Massimo Dutti Vacates its Store on Rambla Catalunya 60 (Barcelona)

12 July 2018 – Eje Prime

A new commercial space is available for rent in the centre of Barcelona. Massimo Dutti, one of the chains in the Inditex group, closed the doors to its establishment at number 60 Rambla Catalunya, on the corner with c/Aragón on Tuesday. The Coma-Cros family, which owns the building that is home to the store, has put the property on the market.

According to sources at the chain, the closure of the Massimo Dutti store forms part of the Galician group’s current process to reorganise its network of shops; it is focusing on getting rid of small stores in favour of larger establishments. Massimo Dutti already has another store on the corner of Gran Vía and Rambla Catalunya and another one on Paseo de Gracia, the latter in the former premises of Vinçon.

The building at number 60 Rambla Catalunya is owned by the Coma-Cros family and proceeds from a saga relating to the textile sector, whose company, based in Salt (Girona) shut down in 1999 after 149 years of operation.

According to explanations from sources in the real estate sector speaking to Eje Prime, the premises occupied by Massimo Dutto until now has been put on the market. The asset has a surface area of around 1,065 m2 and its neighbours include Tezenis and Rituals.

The Coma-Cros family channels its investment activity in the real estate sector through the company Fisa 74, which it manages through Fisa Rentals. The company owns residential assets for rent in Barcelona, on Calles Aribau, Bailén, Les Corts, Rambla Catalunya and Gran Vía.

Rambla Catalunya has become one of the most sought-after streets in Barcelona for retail operators. According to data from the consultancy firm CBRE, in 2017, the street accounted for 30% of the prime high street rental operations in Barcelona. Avenida Diagonal, meanwhile, accounted for 25%, followed by Paseo de Gracia with 22%, Portaferrissa with 13%, Pelayo with 7%, and Portal de l’Àngel with 3%.

Since 2014, around fifty operations have been closed on Rambla Catalunya, which has led to the modernisation of the offer on the street. In 2017, operators such as Etam, CKS, Lily and Pangea arrived, amongst others.

According to sources in the sector, the speed at which a new tenant for the asset is found will depend on the price set by the owners, given that price is proving to be the main stumbling block in the negotiations currently underway in Barcelona. According to CBRE, rents for stores measuring between 800 m2 and 1,500 m2 on Rambla Catalunya amount to around €30/m2/month.

Original story: Eje Prime (by P. Riaño)

Translation: Carmel Drake

25% Of Adif’s Retail Units Are Vacant

21 December 2015 – El Economista

In total, 307 retail units at Adif’s train stations in Spain are vacant. These establishments occupy a total surface area of 38,239 m2, which represents approximately 24.8% of the more than 154,000 m2 covered by all of the areas dedicated to restaurants, retail and leisure in the network of stations owned by the railway manager. In other words, almost a quarter of the retail space at train stations is currently empty.

During 2014, Adif recorded revenues of €569.5 million, of which €134.6 million related to rental income and services. Of that amount, €61.4 million was generated by the lease of buildings, shops and other properties and €71.8 million was generated by the use of fibre optics. Therefore, the contribution of rental income from retail stores, homes and plots represented around one tenth of total revenues. On the basis of the data about the uptake of retail units at Spanish train stations, that amount could increase significantly if the occupancy rates were improved.

The 307 available stores owned by Adif are spread across 75 train stations, according to the data from the body that sits under the Ministry of Development. The station in Albacete Los Llanos has the highest number of empty units, with 29 in total, covering a combined surface area of 3,953 m2. Meanwhile, the station in Córdoba has 12 stores available, with a surface area of 3,255 m2, whilst the station in Cáceres has 13 free units, covering 2,313 m2.

After Albacete, Córdoba and Cáceres, the stations with the most available space are Pontevedra and Madrid Chamartín, with 2,160 m2 (10 stores) and 1,996 m2 (5 stores), respectively. The station in the Spanish capital has various units available, where according to the website of the state-owned company, shops, a restaurant and car rental parking could be opened.

By contrast, in Madrid’s other major train station, Atocha, there is not a single square metre available for rent. At the other main train stations in Spain, Barcelona Sans has just one store available, measuring 48 m2, whilst Sevilla Santa Justa also has just one unit without a tenant, measuring 28 m2.

By contrast, at the high speed train station Valencia Joaquín Sorolla, there are seven units without a tenant, with a total surface area of 346 m2. There are six empty shops at Zaragoza Delicias, with a total surface area of 161 m2. And at María Zambrano in Málaga, one shop is available, along with two sites for ATMs.

Empty for several years

The majority of the retail spaces are available to rent immediately. Nevertheless, some of them have been empty for several years. In certain cases, that is because they need major renovations. Others will be available from early 2016, which is why Adif has now begun to market them.

The supply from the railway manager, which launched a plan two years ago to get rid of many of the homes and land under its ownership, includes units that may be used as shops, restaurants, cafeterias, kiosks, offices, bookshops, ATMs, parking and car rental. At certain train stations, Adif prohibits any new tenants from using properties to undertake activities already in operation at existing stores.

During 2015, the prices of the retail units at Adif’s train stations have ranged between €975/month, for stores measuring up to 8 m2, and €10,500/month, for stores measuring up to 30 m2. (…).

Original story: El Economista (by Javier Mesones)

Translation: Carmel Drake