Development Partner acquires riverside plot in top Berlin location
Düsseldorf-based project developer Development Partner has acquired a 7,141 m² (1.75 acre) site at Michaelkirchstraße 22-23 in Berlin and is planning to construct a new mixed-use building. The building will house offices and retail, with a gross floor space of ca. 20,000 m² with an investment volume of ca. €150 million.
"The acquisition of this top property follows our expansion strategy for the German real estate market. The Berlin market plays a key role here, which is why we will be opening an office in Berlin in the first half of 2018," says Ralf Niggemann, CEO of Development Partner. The prominent and highly sought-after location on the banks of the River Spree offers high visibility and direct connections to Alexanderplatz and Ostbahnhof, Berlin's busiest transport nodes.
"Due to the positive state of the Berlin economy, the office market in Berlin in particular, and the tremendously dynamic rental market in the Mediaspree district on both sides of the river, we are extremely optimistic about marketing this development project," Niggemann adds.
The investor has already received a firm preliminary planning permission for its basic construction plans. For its part, the city of Berlin will convert the strip of land south of the river Spree into a riverside promenade, which will significantly improve the quality of life for the entire quarter. In close coordination with city planning and approval authorities, Development Partner will then push the implementation of a highly attractive planning concept in this prominent microlocation. The city and its Mitte district will benefit from the short-term realization of their goals for the redevelopment of this neighborhood. The attractiveness of the development will create clear added value for the district.
The architectural concept currently favored and visualized by J. Mayer H. Architekten, Berlin, and already given preliminary planning permission provides for a building ensemble consisting of office and residential uses. This will be complemented by a variety of retail and restaurants on the ground floor, as well as sufficient parking spaces in the building's own underground parking garage, all designed to meet the requirements for a sustainable urban neighborhood. The planning concept is currently being coordinated with the responsible authorities, so the details have yet to be defined.
Development Partner expects construction to begin as early as the beginning of 2019, depending on approvals from the Mitte district planning authorities. Construction could be complete as soon as late 2020/early 2021.
Ralf Bettges | Corporate Communication | Development Partner GmbH
Phone: +49 211 9123 368 | Internet: www.developmentpartner.de