Mar 18, 2021

Uses Retail and Markets; events; public realm | Role Owner / developer
Status Fully operating asset

Bilbao’s Zubiarte saw an €8 million refurbishment headed up by Milligan Spain.

Finished in December 2018, the stunning transformation of the scheme saw some very exciting store openings in the modern and attractive centre, including a trailblazing IKEA concept store. Here customers could create custom designed rooms alongside IKEA interiors and design experts. The experts even offered a home-visit service to truly understand the needs and individualities of a customer’s home, followed by purchase support, including collection, transport and assembly services.

Zubiarte’s makeover included an enhanced F&B offering with two exciting new restaurant openings, Dinamico & Santo and Bizkarra & Co. Ideally suited to Zubiarte’s cosmopolitan and chic atmosphere, the two new restaurants are open for business, offering visitors fresh culinary options while they shop.

Results:

  • Occupancy over 99% on GLA
  • Despite Covid-19 the centre maintained full occupancy and before restrictions was reporting a +40% uplift in footfall and had tripled its net operating profit.
  • Achieved x3 NOI

As of December 2020, the Milligan Spain team completed its five-year period of asset management.