a dream becomes reality
Sometimes dreams do become reality. Sometimes there is real change and development within a European city. Sometimes there is a project so special that it can capture the imagination. It is totally unique in Europe: a street in the heart of a capital city, redeveloped to meet the needs of modern retailers within classical buildings and managed and marketed as a high-end fashion destination. The city is Budapest The project is Fashion Street This has never been done before. Sometimes dreams do become reality. Now our story begins‌
A dream will become reality, setting a trend and new European standards in design and style.
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Fashion Street gives high-end retailers a unique opportunity to enter or expand in Central Europe’s fastest developing fashion capital, in a street professionally redeveloped, managed and marketed as a high-end fashion destination. Developer Immobilia has acquired over 7,000 sqm of retail space on Deák Ferenc utca, a 150-metre-long street in the heart of downtown Budapest, opposite 5-star hotels Le Meridien and Kempinski. The street is perfectly situated between Deák Ferenc tér and Vörösmarty tér and is directly linked to Budapest’s high street, Váci utca. Two retail units have already been completed and successfully leased. High-end fashion retailer Hugo Boss operates a flagship store of 600 sqm and Max Mara one of 300 sqm. Both opened in August 2004. Now the remaining buildings in the street are being restored to their former glory and the retail units upgraded to meet modern retailer requirements. Fashion Street is a unique project, an exclusive fashion street in the heart of fashionable Budapest, a project tailor made for high-end retailers. There are no alternatives. Fashion Street was launched at MAPIC in Cannes in November 2005.
London has Bond Street, Paris has Rue du Faubourg Saint-Honoré, Milano has Via Montenapoleone, Vienna has Köhlmarkt, and Budapest has Fashion Street.
Budapest is one of the most dynamically improving cities in Europe and fast becoming the fashion capital of Central Europe. With growth levels outpacing those of the EU15, Hungary continues to offer international retailers exciting expansion possibilities, brought about by favourable economic conditions, a fashion conscious and brand aware population and increased consumer expenditure. The vast majority of the principal European
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brands are represented. Brand and location loyalties are developing. The downtown area is thriving thanks to several new developments in the city centre, as well as new flagship stores.
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There is considerable potential for high-end retailers to flourish in Budapest, however, so McDonald's
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Brands are important to us and luxury goods have become a way of expressing how we feel about the worl d that surrounds us.
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far no high-end street has emerged.
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This is the gap which Fashion Street will fill, P
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essentially creating a high-end destination in the Hungarian capital.
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The picture shows ING’s mixed-use development on Vörösmarty square which will bring 6,000 sqm of high street retail space onto the market in 2007.
Since its foundation in September 2000, Hungarian development corporation Immobilia Rt has played a major role in the regeneration of downtown Budapest. Working closely with Cushman & Wakefield Healey & Baker as leasing and marketing consultants, Immobilia already has a successful track record of developing premium projects in the street. Deák Palota is one of Budapest’s most
prestigious
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buildings.
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in
September 2004, the retail space has been let to Hugo Boss and Max Mara, and the office tenants include the European Commission and the European Parliament; Fortis Bank; Cushman & Wakefield; Haarmann Morgan
Hemmelrath Stanley.
and
Immobilia
also manages the building, and provides the tenants with a premium level of service.
They had a dream and they carried it through – they are really changing the face of this city.
For centuries Deák Ferenc utca has been the commercial and cultural heart of Budapest. The city’s elite has always shopped here and the ladies and gentlemen of the Habsburg Empire came to meet in the numerous cafés and restaurants. During the city’s hey-day at the end of the 19th century and the beginning of the 20th century, the shops in the street were some of the most prestigious in Budapest. As well as a rich history, the street also contains a number of architectural gems from that era, all of which will be restored by the developer. The street’s significance was always helped by its central location and its proximity to Budapest’s high street, Váci utca. Its attractiveness was further enhanced when 5-star hotels the Kempinski and Le Meridien opened in the street.
The street has always been at the epicenter of all things good in this magnificent city.
Special care will be taken to restore the facades of the buildings to their former glory, while adopting the highest standards in modern retail design and finishings. The landmark buildings are located in a prestigious environment and several of the properties are protected. All the buildings will be restored by the developer. Immobilia will also provide special lighting on the exteriors of all buildings to highlight the architectural features. As well as landscaping the street, Immobilia will also build an impressive glass roof over Fashion Street, making shopping a pleasure all year round. CafĂŠs and restaurants will also make Fashion Street a natural meeting point.
Bringing back the former glory, while introducing the latest techniques in design and lighting.
Having all the retail units under single ownership means the street can be professionally managed and marketed as Budapest’s first high-end Fashion Street, using top international standards in design, lease terms and tenant liaison. Services and security Services for the tenants will include security and cleaning of the street. Immobilia will provide all these services, as well as general maintenance of the street and the properties. In addition, Immobilia is in constant communication with the local municipality regarding issues which affect the street and its tenants. A Tenants Committee will be formed, meeting quarterly to discuss all issues related to the street. A series of social events will be held for tenants, providing excellent networking opportunities. Events and marketing Fashion Street will be marketed as a true destination. A special calendar of premium events will take place in the street. Special seasonal events will also take place, particularly at Christmas when the Christmas lights are switched on in the street. A Fashion Street festival presenting the latest fashion and design will also be held every summer. Important names in the fashion world will be invited to these events. The Fashion Street website www.fashionstreet.hu will advertise all events, and allow the street’s tenants to promote their own initiatives.
Special things need to be treated in a special way.
For more information contact:
Developer:
Deรกk Palota Deรกk Ferenc utca 15, 1052 Budapest, Hungary www.cushmanwakefield.com
Deรกk Palota Deรกk Ferenc utca 15, 1052 Budapest, Hungary
Viktoria Szabรณ or John McKie viktoria.szabo@eur.cushwake.com or john.mckie@eur.cushwake.com
Tel.: +36 1 328 0725 www.immobilia.hu info@immobilia.hu