Union Investment has cleared the final hurdle and been granted planning permission for its Wandsbek Markt neighbourhood development in Hamburg. 125 flats, as well as office and retail space, are to be built on the site of the former Karstadt property. The initial stages of the regeneration project were carried out on the basis of partial planning permission. The demolition of the old Karstadt car park and the removal of the rear façades dating from the 1960s have already been completed. The first phase of the project has also been successfully completed: the restoration of the historic façade facing Wandsbeker Markt.
Leon Wirges, Project Manager at Union Investment: “We are delighted that, with the granting of the planning permission, we now have definitive certainty regarding the planning. The next milestone in our neighbourhood development is the completion of the pedestrian walkway on the ground floor, which is scheduled for the end of December. At the same time, work on the structural shell is continuing, with completion scheduled for autumn next year. Work on the timber-framed upper storeys will also begin in the summer, increasingly shaping the future appearance of the neighbourhood.”
The “Quartier Wandsbek Markt” is currently one of the largest privately financed regeneration projects in Hamburg. It forms part of the portfolio of Union Investment’s UniImmo: Deutschland open-ended public property fund. With this project, the Hamburg-based property company – which owns the former Karstadt building as well as the neighbouring QUARREE Wandsbek – is creating a vibrant mix of residential properties, retail outlets, parts of the Wandsbek district office, offices and a food court at Wandsbeker Markt. Completion is scheduled for the end of 2028.
For more information about the project, visit www.quartier-wandsbek-markt.de
