near the bottom and are expected to be showing signs of recovery one year from now.
11
6:00
7:00
peak 12
peak 12
10
10 3
4
8 7
6
5
ups winG
2
9
1 2
9
3 4
8 7
6
5
downs winG
ups winG
11
1
downs winG
tract an investor in any market. The reason is that when an investor buys a commercial property that generates income at a lower price, this means that this property might become less profitable and investors won’t get the desired yields. In fact, price stability is much more important than just the low price. Currently most investors have little appetite for risk - whether it is a prime location, a quality building with secured income, or more macroeconomic factors like local currency and political stability. Furthermore, although financing conditions have eased, financing for high-value deals remains difficult to obtain and there has been very little speculative buying in the past two years. We observe a shifting preference towards high-quality and income-producing properties. Non-prime properties are generally changing hands at market values below their appraisal value as only a handful of investors are interested in these assets. There is virtually no market for properties that are either unlet, in need of improvement or that have high levels of tenant risk. ■
ups winG
3 8
The clock equates market cycles to specific times, with 12 o’clock representing the top of the market and six o’clock representing the bottom. Each six-hour period in between designates rising (after 6:00, to 12:00) or “declining” (after 12:00, to 6:00) cycles.
10
2
9
1
downs winG
ups winG
11
1
downs winG
A majority of respondents believe the market is at or near bottom and the largest two groups, and 41% see the market between five and six o’clock on the “Global Property Clock” but see markets ready to rebound within the next 12 months.
Property markets nearing the bottom and are expected to be showing signs of recovery one year from now.
22
colliers magazine
retail projects
Project name
Size /GLA/
Park Mall is located on a main traffic artery in the eastern part of the city with excellent access to the Ring Road and Trakia highway, which connects Sofia with the Black Sea coast.
19,500 sqm
more than 650,000 potential clients within an hour’s drive
more than 1,000 parking spaces
66,000 sqm
more than 2,000,000 people within 10 km. drive
over 2,700 parking spaces; easy accessibility by public transportation
52,000 sqm
600,000 people within less than an hour’s drive
more than 1,700 parking spaces — two underground levels plus deck–parking building
Stara Zagora, Nikola Petkov Blvd.
24,500 sqm
640,000 people within an hour’s drive
1,300 parking places on two underground levels plus parking on top
Rousse, Lipnik Blvd. and Tzar Osvioboditel Blvd.
37,500 sqm
2,6 million people within one hour’s drive
1,000 parking spaces
Pleven, Sofia Blvd., Mindilikov Square
17,500 sqm
850,000 people within an hour’s drive
400 parking places on two underground levels
www.bulgariamall.bg
Sofia, intersection of Bulgaria Blvd. and Todor Kableshkov Blvd.
33,000 sqm
exceeds 2,000,000 people within 10 km. drive
more than 1,100 parking places on 4 underground levels
Sofia Ring
Sofia, South Ring Road
72,000 sqm
more than 2,000,000 people within 10 km drive
approximately 2,000 parking spaces
Park Mall www.parkmall — sz.com
the Mall www.themall.bg
Grand Mall www.grandmall — varna.com
City Mall Stara Zagora
Grand Plaza Rousse
Sofia, Tsarigradsko Shousse Blvd.
Varna, intersection of Vladislav Varnenchik Blvd. and Andrei Saharov Str.
total catchment area
Parking
Location
www.grandplaza.bg
Mall Pleven www.mallpleven.bg
Bulgaria Mall
23
Developer
Description
Completion date
Alexandra Group
Park Mall is the first mall in the region of Stara Zagora — an area of rapid development in recent years. The region is very dynamic and continues to attract significant foreign investment. More than 110 retail and entertainment units, along with restaurants, food court and children’s playground complete the experience for both customers from the region and travelers passing through the city. In addition to Piccadilly supermarket and Arena Cinema, Park Mall includes brands like Reserved, Mango, Terranova, Calliope, Kenvelo, XYZ, Sprider, KFC, McDonalds and Costa Café. Property Management Services provided by Colliers International.
operational
Assos Capital /investor/
The Carrefour Tsarigradsko Mall project is designed to be a shopping destination for the entire region, featuring more than 200 retail shops and introducing new,international brands to the market. The 14,000 sqm Carrefour hypermarket anchoring the shopping mall will be the first in Sofia and the largest in the country. Arena Cinema, GAP, Sephora, Esprit, Peek & Cloppenburg, Humanic, Zara, Bershka, Stradivarius, Pull and Bear and Massimo Dutti (for the first time on the Bulgarian market) are among the key tenants. Property Management Services provided by Colliers International.
