Company News

17 august 2012

ASTERA provided consulting services for a new shopping center in Vologda

ASTERA, an alliance member of BNP Paribas Real Estate, prepared a development concept for premises in Vologda. Consultants of ASTERA made an analysis of best use of property with a total area of 1 658 sq.m

The land plot is located in the centre of Vologda at the intersection of Pobedy Pr. and Batushkova Str. in front of the main tourist attraction – the Vologda Kremlin. GBA of the center is 5 500 sq.m, GLA – 3500 sq.m.

The first stage included research of Vologda market and working on the variants of land plot use with the analysis of financial effectiveness. Taking into consideration specific characteristics of location and low development level of commercial real estate market in Vologda, specialists considered it was appropriate to develop the shopping center format. Next stages included pre-brokerage, functional zoning, defining target clients of the future shopping center and creating requirements specification for the designing.

Today the developer of shopping center project OOO "RESPECT" is going through the final stage of heritage evaluation of the project, its approval and is going to proceed to realization stage.

"The development of commercial real estate in Vologda is mostly formed by possibilities of construction. Vologda is a historical city; its area is rather small but densely built-up. There are almost no unoccupied land plots for construction in the center of the city," - says Olga Zemtsova, Head of Consulting Department at ASTERA, an alliance member of BNP Paribas Real Estate. "Still, in spite of the deficit of land plots for construction and height and architectural restrictions in force, the structure of supply on retail real estate market of Vologda will change. The number of shopping centers will increase due to new construction, and the share of out-of-date retail formats (e.g. markets etc) will decrease. Shopping center on Batushkova str. will fit into the surrounding historical environment and will contribute to the process of infrastructure development. Not only shopping areas but numerous cafes and restaurants that will definitely be popular among both locals and tourists will appear in the center".

Perspectives of retail real estate in regions will be the main topic for discussion on the first day of International Real Estate Investment forum PROEstate 2012 during the discussion "Retail property: development strategies and regional perspectives". Representatives of mayor international and Russian retail chains will discuss the venues and regions for development. The discussion will be sponsored by Astera in alliance with BNP Paribas Real Estate.
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