Property

Naseej appoints CBRE to manage and lease retail for CanalView on Dilmunia Island

The retail component spans a total of 5,200sqm of GLA, with 26 retail units for cafes, restaurants, fashion boutiques, entertainment centres and other retail and hospitality offerings

Real estate advisor CBRE has been appointed by Bahrain-based developer Naseej to exclusively manage and lease the retail component of CanalView, which is the developer’s flagship mixed-use development on Dilmunia island.

In a statement, CBRE said that the retail component spans a total of approximately 5,200sqm of gross lettable area (GLA) with 26 retail units, leasable to cafes, restaurants, fashion boutiques, entertainment centres and other retail services and hospitality outlets.

The total value of the project is said to be US $75.6mn. It features 246 luxury freehold apartments across four seven-storey buildings, along with two levels of retail facilities, which overlook a grand canal, waterfall, and main fountain. It was officially launched in November 2021.

In early September 2020, IDC awarded the design and supervision contract for the Dilmunia Mosque to MSCEB Architects and Engineers.

Commenting on the partnership, Mr. Ahmed Al Hammadi, General Manager of Naseej said, “We are very pleased to announce the official appointment of CBRE to oversee the property leasing aspect of CanalView’s retail complex. It is fundamental for us to ensure that the retail component is properly managed in order to deliver CanalView’s promise as an integrated, mixed-use development that combines modern living with a lifestyle of luxury.”

The statement highlighted that CanalView’s waterfront retail area provides large outdoor spaces as it has a ground floor promenade, along with upper floor terraces adjacent to the canal. These span a length of 1.6km and extend to the Dilmunia complex and other developments on the island.

Richard Botham, Senior Director & General Manager at CBRE Bahrain commented, “CBRE is proud to have been appointed by Naseej to support with the retail component of Bahrain’s newest real estate landmark. This modern, luxury apartment project in the heart of Dilmunia, a developing community master plan, offers an attractive waterfront destination for retailers and consumers alike.”

In early February 2022, IDC and Naseej began construction of the Nadeen School Dilmunia.

He concluded, “We anticipate that both residents and visitors will be offered a unique experience, with the dining and retail experiences on the promenade overlooking the canal and fountains. We are truly privileged to add a development of this quality to our portfolio of locally managed assets in Bahrain.”

In early July 2022, EDAMAH called for bids for the 20,717sqm mixed-use investment project, which is being developed near Diyar Al Muharraq and Dilmunia.

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