New Hamburg project planned by Campus International
International Campus has acquired Wendenquartier, a planned apartment scheme in Hamburg’s Hammerbrook district that will have 700 apartments for students and young professionals.
The development was sold by Grundkontor Projekt, who will be responsible for the construction of the 24,000 sq m building. The two parties have agreed not to disclose the purchase price.
IC, a developer of student and urban living concepts in Europe, will split the new building between its brands The Fizz and HVNS, with two separate entrances. The ground-up development in Wendenstrasse will have a brick façade, 476 beds for students, 329 beds for young professionals, over 800 bicycle parking spaces, an underground carpark and extensive communal areas, including three rooftop terraces.
On the ground floor of the building there will be commercial rental units that will be let to a bistro, a gym and other stores.
Wendenquartier will be IC’s second major acquisition in Hamburg as the group had already developed Stresemannquartier, a building which was also split between The Fizz and HVNS brands.
“The site is conveniently accessible, centrally located and has excellent transport links,” said Michael Stapf, chief investment officer, IC. “The fact that we were able to secure this large-scale project with roughly 800 beds, one of the biggest deals in this segment, in such an exciting location via a forward deal illustrates our expertise and our expansion strategy.”
The 1970s office building that occupied the site has been demolished and work has begun on the new project. The development will be LEED Gold certified and it is expected to open in 2024.
“The district of Hammerbrook is undergoing a transformation, as it is moving away from its obsolete basic business units and toward a mixed-use area,” said Rainer Nonnengässer, executive chairman, IC. “With its Wendenquartier development International Campus will play an active part in this transformation, creating urgently needed residential accommodation for students and working professionals of all ages. We will continue to see the gap between supply and demand for small-scale urban housing in Hamburg widen in the future.”
Germany’s second-biggest city is a major trading hub and home to many national and international companies and it attracts workers and students from all over the world. Hamburg University is one of the largest in the country with 43,000 students and over 116,000 people are studying at the city’s 20 higher education institutions.
“We have many years of experience with student housing and urban living concepts and know how important attractive property brands and professional operation are,” said Romeo Uhlmann, managing director and owner, Grundkontor Projekt. “We are therefore very pleased to join International Campus in the development and realisation of this special project at such an early stage.”