Øvre Slottsgate 7 Oslo is a high profile corner property in the heart of Oslo’s central business district, superbly located between Karl Johans Gate and the popular harbour and tourist area of Aker Brygge. Polestar initially wanted to locate in an area they thought fitted their target market a young, modern demographic, which pointed in direction of Gruenerløkka, a more residential area. However, Savills knowledge and research suggested locating to the high street area, in the fantastic corner location.
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Landlord details
The landlord was a private client of Malling & Co. a Savills Associate in Norway. This enabled us to bring the landlord into our discussions early in the process. . An early meeting was organised with the global head of property of Polestar, to present the brand and their strategy, whilst the detailed plans for Oslo were approved by the company.
TIMING
The property was identified early in our search of Oslo.
Construction or other building issues
Early questions were raised regarding the structural loadbearing capacity of the main retail floor. This information was established, and the issue was satisfied early in the process. Initially the transaction focused on one of the landlords’ two units. As the design progressed, it became evident that this single unit would not be large enough and the second unit, taking in the entire corner would be required.
Car parking and test drive access
Challenges quickly became apparent following a decision by Oslo City council to effectively eradicate on-street parking from the city core. This meant that test drive parking would have to be located slightly further away, however the decision was made that the quality of the location outweighed this issue, and the fact that all vehicle retailers would have to deal with the same restrictions. We arranged exclusive parking in a public parking garage a near to the store.
Key learnings
- Initial landlord engagement was key
- Quality of pack, presentation, financial information and vision secured the landlords’ commitment and patience
- Having a clear technical pack upfront allowed us to assess the building in terms of power supply and structural loadings.
- The fact that Polestar was represented by Savills/Malling & Co. and the landlord also by Malling & Co. worked out as a significant advantage. All potential conflicts were declared at the earliest stage, with appropriate measures around confidentiality and protection of data put in place. Any potential issues were greatly outweighed by the levels of trust developed with the landlord, meaning that the property, which has transpired to be a flagship example in the Polestar store rollout, was secured, off market, and in a manner and timing that allowed Polestar to develop and secure its corporate approvals while the transaction was being negotiated.
For more information, contact Larry Brennan.