Consus Real Estate AG will be building a new quarter for 460 homes
- Hamburg-Mitte council passes development plan for “Elbinsel Wilhelmsburg”
- Socially balanced mixed use plan to redevelop the district
Hamburg, 27th September 2019 – Bring on the “Neue Korallusviertel”! In total 460 attractive homes, plus a childcare centre and multiple retail units will be developed in the Hamburg borough of Wilhelmsburg by Consus Real Estate AG (“Consus”), the leading real estate developer in the top nine cities of Germany. Hamburg-Mitte council has passed this development plan for one of the largest residential projects to the south of the city of Hamburg, with the start of construction work scheduled for 2020.
The development plan for Wilhelmsburg 96 provides for a new residential area on the Elbinsel with a socially balanced housing blend : properties for sale (24 %), privately financed properties for rent (56 %) and subsidised housing (20 %). The building plot is in two parts and comprises of a total of 2.44 hectares.
„An important contribution to meet the housing demand“
This project will make „an important contribution in helping to meet the increasing demand for housing“, quoted the resolution from the district assembly. The plan supports the „city renewal“ as well as re-densification. As part of a housing construction campaign, the red-green Hamburg State Government has decided to build at least 10,000 new homes per year.
„The Consus development plan combined with the neighbouring re-development area will have a positive influence on the entire Korallusviertel district. Thanks to this project, local residents will be able to buy homes or rent family-friendly subsidised flats in their quarter. According to the urban development contract both high quality construction work and speedy implementation are guaranteed“ says Tobias Piekatz, leader of SPD for Hamburg-Mitte.
„Policy decision provides additional boost“
„This decision by the politicians provides us with an additional boost and is a vital milestone on our way to build this new quarter“, says Thomas Fründt, Head of Project Development with SSN Development GmbH & Co. KG (being renamed Consus Development GmbH & Co. KG).
The „Neue Korallusviertel“, only 400 meters away from the train station Wilhelmsburg, will consist of eight 5-7 storey level building units which with connecting buildings and individual town houses will form a heterogeneous neighbourhood structure. A childcare centre offering 65 places as well as space for individual retail units will be available along with green areas and a car-free local market square.
Underground parking will provide 233 parking spaces. As an offset, Consus will make available to the city a free area with a size of 5,000 square meters outside the “Neue Korallusviertel” quarter.
In close cooperation with local politicians and administration, Consus has developed the design proposal by architecture firm Fuchshuber Architekten. The urban development contract was signed by Consus and the city officials back in February.
Low-barrier housing with rents from 6.60 EUR per square meter
The 2 to 5 room flats will have easy access design and will also feature balcony, loggia or a patio. The rent will be from 6.60 EUR per square meter (subsidised) and around 13 EUR per square meter (privately financed).
Consus will develop the quarter for a forward sale.
With the “Holsten Quartier” in the borough of Altona, Consus is planning a further large-scale project in the Elbe metropolis. An urban development contract is currently being negotiated to implement the development of around 1,400 new homes, a school extension with gyms, crafts yards and space for retail outlets, a hotel as well as a community centre.
About Consus Real Estate AG
Consus Real Estate AG (“Consus”) with its head quarter in Berlin is the leading property developer in the top 9 cities in Germany. The development portfolio of Consus had a gross development value (GDV) of EUR 10 bn as of 30 June 2019. Consus focuses on the development of entire quartiers and standardised homes. With forward sales to institutional investors and the digitalisation of construction processes allow Consus to operate along the entire property development value chain. Consus implements development projects from planning through construction to transfer of ownership, as well as delivers property management and related services through its subsidiaries CG Gruppe AG and Consus Swiss Finance AG.
The shares of Consus are traded in the Scale segment of the Frankfurt Stock Exchange and the m:access segment of the Munich Stock Exchange and among others on XETRA in Frankfurt.