Construction has begun on the Azores Retail Park, one of the largest private investments in the Ponta Delgada region, promoted by Sapore, a company owned by the Vigent Group. The ground-breaking ceremony for the Azores Retail Park marked the start of work on this project, which will strengthen the commercial offer in Ponta Delgada, on the island of São Miguel.
Reflecting one of the largest private Portuguese investments in the region, Azores Retail Park will be developed on an area of 44,000 square metres, with a gross construction area of 18,000 square metres. The project includes the creation of 11 commercial units and 800 parking spaces, adding up to a total of 15,000 square metres of gross leasable area (GLA), consolidating itself as one of the most ambitious commercial infrastructures and a key driver for economic growth and boosting local commerce.
Azores Retail Park will offer a diverse range of brands, products and services to meet the growing demand for modern and convenient retail spaces. The space, which is already 100% let, will feature brands such as Continente, Worten, Sport Zone and Espaço Casa, as well as others that will be represented in the Autonomous Region for the first time, such as FNAC, Fábrica dos Óculos, JYSK, as well as a pharmacy. Retail Mind is the company responsible for developing and commercialising the project, in partnership with Sapore.
Azores Retail Park adds to the wide range of assets under management by Sapore. The company has a portfolio of rental properties and development projects that includes services, hotels, industry and commerce, with more than 80,000 square metres in income-producing assets and 50,000 projects under development.
‘By starting this project, we are taking an important step in the development of Ponta Delgada. Azores Retail Park will not just be a modern retail space, but a new economic driver for the island, which will generate employment (around 200 jobs on site and 550 direct and indirect jobs during the operational phase) and promote sustainable growth in the commercial sector,’ said Sérgio Silva, CEO of Vigent Group.
The project is close to important accesses to the Circular Motorway (R1-A1) and infrastructures such as the Divino Espírito Santo Hospital, making it a strategic point for local consumers and visitors.
‘The Azores Retail Park demonstrates once again that the Azores are a true Region of Opportunities, complementing the vast existing commercial offer and creating new investment dynamics. This project represents an important contribution to wealth creation, generating jobs and opportunities, reinforcing our commitment to the sustainable economic development of the Region. Initiatives like this are essential to consolidate the Azores as a region that values entrepreneurship, promotes progress and strengthens its position on the national and international scene,’ said the President of the Government of the Azores, José Manuel Bolieiro.
‘Our vision is to offer the region a space that combines quality, innovation and convenience for all consumers. The Azores Retail Park, which represents the culmination of several years of hard work and dedication, will have a significant impact on the region, firstly by creating jobs and also by diversifying and boosting regional commerce, thanks to various market entries,’ stresses Vítor Rocha, CEO of the Iberian manager and consultancy specialising in retail.