The six-storey office and retail property to be built at Väritehtaankatu 8 will complement the range of services available in the developing district of Tikkurila and represent a significant addition to the local cityscape.

The project will be implemented in two phases, the first of which will begin with excavation work in July 2016. The first phase will comprise a total of 9,500 sqm of leasable space, half of which will be office space and the other half retail and service premises. The property will have indoor and outdoor parking for 210 cars. The plan for the project’s second phase involves the construction of a further 4,000 sqm of business premises. The decision on commencing the second phase will be made later based on the occupancy rate.

The investment size of the project’s first phase, to be completed in March 2018, is estimated at approximately €31M. Approximately 57 per cent of the premises have been leased to tenants, some of which include Lehto Group Plc, Fitness24Seven, Majoituspalvelu Forenom and the restauranteur Kim Heiniö. The project’s yield on cost is estimated at approximately 7.3 per cent.

The new retail complex will be located to the east of Tikkurila station, in the Jokiniemi area. Directly connected to Tikkurila railway station, the property will offer tenant businesses excellent visibility and accessibility. Its location in the immediate vicinity of one of Finland’s busiest railway stations will also generate natural customer flows for tenants.

The project’s main contractor is Lehto Group Plc.