Hamburg News: Trade and Finance. High-class shopping area in the city centre shown.
© HafenCity Hamburg GmbH Burghard Kuhn

French Investor To Develop The South of HafenCity Hamburg

Unibail-Rodamco SE signs an agreement with the the Free and Hanseatic City of Hamburg. 860 milion euro investment

The agreement signed with the Hamburg Senate is subject to ratification by the State Parliament of Hamburg. The development project “Südliches Überseequartier” is located one kilometre south of city hall in the heart of the HafenCity area, with 157 hectares Europe’s biggest inner city development project.

Waterfront Precinct To Be Completed By 2021

In partnership with the Free and Hanseatic City of Hamburg, Unibail-Rodamco will create through mfi AG, its German subsidiary, an exceptional destination in this unique cultural and touristic area on the banks of the Elbe river. The project will include retail, restaurants, a multi-screen cinema, a cruise terminal, offices, housing and a hotel. Out of the total area of 184,000 square metres, 50 per cent will be dedicated to leisure and retail. The project will represent an investment of 860 million euro, and will be fully privately funded. The opening of the retail and entertainment components of the project is targeted for the second half of 2021.

Innovative Retail and Leisure Experiences

Fully accessible with an existing dedicated metro station and 2,950 new parking places, Überseequartier will offer customers an innovative retail experience with 190 shops, among which many new international premium retailers. Unibail-Rodamco will deploy its latest leading initiatives such as the four-star label, iconic shopfronts “The Designer Gallery” and the Dining Experience with its exquisite dining plaza overlooking the Elbe river to create the new standards of shopping. This development will set the benchmark for future retail and leisure environments. The project will also include new generation offices designed by world famous architect Christian de Portzamparc, Pritzker Prize 1994.

Re-Alignment of HafenCity Hamburg’s Heart

The new development project will take the original plans and urban structures of HafenCity’s Überseequartier to a new level. The realignment will reinforce key target and add new elements to ensure the successful long-term operation of Überseequartier as mixed neighbourhood and commercial heart of HafenCity.

The New Concept

In HafenCity’s heart, housing will now be strengthened, with office space significantly reduced from 142,000 sqm GFA to 90,300 sqm GFA in favour of new homes. Areas allocated for residential use will thus be increased from initially 48,000 sqm GFA to 92,700 sqm GFA. Most of the flats will be built of the north of the metro line to exclude use conflicts with HafenCity’s cruise operation.

Integration Of The Cruise Terminal

The future Cruise Center HafenCity will move into a two-level complex also incorporating a hotel and retail space on its 4,600 sqm GFA. In addition, an underground bus station with twelve holding positions as well as an underground taxi stop will be part of the complex. The strong growth of the cruise activities and the growing number of cruise passengers will thus also positively influence the development of Hamburg’s inner city.

Retail Strengthened

Retail has a fundamental role both for the realisation of Überseequartier itself and for the successful long-term well-functioning of HafenCity and its link to the shopping areas in the heart of hamburg. Against this background, the retail area of southern Überseequartier will be increased to 80,500 sqm GFA. The larger area allows are greater diversity of brands and shops to be displayed.

New Attraction for Locals and Tourists

The Überseequartier project has a strategic location in the heart of Germany’s second largest city with a growing population, currently at 1.8 million inhabitants. A low unemployment rate (5.4%) and a GDP per capita 64% above the German average make the region of Hamburg one of the wealthiest and most dynamic in Europe.
With one million inhabitants living in a 20-minute radius, Überseequartier also attracts numerous tourists, including 600,000 cruise passengers in 2014. This figure is expected to exceed one million beyond 2021. Furthermore, the number of overnight stays in hotels in the city of Hamburg is expected to grow from 12.1 million in 2014 to 18 million in 2020.

The Next Steps

Following the expected approval by Hamburg’s State Parliament, plannings will take up most of 2015. Simultaneously, a new development plan will be drawn up as basis for granting building permits Construction is expected to begin in 2017 and scheduled to be completed by 2021.

Hamburg’s First Mayor Olaf Scholz: “Not only HafenCity itself will benefit from this new start oif Überseequartier in its south. The unique urban and open character of the concept with the integration of maritime atmosphere will equally be an asset to the residents of Hamburg, visitors and tourists alike.”

Christophe Cuvillier, CEO and Chairman of the Management Board of Unibail-Rodamco, said: “Überseequartier project is perfectly in line with Unibail-Rodamco’s strategy, which focuses on largest assets in prime catchment areas in Europe, and its ambition to accelerate its growth and create long-term value in Germany. After the award of the Neo/Mall of Europe project in Brussels earlier this year, the Group is proud to enter into a partnership with the City of Hamburg for the development of HafenCity, Europe’s biggest inner city development project in one of the most dynamic regions of the Continent.”

source and further details:

The Investor

Created in 1968, Unibail-Rodamco SE is Europe’s largest listed commercial property company, with a presence in twelve EU countries, and a portfolio of assets valued at 33.6 billion euro as of June 30, 2014. As an integrated operator, investor and developer, the Group covers the whole of the real estate value creation chain. With the support of its 1,550 professionals, Unibail-Rodamco applies those skills to highly specialised market segments such as large shopping centres in major European cities and large offices and convention & exhibition centres in the Paris region. The Group distinguishes itself through its focus on the highest architectural, city planning and environmental standards. Its long term approach and sustainable vision focuses on the development or redevelopment of outstanding places to shop, work and relax. Its commitment to environmental, economic and social sustainability has been recognised by inclusion in the DJSI (World and Europe), FTSE4Good and STOXX Global ESG Leaders indexes. The Group is a member of the CAC 40, AEX 25 and Eurostoxx 50 indices. It benefits from an A rating from Standard & Poor’s and Fitch Ratings.

More articles