Mall of Limassol: Strong support for new mall with interesting tenants lined up

Atterbury Europe is waiting to secure the required permits in order to start the construction of the Mall of Limassol, having already secured both banking and commercial support from leading players in the Cypriot market.

After reaching a commercial agreement with the Alphamega Hypermarket chain, which will be one of the key tenants in the new Limassol shopping centre, as well as securing credit approval from the Eurobank Group to provide the required bank financing for the proposed development with agreed terms and conditions, Atterbury Europe is laying the groundwork for the implementation of grand project that is anticipated to drastically change the status quo Limassol's retail trade.

A statement by Henk Deist, the group's CEO, reflected this when he explained that with the approval of the bank financing, the (Mall of Limassol) development is now fully funded, including money for Atterbury Europe's share of the infrastructure upgrade required by the traffic impact assessment study.

When will construction begin?

Securing the required approvals from the competent agencies will determine the start of construction work, which, according to InBusinessNews sources, is set for the first quarter of 2025, with the estimated amount of the investment exceeding €120 million.

The Mall of Limassol will be built in the Mesa Geitonia area, specifically in the parish of Timiou Prodromos, at the junction of Georgios Neophytos and Spyros Kyprianou avenues.

It is worth noting that it will be Atterbury Europe’s first “from scratch” shopping centre in the Cypriot market with the company already owning the Mall of Cyprus and the Shacolas Emporium Park, as well as the Mall of Engomi.

In this context, the company promoting the proposed Mall of Limassol is expected to place special emphasis both on the design, aesthetics and quality of the materials to be used, as well as on the sustainability and environmental character of the project, seeking to demonstarte great examples in the field of mall development.

Based on the environmental opinion, the total area of ​​the plot on which the proposed shopping centre is to be built amounts to 31,181 sq.m. where an area equal to 5,228 sq.m. (17% of the net area of ​​the parcel to be developed), will be granted for the creation of public green space and facilities at the junction of 1st October and Kosmas Aitolos streets.

Emphasis on the upmarket and arrival of brands in Cyprus

A key parametre that Atterbury Europe is counting on for the success of its new venture is the right choice of the tenants that will have a presence at the Mall of Limassol.

The proposed shopping centre is expected to offer a wide tenant mix with high differentiation between them. Based on figures released by Atterbury Europe, the three floors of the shopping centre will include 114 potential stores, which have already expressed interest in being in the mall, as well as over 1,100 covered parking spaces.

In addition to Alphamega Hypermarkets, which will be one of the main tenants of the Mall of Limassol, discussions are ongoing between Attebury Europe and popular brands in the Cypriot market, as well as new brands that will enter Cyprus by opening within the new shopping centre.

According to sources, the tenancy mix desired by the company is related on the one hand to well-known tenants with a successful course in the local market and on the other hand to upmarket retail.

The aim is to fill a gap in the Limassol market, given that the city's only mall is located on the west side, while luxury brand stores are usually limited to high streets in the old town and along the coastal road that stretches for a huge distance.

Given that at the rest of the malls in Cyprus the composition of tenants is approximately 80% the same, the new shopping centre wishes to differentiate itself, attracting tenants who are not active in any other mall.

The ‘gamble’ and the considerations for the two new malls in close proximity

The eastern side - and not only - of Limassol which attracts both high-income residents and tourists, the abundance of residential developments in the city, its high-rise buildings, but also large investments, such as the casino resort in western Limassol, create the conditions/needs for the construction of a new shopping centre.

But there has been some surprise caused by the almost simultaneous submission of applications for the creation of new malls, on the one hand, by Atterbury Europe and on the other, by the equity group of Nicosia Mall in collaboration with the Papantoniou Group.

The ‘gamble’ for the two new proposed shopping centres is on the one hand their much-desired licensing, which is expected to be achieved through the Variance Review Board and then the Council of Ministers, and on the other hand their sustainability. Assuming that both are implemented, the two malls will be only 300-500 meters from each other.

In addition to the inevitable traffic problem that will be created, their proximity makes harder to obtain financing, close deals with brands and maintain the long-term presence of said tenants.

(Source: InBusinessNews)