OPERATIONAL
Orchid Developments Group Ltd.
Grand Mall in Varna offers high visibility and excellent accessibility by car and public transportation. The mall is anchored by a Carrefour hypermarket, Inditex Group brands — Zara, Bershka, Stradivarius, Pull and Bear, Mango, Intersport, Humanic, Douglas and Arena Cinema. Property Management Services provided by Colliers International.
OPERATIONAL
Evrobuild Ltd.
City Mall Stara Zagora will represent a shopping mall development, anchored by a Carrefour hypermarket and retail section accommodating more than 80 retail units, food court and restaurants. The Project is situated within 5 minutes drive from downtown and will be serviced by an open–air parking and two underground parking levels.
2011
Proekt Ruse AD
Grand Plaza is a modern international–style shopping center, enjoying an excellent downtown location at the crossroads of two major boulevards in the center of Rousse. It is designed as a unique mixed–use complex, offering the combination of a shopping center, a sports hall, a hotel and an office facility in one single location. It will feature a Carrefour hypermarket of 9,300 sqm, and more than 120 retail stores of varied tenant mix. Property Management Services provided by Colliers International.
2011
Aladin EOOD
Mall Pleven is the first and largest shopping mall of this type and concept in the region, located in the downtown area of Pleven. The strong tenant mix includes both international brands, which will be introduced for the first time in Pleven, and successful Bulgarian retailers and entertainment operators The total built–up area, which will exceed 47,000 sqm, will include a Carrefour supermarket, retail shops, and an entertainment section. Property Management Services provided by Colliers International.
SPRING 2011
London Sofia Properties and Salamanca Capital
In close proximity to the downtown of Sofia, Bulgaria Mall has an excellent location at the intersection of two main boulevards near some of the most attractive residential neighbourhoods in the capital. The shopping center will represent medium to premium international and local brands. The diverse tenant mix includes retail brands such as Carrefour hypermarket, Technomarket, Orange, Mango, Tom Tailor, Salsa Jeans, Esprit, Marc O`Polo and many others. Property Management services will be provided by Colliers International.
2012
South Ring Mall Sofia EAD
The mall will be developed as part of a commercial and residential project. The project will incorporate a shopping mall, a business centre, a hotel and an adjacent IKEA store with a GLA of 28,000 sqm. The other part to the northern edge of the park will include residential towers and private compounds.
2012
24
photo by Teodora Zareva
photo by Delcho Delchev
A walk down Graf Ignatiev Str. Delcho Delchev
Garibaldi Square on Graf Ignatiev Street in Sofia was recently upgraded with a new monument of Guiseppe Garibaldi, created by the Bulgarian sculptor, Georgi Chapkarov. Take a stroll down this iconic street, and allow yourself to get a fresh impression.
