International Campus Acquires Wendenquartier Scheme in Hamburg providing for circa 700 Apartments
- Ground-up development for brands THE FIZZ and HVNS in Hammerbrook, a central district of Hamburg
- 476 beds for students, 329 beds for urban professionals, more than 800 bicycle parking spaces and a dedicated underground car park
- Completion and opening of the LEED Gold certified apartment scheme is scheduled for 2024
- The development was sold by Grundkontor Projekt GmbH (Unterföhring near Munich), who is also responsible for the construction
International Campus Group (IC), a leading developer and operator of student and urban living concepts in Europe, has signed a purchase and sale agreement for a planned apartment scheme to be developed on Wendenstrasse in Hamburg’s Hammerbrook district. It was sold by Grundkontor Projekt GmbH, a company based in Unterföhring near Munich (with the parties agreeing not to disclose the purchase price). The apartment scheme, with its recognisable brick façade, will consist of two separate parts of around 24,000 sqm GFA with separate entranceways, and will be split between the brands THE FIZZ and HVNS. The over-all 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 2,000 square metres 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,” Stapf said.
“In International Campus, we have found an accomplished partner for our Hamburg Wendenquartier scheme who is also familiar with large-volume project developments,” says 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 Nonnengässer, 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.”
With its population of almost 2 million residents, Hamburg is the second-largest city in Germany, a major trading hub for goods from around the globe, and home to numerous national and international companies. As a result, the Hanseatic city attracts workers and students from all over the world. More than 116,000 students are pursing degree-granting studies at 20 higher education institutions and universities. Around 43,000 students are enrolled at the University of Hamburg alone, one of the largest universities in Germany.
The district of Hammerbrook counts among the most important business locations in Hamburg. About 800 companies have their registered offices here. Once a working-class neighbourhood, Hammerbrook is known for its waterways, including canals, a flood basin and the small River Bille, and for its vibrant cultural scene.