In the heart of Oslo’s central retail district Grensen 5-7 will provide a striking opportunity for a major international retailer to use a historic Norwegian building to create a stand-out cutting-edge retail experience.
aspireDM are strategic development partners with the private equity real estate fund, Tristan Capital Partners and have been charged to deliver this significant central Oslo development of circa 150,000 sq.ft. Grensen 5-7 is an office and retail asset in the heart of Oslo, linking close to the main retail pitch of Karl Johans Gate.
aspireDM was appointed by Tristan Capital Partners in 2015 to act as development manager for the scheme. Working closely with the appointed asset manager and leasing agent, Aspire led the feasibility stage of the development. This involved: site assembly; commissioning and assessing the viability of concept designs; development appraisals, production of marketing material, and the appointments of a local in-country project team.
With the asset performing poorly within the fund, and significant lease expiries impending, aspireDM, analysed various options for the scheme and agreed the optimum proposal with the partner. This included leading the feasibility of two primary uses for the scheme (office and retail), key to making the scheme work and maximising retail frontage and value.
In addition, office entrances and exits are to be relocated to provide effective office common areas, and maximise retail frontage and visibility. The fire strategy for the building is also to be revised to make sure that the highest value retail areas are available to let with lower value areas being used for circulation and back of house, whilst maintaining the integrity of glass light-wells which run from roof to basement through both office and retail areas.
We expect Grensen to become one of the main pitches within Oslo in due course with this step change.