IZ Immobilien-Zeitung - Eleven Decks Rising Without Price Escalation Clause

Hamburg. DC Developments is developing 304 apartments in Eleven Decks, located in the southern Überseequartier. The project volume amounts to €235 million. By the time of the topping-out ceremony, 173 apartments had been sold. A rented warehouse eliminates the need for a price escalation clause.

Last week, DC Developments celebrated the topping-out ceremony for the Eleven Decks residential project, which, with a project volume of €235 million, is being built in the southern Überseequartier of HafenCity, Hamburg, based on a design by architect Carsten Roth. The 306 apartments, spanning 21,000 square meters over eleven floors, are scheduled for completion by early 2024. This includes 224 one- and two-bedroom apartments, as well as 18 penthouses with green rooftop terraces of up to 240 square meters.

54 apartments will remain in the Dahler Group’s portfolio. Of the 252 units available for sale, 63% were sold by the time of the topping-out ceremony. The buyers are located within a 350 km radius between Büsum and East Westphalia. "We are pleased with this rate," said Lothar Schubert, managing partner of DC Developments. Interest initially waned in the summer due to the interest rate turnaround and the war, but demand has been rising again in recent weeks. The managing director expects the share of investors to decrease.

The apartments range from 39 sqm to 200 sqm. Prices start at €8,500 per sqm and average €11,300 per sqm. The property includes 141 garage spaces, 70 of which have electric vehicle charging stations. All residents have access to the 1,600 sqm green courtyard with an outdoor kitchen. Additionally, residents can enjoy community spaces: coworking areas, a fitness and yoga room, a clubbing area with an open kitchen, a lounge, and a gaming room. "With this sharing concept, the community spaces serve as an extension of the residents' apartments," says Schubert. Both the apartments and community spaces, as well as the entrance area, follow interior lines designed by the Pasch Design duo.

The apartments are offered at €11,300 per sqm. The developer is particularly pleased with the adherence to schedules. "We are on track with implementation—both in terms of awarding construction contracts and cost security." Schubert is especially enthusiastic about the fact that the 5,000 sqm warehouse rented at the start of construction in Veddel has contributed to this success. "It’s working! The warehouse is more than fully booked. Contractors purchased and stored their materials immediately after contract signing. This means we hardly need to deal with price escalation clauses." The warehouse is 3.5 km from the construction site and is visited daily.

MEDIUM:
Immobilien Zeitung - IZ 38/2022 - Thursday, 22. September 2022

LOCATION:
Hamburg

AUTHOR:
Friedhelm Feldhaus

LINK:
www.iz.de/projekte/news/-eleven-decks-entsteht-ohne-preisgleitklausel

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Donwload PDF of article here