G
raf Ignatiev St. looks like a skewer with urban elements strung on it. The squares, the trams and the stalls alternate with fresh mushrooms from the market and faces for whom this is the morning after the night before, spent in the near-by pubs. The space is picturesque, exotic and tasty. The long and narrow street satisfies the hunger for urban life, but it also “devours” an enormous amount of people. The other streets which cross it systematically feed it with pedestrians. Hordes of passers-by wait at the junctures in order to walk past each other upon the command of the traffic lights. After that, long black rows start moving, parallel to the tram lines. This place sucks you down like a funnel. It makes you feel the herd empathy, to brush with the crowd and take in, together with everybody else, the aroma of baked chestnuts. Graf Ignatiev St. bears the name of a Russian diplomat and statesman. In the past, it was known as Samokovska St. because along
The article is provided by
it continued the muddy road to the town of Samokov. For two years now, the street has been a pedestrian one, and only trams and absent-minded people circulate along it. A successful hybrid between an artery of communication, a commercial area and a social factor. And also a compilation of noise, emotions and visual surprises. Graf Ignatiev St. has a specific soundtrack consisting of rhythmically repeating side streets which cross it, the colonnades of the former department store “Valentina”, the clinking of the trams, and the street musicians who try to outcry each other. At first sight, the only inhabitants of that street are young people, old people and booksellers. The junction “Popa” is a favourite spot of the young. After 6 o’clock in the evening, bits and pieces of the waiting crowd tear off and sink into the near-by pubs and bars. The old people disappear at approximately the same time. The old women, bent down with age, carefully stow away the boutique amounts of fruits and vegetables which have been put out for sale on the cardboard boxes. Before they go, we stop in front of them and rediscover what is ecological through several kilos of hip, patiently and lovingly picked somewhere far from the city. The last to vanish are booksellers, after they have carefully stacked their stock in cardboard boxes from bananas. The book market provides calories of culture. And the vegetable market charges the air with vitamins and makes you compare the cabbage with the unshaven sellers. While you provide practice for your imagination, the facades of the buildings opposite remain indifferent.
lifestyle colliers magazine
photo by Peter Torniov
Simply some decor in front of which a street performance takes place. The squares along Graf Ignatiev St. provide rest for our senses, tensed by the crowdedness and the noise. The legs of the horse are to correspond with the colonnade at the other side of Garibaldi Sq. The spot in question is the underground zone which is the exact opposite of the rows of luxurious shops. It has accommodated sellers of socks and panties who go for a quick lunch in the desolate cheese patty (our national “banichka”) shop with a clock. Its hands make us hurry to the next square. We enter the bazaars at Slaveikov Sq., they are like side pockets to the street. Rusty stotinki
Twin clocks Five minutes after the first one, the second twin-clock stopped, too.
Books More than 12 tons of books are put on the stalls of the book market in Slaveikov Sq. every day. Inquisitiveness or chaos?
clink and antiquarian volumes peek from there. When viewed from the neglected patios, Slaveikov might seem simply to be “the square with the cafe”, as it was known at the beginning of last century, before it became a book market. We continue further down the street and feel that Graf Ignatiev becomes fully calm in the garden in front of the “Sveti Sedmochislenitsi” church. A place of special energy. Before it was reconstructed into a church, the building used to be a mosque. The minarets were erected in over the remains of an old Christian temple from 5-6th century and an even older ancient Greek sanctuary. ■
Dragonflies Only people below 18 years of age would notice this metal sculpture in the clouds above Slaveikov Sq.
Death-Cup An anti-fashion shop for different subcultures from all over the world – only a few steps away from the luxurious shop windows in Graf Ignatiev St.
25
26
colliers magazine
residential projects Project name
Location
Type and number of units
Size
Malinova Dolina, above the ring road, on the opposite side of BPS
to be constructed in 3 phases with a total of 700 units to be built. Multifamily houses with apartments (1, 2 and 3 bedrooms), row houses and single houses for sale/rent
completed apartments 88 — 159 sqm completed row houses 195 — 275 sqm
Vitosha district, next to Simeonovsko shousse, just behind Maxi complex
2 residential buildings with 120 apartments in total
apartments 54 — 241 sqm
Simeonovo, next to Sky Way hotel and Simeonovsko Shousse
four — floor residential building with 19 apartments and 2 studios
apartments and studios 68 — 135 sqm
The prestigious Simeonovo district, Simeonovsko Shousse
detached houses, row houses and apartments
detached houses 434 sqm row houses 224 — 338 sqm apartments — 79 — 349 sqm
Krastova Vada District, close to Cherni Vruh Blvd.
