A new upgrade of Stadiou Street with a horizon of 2027 is being launched by the development company Dimand, which is undertaking the utilization of the commercial spaces of the former TSAY Building, at 29 Stadiou, opposite the Alpha Bank campus.
This is one of the last parts of the central street that remain unutilized, offering opportunities for new added value to investors.
In an e-EFKA tender that was completed recently, Blueprint Properties Single-Member S.A., a company of the Dimand group, emerged as the final highest bidder regarding the lease of nine stores.
With an offered monthly rent of 26,000 euros, Dimand will utilize the nine retail points, with a total area of 2,186.5 sq.m., on the ground floor, mezzanines and basements of the building. The first works are expected to begin in the coming months, with the initial planning providing for the completion of the project within 2027, sources tell Euro2day.gr.
The stores are located to the right and left of the building’s arcade, as well as inside it. Their size ranges from approximately 157 to 409 sq.m., while each one is connected to the corresponding mezzanine and basement via an internal staircase. Although the official technical description shows that substantial interventions will be required in the spaces undertaken by Dimand, the center offers strong prospects.
According to market data, rent at prime retail points in the area, namely on Ermou Street and Voukourestiou Street, amounts monthly to 300-315 euros per sq.m., at a cost that burdens the end user.
The center of Athens is gaining strength
The upgrade of the stores is being prepared at a time when significant projects are being implemented in the center. Opposite, a unified financial hub of seven interconnected buildings is being formed by Alpha Bank, with a total area of approximately 50,000 sq.m.
A little further down, the Food Hall opened, in the new Arsakeiou Arcade, between Stadiou, Panepistimiou, Pesmazoglou and Arsaki streets, while Dimand is preparing other ambitious plans for the former Notos department store on Stadiou and Aiolou streets.
Sources say that the central Kotsovolos store may be moved from Stadiou and Korai to the new stores being prepared in the former TSAY Building.