Spanish investment firm Baraka Group have announced their plans for a “luxury goods” commercial centre to be constructed in Puerto Banus.
The group have acquired a 3,500 sq/m plot of land close to El Corte Ingles and the Cristamar shopping centre. The plot currently houses the headquarters of OHL and the sales offices for Los Granados but will be redeveloped to house some of the world’s top brands.
Baraka say they have already spoken to many luxury brands and the location of the land has attracted interest from the likes of Armani and Versace The new mall will cover an area of around 3,000 sq/m.
Including the purchase of the land, the Group estimates the total spend on the project to be around 20 million Euros creating much needed jobs for the Costa del Sol.
As a holding company the Baraka Group has various interests across Spain including investment property, rental housing, supermarkets and shopping centres. The group recently purchased the building of Peugeot, Spain, for around 6 million Euros and also acquired buildings from Alstom – a world leader in electrical infrastructure and rail transport – for around 60 million Euros.
Puerto Banus is a very small town. You can walk from one end to the other in around 10 minutes and there are already 3 large shopping centres (el Corte Ingles, Cristamar and Marina Banus) so I wonder if this is such a good idea. Saying that, the Baraka Group seem to have a pretty good success rate in site acquisition and development so I’m sure they’ve done their homework. However, you can already buy Armani, Versace and most other designers overpriced products in the current stores. Also, front-line Puerto Banus is lined with similar boutiques from the likes of Armani, Jimmy Choo and Louis Vuitton.