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CBRE named lease manager for key Bahrain luxury project

January 12, 2023
real estate

Global real estate advisor CBRE said it has been appointed by Naseej, a leading real estate developer in Bahrain, to exclusively manage and lease the retail component of Canalview, its flagship mixed-use development located in the Dilmunia island.

Valued at BD28.5 million ($75 million), the CanalView project features 246 luxury freehold apartments across four 7-storey buildings and two levels of retail facilities overlooking a grand canal, waterfall and main fountain, said a statement from CBRE.

The retail component spans approximately 5,200 sq m gross lettable area (GLA) with 26 retail units, leasable to cafes, restaurants, fashion boutiques, entertainment centres and other retail services and hospitality outlets.

CanalView’s waterfront retail area provides vast outdoor spaces, with a ground floor promenade and upper floor terraces adjacent to the canal, spanning a length of 1.6 km and extending to the Dilmunia complex and other developments on the island of Dilmunia, it stated.

On the key partnership, Naseej General Manager Ahmed Al Hammadi 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 to deliver CanalView’s promise as an integrated, mixed-use development that combines modern living with a lifestyle of luxury,' noted Al Hammadi.

CanalView was officially inaugurated by Shaikh Khalid bin Abdullah Al Khalifa, Deputy Prime Minister of Bahrain, at a grand opening ceremony held in November 2021.

Richard Botham, the Senior Director & General Manager at CBRE Bahrain, said: 'We are proud to have been appointed by Naseej to support 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.'

The development provides easy access by walk to the Mall of Dilmunia and surrounding areas of Dilmunia, including the Padel Club Dilmunia and Nadine School’s new campus that will be completed in early 2023.

Residents and visitors can take a stroll along the main promenade and use the walkways via the footbridges and pedestrian passages, taking in the beautiful views of the grand canal and open sea.

The project also includes a wide range of facilities and services for residents including two outdoor swimming pools for adults and children, as well as an indoor pool and a private gym equipped with the latest fitness equipment. Residents also benefit from a multi-purpose sports court, and barbecue areas.

'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,' he added.