Shoreline Mall p.l.c. (the ‘Issuer’) is a limited liability company registered in Malta with registration number C84005 and with registered address at Suite 407, Level 4, Block SCM01, Smart City Malta, Ricasoli, Kalkara, Malta. The principal activity of the Issuer is the acquisition and disposal and/or development and operation of the various immovable properties within and constituting the Shoreline Mall Complex to be situated at the Shoreline Mall Site at Smart City Malta, Kalkara. The Issuer was, in fact specifically set up in view and for the purposes of, and will principally operate by reference to, the Shoreline Mall Complex and its activities will accordingly be focused thereon. The Project is a mixed-use development in the Southern area of Malta and consists of:
The commercial component of the Project comprises a shopping mall with a total gross area of ca. 25,000 sqm on 2 floors, of which approximately 14,000 sqm are rentable retail spaces, overlying 3 levels of underground parking. Following an international bid, Haskoll, one of Europe’s leading retail architectural firms responsible for creating successful shopping center designs around the world, has been appointed. Furthermore, in order to ensure that the commercial element delivers sustainable solutions for the internal and external environments of the project, lighting consultant Franck Franjou, acoustic consultant Hann Tucker Associates Ltd, and LEED consultant Greenwich have been appointed.
The Issuer intends to retain ownership of the Commercial Units, and to lease out the resulting mix of retail, leisure, entertainment and catering outlets. Management intends the Shoreline Mall to be a mid-market mall with an associated tenant mix. Such leases are subject to an agreement structured towards a set base rate per sqm regulated by a percentage of gross turnover which base rates may vary according to the type of operation.
The Issuer has a number of letters of intent and expressions of interest by the major brands and operators already present in Malta, which letters of intent and expressions of interest are currently being reviewed by the Shoreline Group’s retail consultants for shortlisting. Additionally, the Issuer is in constant discussions with several significant foreign brands which currently do not have a presence in Malta, with a view to attract them to the commercial component as prominent tenants thereof.
In terms of target market it is to be noted that no retail shopping malls currently exist in the Southern area of Malta, where, inversely, a substantial percentage of the islands’ population exists. Currently these residents have to drive or commute towards other parts of the island to visit shopping malls. This is the primary target market of the mall, given that the mall will be within a 15 minute drive of the most populated towns and villages in the south of the island.
The Residential Component consists of a row of 7 terraced duplex residences made up of a mix of 2 and 3 bedroom variants all having adjoining terraces, lock-up garages and private lifts to all levels, all located on the foreshore of the Shoreline Mall Site. The Residential Component has been earmarked for resale purposes by the Issuer upon completion.