Real estate management specialist Multi Corporation is to redevelop the former Vroom & Dreesmann (V&D) department store in the Dutch city of Helmond into 100 new homes, with apartments available for private sale and for rent.
The project will transform the former V&D department store into a mixed-use development, with co-located residential and retail, integrating new homes on floors two and three, above the retail space on the ground and first floor, which is almost fully let to retailers including Sport2000, Intertoys and Scapino.
The agreement with the municipality of Helmond to redevelop an underutilised city centre retail asset builds on Multi’s portfolio of successful residential redevelopments in the Netherlands, driven by increased demand for housing due to national shortages and the growing opportunity to repurpose vacant office and retail spaces.
Recent projects include the transformation of a former shopping centre in Valkenswaard into a mixed-use destination comprising 80 residential apartments and 1,200 m2 of retail space, as well as the [ongoing] redevelopment of a 10,000 m2 former office complex in Alkmaar.
Steven Poelman, co-CEO of Multi Corporation, commented: ‘The redevelopment of the V&D store, in the centre of Helmond, presents a unique opportunity to partner with the local municipality to address the housing shortage in the Netherlands, bringing new homes into a city centre location that will attract young professionals, first-time buyers, and older residents, who wish to remain close to amenities.
‘Building on 30 years of urban development, this is a prime example of how Multi is leveraging its development capabilities and vertically integrated model to deliver high-quality, mixed-use assets that contribute to the revitalisation of city centres.’
Construction is expected to begin in 2027.
