International Campus has started construction work on The Fizz Hamburg Altona, its €110 mln micro-living residential complex in the centre of Hamburg.
Earthworks have been completed on the 7,500 m2 plot of land for the seven storey building, which will comprise 777 apartments aimed at apprentices, students and young professionals. Completion of the 36,000 m2 property is planned in time for the 2019 semester.
'International Campus will revive the long-derelict inner-city plot on Stresemannstrasse by mid-2019, creating compact accommodation for young target groups on apprenticeships, at college or university and in work who would otherwise struggle on the Hamburg housing market,' commented International Campus CEO Horst Lieder. 'Rents for the student and young-professional apartments have not yet been set, but will be at an appropriate level for Hamburg. According to current plans, net rents for apprentice apartments will start at around €220 per month.'
Ground level retail units have already been let to convenience store Rewe and pharmacy dm, with other units still available. 'What makes The Fizz Hamburg Altona special is not just the project volume, but the tripartite building structure, the focus on three target groups and the pioneering furnishing and utilisation concept. With the first Hamburg project development, International Campus AG is adding another two strategically important brands to its brand and product portfolio. The Fizz Juniors is geared towards apprentices, while The Fizz Young Professionals speaks for itself,' added Lieder.
The project development is financed by HSH Nordbank, while the mezzanine partner is Atrium Finance GmbH. Groundbreaking is planned for the second quarter of 2017.
