HAMBURG TEAM receives building permit for 185 residential units in Hamburg-Veddel and sells residential project in its entirety
On August 19, 2026, HAMBURG TEAM received the building permit for the Uffelnsweg residential project in Hamburg's Veddel district, thus driving forward the realization of the project according to plan. The project comprises seven buildings with 185 apartments in a wide-ranging mix of one- to four-room apartments. coido architects is responsible for the architecture of the Uffelnsweg project.
With the granting of the building permit, HAMBURG TEAM has sold the project in its entirety. The SAGA Group acquired six properties with 148 publicly subsidised apartments and a total of around 9,800 m² of living space. The buildings will be constructed to the Efficiency House 40 standard. Another property with 37 apartments and around 2,350 m² of living space was sold to the "HAMBURG TEAM Urbane WohnWerte II" fund. Here, too, an Efficiency House 40 will be implemented – supplemented by the Sustainable Building Quality Seal (QNG).
"With the Uffelnsweg project, we are providing a noticeable impetus on the Veddel and creating new housing with a high proportion of publicly subsidized apartments, supplemented by privately financed rental apartments. The preparatory measures on the property have already been completed, so that we can now start implementing the project directly with our construction partner GOLDBECK Nord with the granting of the building permit," says Bastian Humbach, Managing Director of Project Development at HAMBURG TEAM.
Ole Klünder, Head of Property and Project Development at the SAGA Group: SAGA currently rents out around 1,400 apartments on the Veddel. In this context, the turnkey purchase of around 150 publicly subsidized residential units on Uffelnsweg is a sensible addition to the existing portfolio, which also convinces with its attractive architecture. The purchase itself is further proof of our successful countercyclical acquisition policy, which is helping to ease the pressure on Hamburg's housing market through more new construction."
Timon Zeitlinger, Senior Project Manager at HAMBURG TEAM, adds: "On Uffelnsweg, we are successfully combining two strengths: the efficient system construction of GOLDBECK and the architectural standards of coido architects. This urban reorganization will strengthen the district in the long term."
Marius Piehl, authorized signatory at HAMBURG TEAM, continues: "With the purchase of the project, we are expanding our housing stock and can further strengthen the existing portfolio. The fund is thus almost fully invested as planned. At the same time, we are looking ahead, because other attractive home products are already in the preparation and are about to be ready for the market. We are therefore continuing to look for attractive residential investments and remain active in the market."
The demolition work and the explosive ordnance sounding, as preparatory measures on the property, have already been completed. The excavation pit and the soil improvements will soon be carried out by a separately commissioned consortium by the end of the year. The subsequent building construction will be carried out by the general contractor GOLDBECK Nord and is scheduled to start at the end of 2026. Completion of the overall project is scheduled for summer 2028.
