Arbitrage has been appointed by a major REIC to provide planning and development project management services in the greenfield development of a new prime office building on two adjacent plots located at Fragkoklissias street in Marousi, Athens.
The new prime office building is expected to have a total above ground area of more than 7,000m2. It will be built on a plot area of c.5.250 m2. The new commercial building will consist of 4 levels for office use and a ground level to be let as office and retail space. It will also have around 7,000m2 of underground space for auxiliary, storage and car parking purposes. The new office building will be energy efficient and will incorporate the latest sustainability standards and practices. It will aim to achieve a premium green rating.
Arbitrage’s Planning & Development team initially provided technical due diligence and strategic planning management services. The team also conducted a development study according to the town planning regulation and produced a technical and commercial report that assessed the optimum commercial space usages.
The team manages the whole planning phase, including selecting and recommending the appointment of the architectural designers, engineers and related special advisors. The related services include overseeing the planning application and the issuance of the required building permits.
Following the successful conclusion of the planning phase, the team will manage the procurement and tendering process of the construction phase. It will recommend the appointment of the preferred contractors for the different working packages. The team will also project manage the various working contractors and monitor progress on site on behalf of the investor. This will include issuing payment certifications and related change control.
Finally, the team will also be involved in the commissioning process and manage any required fit-out work to prepare the office and ground floor retail space for the new tenants.
