Mixed-use development

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MIXED-USE DEVELOPMENT ON

STRATEGIC LOCATION IN SOFIA

Our Client had invested significant resources and efforts in the assembly and development of around 30 hectares of development land in suburban location in Sofia.
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01

THE OPPORTUNITY

FEASIBILITY STUDY/HIGHEST AND BEST USE ANALYSIS – 1,000,000 SQM
Our Client had invested significant resources and efforts in the assembly and development of around 30 hectares of development land in suburban location in Sofia. The land plots have excellent exposure to the national motorway system, visibility and accessibility and at build-out could provide close to 1,000,000 sqm of floor area above ground. All ingress/egress points are provided as well as the main power and water supply. Development had started with a retail project. The Client turned to us to quantify and determine the most profitable concept for the future development.

02

THE SOLUTION

Our team proposed a review of several strategic options for commercial and residential development which were agreed to be in line with town-planning and appeared to hold the highest potential with respect to the location. These included enclosed shopping center, retail park, multi-functional business park, high-rise offices and industrial/logistics. Our work included:
•    Detailed project area analysis
•    Market studies for each proposed use
•    Quantification of the outcomes for each pre-determined use in net present values and in internal rate of returns
•    Determination of the highest and best use
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03

THE RESULTS

The Client received a comprehensive report encompassing all permissible and reasonable development options for the subject properties. Our rigorous financial analysis outlined two of them as having the strongest development potential under current market conditions. Due to the fact that the two were mutually exclusive in terms of development requirements we recommended the final choice to be made depending on the risk-return criteria of the Client. Meanwhile the report clearly demonstrated that there were several options under consideration that were not worth the effort further investigating or developing without a strong concept that would create a market of its own.

MEET OUR PEOPLE

6P0A4638
Michaela Lashova, MRICS
CEO
PA e
Zhoro Angelov
HEAD OF INDUSTRIAL SPACE & LAND DEVELOPMENT
PA e
Jordan Krastev
HEAD OF OFFICE SPACE
PA e
Krasimir Petrov
HEAD OF ASSET & PROPERTY MANAGEMENT SERVICES
PA e
Plamen Bachev, MRICS
PARTNER, HEAD OF VALUATION & ADVISORY
PA e
Yavor Kostov
PARTNER, HEAD OF AGENCY
PA e
Ivo Kolarov
HEAD OF DEBT AND STRUCTURED FINANCE
PA e
Petko Lozanov
HEAD OF PROJECT MANAGEMENT
6P0A4722_1
Nikolay Jelev
HEAD OF RESIDENTIAL SERVICES

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