Eurovea Prepares for Extension

Eurovea has grown into a modern city quarter, the design of which from the outset was to extend and revive the Bratislava historic centre. Although the ribbon-cutting ceremony took place in 2010, the first plans had taken shape 10 years earlier. The key idea was to transform the Danube embankment – hence the project name combines Europe and vea (road).

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The Eurovea development project won the 2010 Building of the Year award. The jury recognised the project’s “contribution to society as a whole, the sensitive incorporation of the project into the environment, regeneration of the promenade, as well as the quality solution and implementation.”

The waterfront park and tranquil Danube perfectly contour and complement the atmosphere of this first-class Bratislava location. Eurovea is proud to have an ideal location both on the Danube embankment and in the extended heart of Bratislava. This outstanding position draws on direct contact with the city centre, as well as excellent accessibility by public as well as individual transport – now enhanced by the newly-opened Starý Most bridge and rejuvenated Šafárikovo Námestie square.

In the six years since its opening, Eurovea has become the most prestigious shopping centre in Bratislava. The key success factor is naturally the structure of tenants, which must reflect Eurovea’s unique position in the city centre. Hence the ground floor became Bratislava’s new ‘High Street’ with prestigious brands only available here in Slovakia (Armani Jeans, Baldinini, BCBGMAXAZRIA, Guess Jeans, Lacoste, Luisa Spagnoli, Marina Yachting, Michal Negrin, Pinko, Penny Black, Trussardi Jeans, TWIN-SET by Simona Barbieri, Weekend Max Mara). The most successful year since opening was 2016 – in terms of footfall and revenues, and 100% centre occupancy rate.

Despite the above figures Eurovea has yet to fulfil its maximum potential, so there is notable scope for growth. This positive trend is influenced by the development of the area, as well as the improved overall economic situation.
The extension was in fact planned since the beginning of the project – but during stage one construction in 2008 the market situation changed and the plan was shelved. The situation is now different, and the existing 60 000 sqm is insufficient both for the needs of tenants and shoppers. So the extension is simply essential.

 

Extension will enlarge retail area by 25 000m2

“The key aspect is to retain the quality and outstanding architecture of Eurovea. Our aim is to implement a fully-fledged extension and effective enlargement of the existing project, and to expand the city centre along the river.

As we are dealing with the extension of an existing successful project, we want to introduce some brands into Eurovea that couldn’t previously be accommodated because of the long-term high occupancy rate.

Necessary changes include an enlarged food court, which is currently operating at maximum capacity. The increasing volume and specific profiles of customers require more cinema theatres, as well as the extension of the highly popular promenade with gastronomy outlets.

Another challenge will be satisfying the specific requirements of the new large anchor tenants,” explains the owner, Mr. Korbačka.

EUROVEA2’s three underground floors will include two as public car parking, while the remaining underground floor and two above-ground floors will provide retail space. With estimated costs of EUR 300m, this extension project will be one of the largest property development projects in Bratislava.

Extension project funding will be via standard market financing – negotiations are already underway with participating financial institutions.

As a real estate development project, Eurovea has strong potential and is one of the most lucrative projects in Bratislava. This is also proven by the successful refinancing of the existing project, where the number of participating institutions reduced in the summer of 2016 from nine to a new consortium of three banks: Tatra banka, VÚB banka and Komerční banka.

We are confident that the planned extension will meet the current as well as future requirements of residents and visitors.