Atterbury Europe: Limassol represents untapped potential
08:42 - 07 November 2023
Limassol represents untapped potential for Atterbury Europe, with a thriving real estate market, modern infrastructure and landmark buildings that has helped put it on the map, according to the company’s CEO Henk Deist, who along with Head of Developments Roux Gerber have relayed the reasons behind their excitement about its new project in Limassol: a new mall.
Atterbury Europe, originating from Atterbury Property South Africa with a 30-year track record of developing and managing retail and commercial assets, has had success developing shopping centres and offices in Cyprus, Serbia and Romania over the last eight years. The company’s acquisition of the Mall of Cyprus and Mall of Engomi back in 2015 from the Shacolas Group marked the beginning of the company’s relationship with Cyprus. Since these acquisitions, both Mall of Cyprus and Mall of Engomi were expanded.
On its website, Atterbury Europe featured an interview with Deist and Gerber, to explore Atterbury Europe’s plans.
“It’s been a while since Limassol was spotted as one of the possible investment opportunities for Atterbury Europe to pursue,” said Deist.
According to the article, for Deist, the bustling city of Limassol, known for its scenic waterfront marina and a historic Old Town, represents untapped potential. “The redevelopment of the waterfront marina along with the upgrade of the fishing harbour and marine parade are very popular tourist destinations. The newly developed casino resort on the western side of Limassol in the industrial area offers entertainment and retail facilities to a dedicated target market,” said Deist.
He elaborated, “The Old Town region is constantly undergoing upliftment and together with the waterfront is the heart of the tourist and restaurant/bar scene in Limassol. Upmarket retail is limited to high street offerings in the Old Town region, along the coastal seaside road, which is spread over a vast area. We have witnessed Limassol’s tremendous growth during the last 10 years, with a thriving real estate market, modern infrastructure and landmark buildings that helped put it on the map. The city’s infrastructure is top-notch, making it a desirable destination for investors, the local community and visitors alike”.
Highlighting the limited modern mall-retail concepts in Limassol, he said he envisions a future in which Atterbury Europe can help bridge that gap between the old and the new. The city’s infrastructural boom and the increasing appeal to both investors and tourists make it a tantalising prospect, he said.
However, finding the perfect location is no easy feat, as Roux Gerber explained.
“Finding the right property, in the right location, with the right land area size, at the right price and at the right time was a process for which the group’s expertise needed to be applied over a long period of time,” he expounds, shedding light on the intricate process.
The global pandemic and geopolitical tensions during the last four years added even more pressure to an already difficult process to find the right piece of land for the envisioned retail development, but the team is very optimistic of the opportunity at hand.
“Atterbury Europe has the required skills to find opportunities and bring them to life. However, finding a suitable site in Limassol for a vital retail development in its central to eastern parts was an extensive process. After evaluating all the available sites in the earmarked area of interest, we pinpointed a suitable site,” Roux said.
The integration of any development into its surrounding environment in a sustainable and harmonious way remains paramount for Atterbury Europe. Consultations, impact studies and demographic evaluations ensure their vision aligns perfectly with the community’s needs.
“For example, accessibility to and from the site is as important for future customers and neighbours as it is to us as developers. It is critical to engage in high-level consultations with the authorities about the likelihood of obtaining the required developments rights,” Roux said.
“We therefore started by doing retail, impact and demographic studies in combination with authority consultation to test and underwrite a vision for the site. Only once we have a high level of certainty, supported by our investigations, consultations and studies that this vision is plausible, will we embark on the land acquisition process,” he said.
As Atterbury Europe’s plans for Limassol take shape, Deist said he is really optimistic. “Yes, the site has passed with flying colours,” he said.
The preliminary view from the authorities is supportive, according to the article. In addition, accessibility to and from the site is sustainable in accordance with a workable integration of the development into its immediate environment. With a near perfect overall rating of 8/10 from the proposed Limassol development’s market study, the site’s strategic location coupled with the city’s growing demand for modern retail spaces and a positive positioning as an integrated family destination, Atterbury Europe’s future in Limassol and Cyprus looks nothing short of promising, the article concludes.