UK and Spansh shopping centre owner intu been awarded a General ‘PGOU’ License (Plan General de Ordenación Urbana) for its ground-up development intu Costa del Sol.
This milestone paves the way for the project to now progress to its next stage, with preparatory works due to start in 2020.
The 2.5 million sq ft (235,000 sq m), €800m retail and leisure resort is promising to be the first of its kind. “The development will combine world-class experiences in an outstanding environment with the very best in hospitality, leisure and retail,” the company said.
Matthew Roberts, intu chief executive, said: “This significant milestone opens the door to the next stage of the project. intu Costa del Sol will be a resort like no other, bringing together international brands and global visitors in an unforgettable location surrounded by the very best in entertainment and leisure. We are having positive discussions with brands eager to join the scheme, as well as potential partners to help bring the project to fruition.”
In line with “intu’s strategic priorities”, it remains the intention to introduce a joint venture partner at the start of construction together with using development finance to minimise the company’s capital outlay on the project.
intu Costa del Sol is set to open in 2023 and is strategically positioned on a major site to the north of Torremolinos, accessed via the major southern highway and just 3 km from Malaga’s international airport.
RPA Perspective The development is expected to attract over 23 million visitors each year including international and domestic tourists, as well as benefitting from a 4.75 million catchment within 120 minutes travel time.
The resort will comprise eight neighbourhoods curated to provide unique experiences and something for everyone. The resort will also include 142,000 sq m of retail space, 20+ leisure operators, 70+ restaurants, two hotels, a 5,000-person concert venue, and Spain’s largest urban farm.
Ian Sandford, chief executive of intu’s JV partner Eurofund and project director, said: “The General License is an incredibly important milestone for the intu Costa del Sol project, and we are delighted to have received this backing and endorsement from the Junta de Andalucía, validated by the City of Torremolinos. We now advance our plan and vision with renewed energy”.
Separately, McArthurGlen, Europe’s largest designer outlet operator, is stepping into Spain — its 10th country — through a joint venture signed with Sonae Sierra. Designer Outlet Malaga will benefit from the well-established footfall at Sonae Sierra’s adjacent Plaza Mayor Shopping Centre, which attracts 10 million shoppers a year.
It will target tourists through its sales teams in 15 long-haul markets, as well as a tourist manager working with agents on the Costa del Sol to ensure the centre is on visitors’ itineraries.
“And we have teams in our source markets helping us source tourists before they leave their home,” adds Joan Jove, McArthurGlen’s managing director for southern Europe.
Phase one, due to open this autumn, consists of 17,500 sq m of retail space and 100 designer brands. Moreover, McArthurGlen is in the planning stage to add extra retail space to the centre to bring it up to 30,000 sq m. In terms of design, Italian and local architects have incorporated an Andalusian style within an open-village concept. A central luxury plaza will feature dancing fountains and a children’s playground. “We always use the local architectural language,” Jove says. “We don’t want to impose a foreign language on a centre.”
