Engel & Völkers Development GmbH has sold a new development project in Hamburg’s “Stadtpark-Quartier” to Quantum Immobilien Kapitalanlagegesellschaft mbH. Around 100 rental apartments are taking shape on a plot spanning some 4,500 square metres, as well as 880 square metres of commercial space and approximately 95 parking spaces. Hamburg’s “Stadtpark-Quartier” is located on the site of the former freight depot in Barmbek and consists of 16 construction sites in total. The project is being contracted by Engel & Völkers Development GmbH and is due for completion at the end of 2015.
An L-formed building complex is set to be built on building site 1.7, distributed over a 6-storey plinth building and a 12-storey tower. The top floors will afford views overlooking the entire municipal park in the city. The interior concept envisages generously sized rooms with ceiling heights of up to three metres, open plan kitchens and high-end flooring. “This project combines high-brow architecture with urban living in an absolutely prime location,” said Christian Philipp Völkers, Managing Director of Engel & Völkers Development GmbH. The building complex is being planned by the architecture firm Frank Pawlik Architekten.
In developing this project, Engel & Völkers Development GmbH is contributing to the creation of new living space in one of the most desirable areas of Hamburg. The conversion of spaces formerly used for commercial purposes is becoming increasingly common in towns and cities, as a result of the increasing shortage of residential housing. The growing need, especially in urban areas, is coupled with a constant decrease in new building developments over recent decades. Only recently has the level of new building development begun to rise once again, due to the fact that investors are increasingly reacting to the change in market climate and the fact that local authorities are now demanding this development in more and more cases. “We are interested in developing new concepts for homes close to our city centres,” Mr. Völkers added.