FairPlay Commercial, an office property developer that is part of FairPlay International, said it plans to build distribution warehouses and a 120 000 sq m logistics park. The location of the new property developments was not named.
The warehouses would most likely be in smaller cities with shortage of purpose-built logistics properties, FairPlay Commercial board director Mario Zahariev said.
The company developed Logistics Park Varna, where tenant demand has surpassed all expectations with full occupancy in its first two buildings. Although construction will not get underway before the fall, the sixth building has already reached 5o per cent occupancy, Zahariev said.
There is a long waiting list of prospective tenants, according to Atanas Garov from Colliers Bulgaria, which has the exclusive rights to sell rents on the logistics park. The average monthly rent rate for the warehouses is five euro a sq m, while that for the office space is 7.5 euro a sq m.
The first phase of the project delivered a built area of 24 000 sq m. The 57 million euro logistics park may be sold once it is completed if the right price is offered, Zahariev said.