TUP Property S.A., subsidiary of TUP S.A., obtained a building permit for its retail scheme in the south part of Katowice. The company plans to build a 3 300 sq. meters center on a plot of 1,1 ha on Bażantów Street. The property is located a 5 minutes walk from the “Odrodzenia” and “Bażantów” housing estates.
“TUP Property has been conducting negotiations with potential tenants during past months. We assume that construction works will take about 18 months. It will be a first stage of our Forest Hill project,” – Robert Moritz, CEO of TUP S.A., said in a press statement.
The future facility will be developed within the 8,2 ha area of planned Forest Hill residential scheme. The concept for the Forest Hill project was developed in January 2008 through the “Charette” workshops planning process. Under this conception, the development will combine residential, retail and recreational functions, with a total area of up to 50 000 sq. meters of residential space.
The land has been zoned for industrial and logistics uses. In light of the plot’s proximity to housing developments and woodlands, in late 2007 TUP Property began efforts to change the zoning of its plot from commercial to residential use. According to the developer, the City’s Study of Conditions and Directions of Spatial Development approving the 8,2 ha plot for residential purposes will be validated in Q1 2011.
A realization of the retail center seems to be possible thanks to the last transaction made by TUP Property. On 14th of January this year, the company signed a letter of intent with Portico Investments Ltd., an investment fund operating in Central and Eastern Europe. The sales agreement concerns an estate owned by TUP Property and located on Uniwerytecka Street in the City Center of Katowice.
The property is under a long-term lease contract with Jerónimo Martins, an owner of the “Biedronka” retail chain. “The transaction helps us to arrange our property portfolio and to gain funds for new and prospect investments,” – said Robert Moritz.
TUP Property S.A. builds and manages a portfolio of commercial properties for let. The company’s portfolio includes retail properties (City Point Center in Tychy and properties leased to retail chains in cities like Katowice, Kołobrzeg, Zabrze, Nowy Sącz, Będzin, Syców, Łańcut and Ostrzeszów), logistics properties (including the Logistics Center in the Warsaw suburb of Pruszków, with plans for acquisition and expansion of the Logistics Center in Tarnowskie Góry), and office buildings (in Gdańsk and Ożarów Mazowiecki).