Malls: New arrivals, expansions, share changes and auctions (pics)

Drastic changes and rearrangements are underway in Cyprus’ shopping centre landscape. New players are entering the market, among expansions, renovations, shareholder changes, and also auctions.

Malls recovered after the pandemic, managing to emerge victorious both in terms of traffic and turnover. At the same time, however, high interest rates, staff shortages, the steep rise in prices due to inflation and the negative psychology of consumers due to the reduction of their purchasing power, have upset the balance.

Below, some of the most important developments that have been recorded or that are planned to take place over the coming period, changing the mall scene, are presented.

New mall in Limassol by Atterbury
The construction of a new mall on the east side of Limassol is planned by Atterbury Europe.

The company, which owns the Mall of Cyprus together with the Shacolas Shopping Park, as well as the Mall of Engomi, is set to create a new shopping and entertainment destination in Mesa Geitonia.

In its proposal, which is published in its entirety on the company's website, it is emphasised that the proposed Mall of Limassol comes to fill a gap in the city’s retail trade, while creating a modern shopping village that reflects the past and present prosperity of the city and its people. Based on Atterbury Europe's proposal, the new Limassol mall will extend over three floors that are expected to host 114 stores.

The total spaces amount to 31,181 sq.m., while the gross area of ​​the rental spaces reaches 27,025 sq.m.

Construction work for the new shopping centre, on Spyros Kyprianou Avenue (adjacent to 1st of October Street), in Mesa Geitonia, is estimated to start within 2024.

Share changes in Mall of Cyprus and parking charges
Changes in the share capital of Mall of Cyprus and Mall of Engomi are coming soon, with the two shopping centres stating in their announcements to the CSE that their shareholders will sit in a meeting on 31 August 2023, for to discuss, among other things, a capital increase, as well as the acquisition of shares from Pareto Limited.

Shareholders will be asked to approve or reject the increase of the company's authorised share capital from €85,500,000 divided into 171,000,000 ordinary shares with a par value of €0.50 each, to €185,500,000 divided into 371,000,000 ordinary shares with a nominal value of €0.50 each, with the creation of 200,000,000 ordinary shares with a nominal value of €0.50 each, which will have the same rights as the company's existing ordinary shares. It is noted that in 2019, Pareto Limited acquired 25% of Atterbury Europe, the owner company of Mall of Cyprus and Mall of Engomi.

In another development, the Mall of Cyprus is adopting fee-controlled parking for the first time with the aim of better utilising the available parking space and serving its visitors more efficiently. The new, automatic, paperless Sensipark system will be implemented from 1 September.

All visitors will be entitled to two hours of free parking from the time of their arrival at the Mall of Cyprus. At the end of their visit, they will be directed to one of the parking lot exits and if the visit duration is less than two hours, the parking bars will open automatically to exit the parking lot. If the duration of the visit to the Mall of Cyprus is for more than 2 hours, the amount to be paid will be automatically calculated with the time of the visit, and the amount will be displayed on the screen of the payment terminal located at the exits of the parking lot.

Expansion of the Neon Mall of Pafos
The Neon Mall of Pafos, which is housed in The Pafos Mall (former Orphanides supermarket), is undergoing additions, conversions, interior changes and expansion that will lead to a new building.

Based on the environmental opinion, an application has been submitted to the Department of Environment for the granting of a planning permit for additions/conversions and expansion of an existing department store (SuperHome Center), as well as the addition of offices on the first and second floors of the shopping centre. The proposed development mainly concerns an extension of the existing licensed building and internal changes to join the extension with a new building.

Among other things, the proposed new building will consist of a basement, ground floor, mezzanine and two floors. The basement will include parking spaces, warehouses, a reception area, four small shops and sanitary facilities. On the ground floor there will be four shops with a mezzanine and sanitary facilities. The mezzanine of two of the four stores on the ground floor will include a kitchen, sanitary facilities and showers. The first floor will have a cafeteria, a gym, offices and eight restrooms.

It is noted that the cafeteria and the gym will be used exclusively by office workers. Finally, the second floor will have offices, eight toilets and a circulation area.

At the same time, the upgrade includes the configuration of the northern entrance/exit, from the northern bypass road of Yeroskipou, with the creation of a triangular island for safer access for vehicles and pedestrians. At a distance of 50 meters from the entrance, a roundabout will also be constructed to facilitate road traffic.

Extension and residential development at My Mall Limassol

My Mall in Limassol is preparing a major expansion of 6,000 m2, which will give a new face to the shopping centre and contribute to the further upgrading of the rapidly developing area of ​​Zakaki.

It is a radical renewal, since it involves the expansion of the commercial section, residential development, as well as the complete renovation of the interior and exterior spaces.

The residential development concerns a project of 10,000 sq.m. which will include approximately 160 apartments.

The renewed mall is expected to attract new stores of Cypriot and foreign interests and provide a multitude of choices from successful brands on the market. At the same time, it will allow space for more restaurants and entertainment venues.

It should be recalled that in June 2022 the deal for the purchase of My Mall's share capital was completed in two large international investment organisations, with the expansion of the shopping centre being a central pillar of the new investors.

In particular, the merger notification regarding the acquisition of My Mall Limassol by Dorsel (BAZ) Ltd and Ari Real-Estate (Arena) Investments, through Limassol Mall Ltd, was before the Commission for the Protection of Competition in April 2022. It is for companies of Israeli interests.

What is happening with Neo Plaza
In a recent development, the shopping park, also known as the Neo Plaza discount village, in Kokkinotrimithia is being put up for electronic auction.

Neo Plaza has been around for two years, with its visitor traffic, especially in the last year, decreasing significantly compared to the opening in 2021. The shopping centre, which brought a new concept to retail as an open mall, is now looking for a buyer, seeking to compete with the indoor malls in the area.

The notice to conduct the e-auction was posted on the website of the Ministry of Home Affairs (auction notices), at the request of AstroBank Public Company Limited.

The reserved sale price amounts to €10.5 million.

The property, which is being auctioned, consists of the "open-style" discount village called Neo Plaza on one level (ground floor), with a total area of ​​35,133 sq.m. The commercial park includes 38 retail stores, 10 food outlets, a supermarket, a car wash, and a children's playground with a total area of ​​about 13,310 m2, circulation corridors, sanitary facilities, and a large number of uncovered parking spaces.

However, the property's owners have contested its sale under these terms.

(Source: InBusinessNews)