Magna Immobilien is acquiring the last available residential project at the Hamburg Heights urban development in the nothern German port city of Hamburg.
Hamburg-based Magna is acquiring Height 5 from Hochtief Projektentwicklung which has been developing Hamburg Heights for several years.
Height 5 is expected to consist of around 50 high-end condominium apartments with a floor area in excess of 4.000 m2. The investment volume will be more than €20 mln. Construction is due to start in early 2017 and the apartments should be ready to hand over to their owners as early as the beginning of 2018.
The project is being developed, built and sold by Hochtief Projektentwicklung. Marketing of the apartments should start as soon as the floor plans have been finalized. 'This unique location with an unobstructed view of the Speicherstadt — a World Heritage Site — and within walking distance of the Elbphilharmonie concert hall makes this project a real gem,' said add Magna Managing Director Jörn Reinecke.
The Hamburg Heights lot covers around 7,700m2 in Hamburg’s old town (Altstadt) and is located between the Inner Alster and HafenCity. The collection of properties, comprising the former IBM high-rise — last used as the Spiegel magazine's publishing house — and the Spiegel's editorial building, is listed as a heritage landmark. An underground parking garage extends beneath the entire lot. Apart from the Height 5 residential construction project there are two further new-builds (Height 3 and 4) as well as the two refurbished buildings, Height 1 and 2, which house hotels and offices respectively.
