International Campus Group (IC) has signed a purchase and sale agreement for a planned apartment scheme to be developed on Wendenstrasse in Hamburg’s Hammerbrook district. The vendor is Grundkontor Projekt GmbH. The purchase price was not disclosed.
The apartment scheme, with its recognisable brick façade, will consist of two separate parts of around 24,000m² GFA with separate entranceways and will be split between the brands THE FIZZ and HVNS. The overall scheme will provide for about 700 apartments (with 476 beds for students and 329 beds for working professionals) as well as extensive community areas including three rooftop terraces, more than 800 bicycle parking spaces and a dedicated underground car park. In addition, about 2,000m² on the ground floor are to be earmarked for commercial rental units that are to be let to a bistro and gym, among others.
“Wendenquartier in Hamburg will be IC’s second major location in the port city after Stresemannquartier. Here, as there, we will split the building between our two brands, THE FIZZ and HVNS,” said Michael Stapf, Chief Investment Officer of IC. The site is conveniently accessible, centrally located, and has excellent public transport links. Hammerbrook is part of Hamburg’s central borough of Hamburg Mitte. “From Wendenstrasse, it’s a walk of mere minutes to the Deichtorhallen art centre and the Elbphilharmonie concert hall. The fact that we were able to secure this large-scale project with roughly 800 beds—one of the biggest deals in this segment anywhere in 2021—at such an exciting location via a forward deal illustrates our expertise and our expansion strategy.”
"In International Campus, we have found an accomplished partner for our Hamburg Wendenquartier scheme who is also familiar with large-volume project developments," said Romeo Uhlmann, managing director and owner of Grundkontor Projekt GmbH. "We have many years of experience with student housing and urban living concepts and know how important attractive property brands and professional operation are. We are therefore very pleased to join International Campus in the development and realisation of this special project at such an early stage."
“The original office building from the 1970s that occupied the site on Wendenstrasse has been demolished and we are now moving ahead with the foundation works and intend to have the scheme completed and open for occupancy by 2024,” added Rainer Nonnengasser, Executive Chairman of International Campus Group. “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. With its Wendenquartier development, which will be LEED Gold certified, 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.”
