Mall of Varna opens June 2007
The first of four retail and entertainment centers currently under construction in Bulgarian coastal city Varna will open for business in June, said Dorelov, the local company developing the property. The 9 mln euro Central Plaza shopping mall, located near Varna's landmark Culture and Sports Palace, will feature 50 shops, 15 office units and 135 indoor and outdoor parking spaces. Central Plaza, with a built-up area of 11,200 sq m, will have its own monthly advertising publication and will be managed by a specially incorporated company. Liber Property Solutions has the exclusive agency rights for the mall inventory which will rent in the 20-70 euro/sq m range. Another 2 retail and entertainment centers in Varna should welcome their first customers by the end of 2007. Interservice Uzunovi, the Bulgarian home appliance and consumer electronics retailer, is investing 35 mln euro in the Mall Varna development. The 50,000 sq m mall will occupy a 16,500 sq m site near the future outlet of German food retailer Kaufland. Luke, the real estate investment trust incorporated by Carl-Heinz Pfohe, the German owner of Bulgarian Ford dealer Moto Pfohe, is building Pfohe Mall in Varna. The 26,000 sq m Pfohe Mall will have 17,500 sq m of retail floor area and 6,500 sq m of raking space and should open by the end of 2007. Orchid Mall Varna, a project of property developer Orchid Developments, is due to launch by September 2009.
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