Neuer Wall in Hamburg is a luxury shopping street that can easily compete with Düsseldorf’s Kö, Munich’s Maximilianstrasse or Zurich’s Bahnhofstrasse. Here, in a prime location, I find a property that was recently acquired by the Hamburg real estate investor Quest Investment Partners. This article is based on the unique List of the 400 largest German real estate investors in Germany.
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Acquisition within the scope of a heritable building right
The building is located in the centre of Hamburg. The Hamburg City Hall, Jungenfernsteg and Binnenalster – central Hamburg locations – are only a stone’s throw away. In 2005, the Neuer Wall was purposefully upgraded through redesign. The seven-storey building last underwent fundamental renovation and modernisation in 2000. It offers the observer an attractively designed, historicising façade in “warehouse style” – in keeping with the Free and Hanseatic City of Hamburg. The entrance area and some partial areas are additionally upgraded by the buyer.
The building comprises 4,650 square meters of retail and office space in a ratio of 1:2, and the retail space is permanently leased to the Danish furniture store Illums Bolighus. The office space is up for re-letting, which should not be a problem, since the address Am Neuen Wall is very much in demand among companies, consultancies and law firms. The property has been acquired under a ground lease agreement running until 2120. The owner of the property is a family office, the seller is Meag, an asset manager belonging to Munich RE and the Ergo Group.
Quest Investment Partners is a project developer and real estate investor based in Hamburg with offices in Berlin and Frankfurt. Founded as recently as 2016 and managed by two of the four initiators, the company focuses on projects and investments in office and commercial buildings. The focus is on office properties with value-added potential in sought-after district locations in Berlin, Frankfurt, Hamburg and Munich. The new acquisition Am Neuen Wall in Hamburg is a perfect match.
Source: Immobilienmanager Picture source: Unsplash