Nakheel To Lease Retail And Office Space At Palm Jumeirah’s Golden Mile

Dubai-based developer Nakheel has announced that it will begin leasing office, retail and dining space at the Golden Mile development in Palm Jumeirah on Monday, January 5, 2015.

The Golden Mile- the latest retail project of Nakheel on Palm Jumeirah – will have around 70 outlets including a supermarket, department store, cafes, restaurants, medical centre and gym.

The units are expected to open in April 2015, the developer said in a statement.

Retail units at Golden Mile were previously blocked from being leased out due to a four year legal battle between Nakheel and Souq Residences, which is a joint venture between IFA Hotels & Resorts and Istithmar World.

In 2010, Nakheel sued IFA Hotels & Resorts demanding a refund of Dhs100 million paid to the company, after it claimed the cancellation of the contract for Golden Mile. Meanwhile, IFA disputed that the agreement was cancelled and countersued Nakheel in the Dubai World Tribunal, beginning a long-drawn out legal tussle.

Although IFA Hotels and Resorts reportedly began signing leases to retail outlets in 2011, all legal proceedings had to be completed before the retailers could move in.

But in November 2014, both Nakheel and Souq Residences reached an agreement which saw the former assuming full responsibilities of the Golden Mile development while the latter was relieved of all substantial liabilities.

With the units at Golden Mile slated to be leased, Nakheel said that it will prioritise tenants who had previously signed leases with the original owners.

Around 400,000 square feet of office and retail space is available in total at Golden Mile while the new retail centre will provide on-the-doorstep facilities for the 2,500 people living in the vicinity.

Golden Mile is among the many retail, dining and entertainment projects launched in Palm Jumeirah.

Nakheel’s other projects in Palm Jumeirah are Nakheel Mall, The Pointe, Palm West Beach and The Boardwalk.

A number of Nakheel residential projects on the island, including Azure Residences and Palm Views East and West, also feature retail and dining outlets.