144 completed luxury apartments, located in 4 buildings
completed apartments 70 — 191 sqm
Lagera District
gated residential community, comprised of 4 modern apartment blocks
apartments 36 — 198 sqm
Pozitano street, close to Mall of Sofia and Stamboliiski Blvd.
seven floor residential building with apartment and office area. 51 parking places and garages
apartments 65 — 131 sqm offices 71 — 201 sqm
Preslav Housing Complex
Vitosha neighbourhood, close to Vitosha mountain and Simeonovsko shouse
11 residential sections with 85 apartments. Mesonettes, attic apartments and one and two–bedroom apartments. 120 parking places
70 — 195 sqm
Loven Park VIP Complex
Dianabad District, opposite Loven Park area; in the very vicinity of Sofia downtown area
3 residential buildings with apartments; office and retail spaces
70 — 350 sqm
Botanika Residence
Boyana District, right next to the Botanical garden
10 residential buildings with 213 apartments in total. Studios of different sizes, apartments and maisonettes.
50 — 200 sqm
Residential Park Sofia www.residentialpark–sofia.com
Mount View www.mountviewsofia.com
Mountain House www.rashidov.com
Sofia Sky www.sofia–sky.com
Vitosha Tulip www.vitoshatulip.bg
Lagera Tulip www.lageratulip.bg
Delta Imoti www.deltaimoti.com
Amenities
Key Benefits
Completion date
security and controlled access, supermarket, playgrounds, fitness and swimming pool, party hall, kinder garden, bank, café, restaurant
a project with a concept, providing safety, comfort and high standard of living for the whole family. Very communicative location, well developed infrastructure. A lot of green areas. Family environment. Nice view to the mountain and the city. High quality, energy efficient construction materials. Property management.
1st phase ready
swimming pool and fitness, green areas, children playground, 24 hour security, controlled access, property management, underground parking
within 15 min. from the city center and 20 min. from Sofia international airport. Close to the mountain. Already completed. High quality finishing works and built–in kitchens with appliances. Sports amenities within the complex.
ready
modern architecture, high quality materials, state–of–the–art finishing works of the common areas
at the heart of the mountain, impressive panorama view, very communicative location, experienced developer, comfortable and secure environment with beautiful landscaping
Q4 2010 / Q1 2011
24 hour security, property management, green areas, playgrounds
fully ready for occupancy. Close to the mountain and Simeonovsko ski lift. Beautiful architecture. Wonderful views to the city. Spacious private gardens for the ground floor apartments. Energy efficient design and construction.
ready
indoor pool, SPA centre — sauna, steam bath, hot tub and fitness
excellent view to the mountain. Beautiful gardens, alleys and rest spots. Entertainment and sports facilities. Contemporary finishing works. Professional property management
ready
retail areas, underground parking, recreational facilities, children playgrounds, and luxuriant gardens; high — quality installations, video intercom and reinforced doors
excellent location in proximity to the city center. Convenient access by public transport. Provided with a retail and entertainment area. Shops, schools, kindergardens in the vicinity. Modern finishing works.
summer 2010
underground parking places. Shopping mall (Mall of Sofia) and open market in close proximity. Restaurants, cafés and many shops in the vicinity.
within walking distance to the city center. Communicative location. Easy accessibility by car and public transportation. Many amenities in close proximity
ready
24 hour security, underground parking places, park area. Many restaurants and cafes in close proximity.
located in a fast developing area. Close to major traffic arteries (the Ring Road and Simeonovsko shosse). In proximity to Borisova Garden park and Vitosha Mountain. Splendid mountain views
ready
24 hour security, underground parking places, medical center, supermarket, restaurants and shops in the complex, zoo in the close vicinity
communicative location. Available parking places. The complex offers multiple amenities. In proximity to Loven Park.
phase I, ready phase II, ready phase III — summer 2010
medical center, spa center, restaurant, kindergarten, security and controlled access
upon completion the complex will have a dynamic, community area, offering various services to the residents. Lots of green areas. Sufficient number of garages. Wonderful views to the mountain and the city.
end of 2010
find out more on www.offices.colliers.bg