GWB Immobilien AG reaches important milestone in Völklingen project (DE)

GWB Immobilien AG has reached an important milestone in its City Center Völklingen development project. The stage of planning approval in accordance with § 33 of the German Building Code was reached in the building planning process on January 5, 2012.

The town council was due to pass a resolution about the land use planning rules yesterday (January 12, 2011). Construction work will be starting as early as the beginning of April.

The project is scheduled for completion in the fourth quarter of 2013. The investment amounts to about €34 million.

City Center Völklingen will have a gross floor area of 34,300 m² and about 12,700 m² of rental space, some 10,000 m² of which will be used for sales purposes. The ground floor and first floor will house more than 30 retail outlets. A 1,380 m² fitness studio is being opened on the second floor.

Well-known tenants such as H&M, Deichmann, Tally Weijl and Apollo Optik have already been found for the property. An occupancy rate of between 60 - 70% is expected by the time construction begins.

"We have reached the finishing straight. Once construction work starts in April, we will be doing everything in our power to make sure that City Center Völklingen is completed as planned," says Dr Norbert Herrmann, CEO of GWB Immobilien AG.

Source: GWB Immobilien AG

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