The "Burstah Ensemble" will be developed by end of 2018 in Hamburg's prime central location near city hall and the shopping mall at Mönckebergstraße. Commerz Real has secured the area for this building project. The new real estate complex is designated for the portfolio of the hausInvest open-ended real estate fund. Facilities will be developed for a hotel, offices, retail and residences in an area of approximately 40,000 square meters. Seller is Große Burstah 3 GmbH, a subsidiary of Quantum Immobilien AG. The contractual parties have agreed to keep the purchase price confidential. Commerz Real plans to develop the area by contracting FREO Financial & Real Estate Operations GmbH and Quantum Immobilien AG who will undertake the operational responsibility for planning, construction and leasing. BNP Paribas Real Estate was advising during this transaction.
In 2013/2014, an urban design competition was held in close cooperation with public agencies and authorities in Hamburg for the redevelopment of the area, the result of which is set to be implemented during the planning process. The development planning process to procure the planning permission should start in September 2015.
The hotel, whose operator is yet to be determined, will be constructed in listed Globushof, built in 1907 at Trostbrücke 2, whereas spaces for offices, retail and residential use will be developed in the area of the Allianz building, built in 1967 (Großer Burstah 3), in a smaller scale development compared to current use.
"The 'Burstah Ensemble' offers an unusually diverse mixed-use concept that will contribute to further diversifying our hausInvest portfolio", explains Robert Bambach, responsible for real estate transactions at the Executive Board for Commerz Real AG. "The location offers incredible potential. The 'Burstah Ensemble' will be developed within the dynamic environment of the Nikolai Quarter which, due to its designation as 'Business Improvement District', will undergo significant improvement over the coming years."
Traffic infrastructure for the complex is also very attractive: the underground car park is set to offer about 300 spaces, and the underground stations "Rödingsmarkt", "Rathaus" and "Jungfernstieg" are each within easy walking distance.
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