OMO Retail, the company specialising in the development of retail complexes, has entered into an agreement with the Junta de Compensación for the development of the MCO area in El Cañaveral, which is planned as a significant medium-sized retail and leisure park in Madrid, with construction scheduled to commence in spring 2024.
The site, which covers an area of 216,000 square metres of consolidated urban land, will allocate 90,000 square metres for commercial, leisure and recreational activities, in accordance with current urban planning regulations.
Located in the district of Vicálvaro, southeast of Madrid and flanked by the M-45 and R-3 motorways, the project is located in a strategic point that facilitates connectivity and access. The infrastructure of El Cañaveral will include direct access from the M-45, surface parking areas and a varied commercial and leisure offer to respond to the needs of the new residential areas of southeast Madrid, including Los Ahijones, Los Cerros and Los Berrocales, where more than 60,000 families live.
Responsibility for the marketing of the retail park has been assigned to the real estate consultancy firm Savills, which has begun to establish contact with operators in the sector interested in forming part of the project. This development in El Cañaveral is an extension of OMO Retail's actions, which include the recent purchase of a 14,500 square metre site in Utrera, Seville, for another shopping centre, with an estimated investment of eight million euros.
The new centre in El Cañaveral will offer more than 200 parking spaces and an assortment of shops and services, including restaurants, sports, pet products, textiles, among others, as well as established operators such as Diaz Cadenas and McDonald's.
This project joins other OMO Retail developments currently under construction, such as OMO Arroyomolinos Park, OMO Gymrest Guadalajara and Medianas Restauración Vicálvaro. In addition, OMO Retail completed the sale of a supermarket in Aranjuez to Savills IM in July, with a gross lettable area of 1,770 square metres.