Newmark has advised on the sale of the “Project Castle” development site at Heubnerweg 2–6 in Berlin-Charlottenburg as part of an exclusive mandate. The buyer is the residential developer Instone Real Estate, which operates throughout Germany. The transaction marks the largest land sale in Berlin so far this year. [1]
The transaction was carried out on the seller’s side under the expert support of Horizon RE. Newmark advised on the sale process with the Capital Markets team of Hendrik Kadelbach, Lennart Bischoff, Filip Schilhabel, Patrick Stahnke, Simon Vogelgesang and Massimo d’Ambrosio. Already during the marketing process, the team developed a concept for the future design of the location together with Tchoban Voss Architekten.
The approximately 25,000 square metre site is located in the heart of Berlin’s City West, in the immediate vicinity of the Charlottenburg Palace Park. A residential quarter with around 640 units is planned on the former hospital site. The direct location on the palace park offers an unobstructed view of the palace garden and Charlottenburg Palace. In addition, the district has very good public transport connections via the Jungfernheide and Westend S-Bahn stations.
“The project combines several factors that rarely come together in the Berlin residential investment market: an exceptional location directly on the Schlosspark with an exposed line of sight, a relevant scale and a clear, short-term development perspective,” says Hendrik Kadelbach, Head of Capital Markets Berlin at Newmark. “Especially in self-administration proceedings, early structuring, both in terms of content and building law, is of particular importance. The close cooperation with Tchoban Voss and the professional process control with Horizon RE were decisive for the successful conclusion.”
[1] According to Newmark Research
