The property is in a prime location between Gänsemarkt, Jungfernstieg and Colonnaden. “The site’s strong points include its central location, outstanding urban setting and excellent public transport links. It is also one of Hamburg’s most sought-after office and retail locations,” commented Timo Herzberg, CEO of SIGNA Real Estate Germany. “The acquisition of Gänsemarktpassage gives us a unique opportunity to implement a large-scale development project in the centre of Hamburg.” BNP Paribas Real Estate played an advisory role in the transaction.
DEVELOPMENT OF OFFICE, RESIDENTIAL AND COMMERCIAL PROPERTY
Gänsemarktpassage currently has around 15,000m2 of lettable space, with 12,400m2 in the new building, completed in 1979, and 2,600m2 in the two historic buildings on Colonnaden, which date back to 1885. SIGNA plans to develop a high-end office, residential and commercial property. The existing buildings will be refurbished and extended.
WELL DEVELOPED LOCATION WITH EXCELLENT TRANSPORT LINKS
The quality of the location has been enhanced in recent years thanks to numerous upgrades as part of a business improvement district initiative, which in turn has attracted new businesses and generated increased footfall. The site also has outstanding links to the city’s public transport network, and the U2 underground station Gänsemarkt is directly in front of the property. The central railway station is only five minutes away on underground line U2, and Hamburg’s international airport can be reached in about 30 minutes.