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Holsten area in Altona: SAGA and Quantum fight for purchasing rights!
SAGA and Quantum receive exclusive rights to purchase the derelict Holsten area in Hamburg-Altona to create apartments.
Holsten area in Altona: SAGA and Quantum fight for purchasing rights!
Breathe a sigh of relief in Hamburg-Altona: The SAGA Group and Quantum Immobilien AG have received the exclusive right to acquire the Holsten area, which has been vacant for years. This announcement came on Tuesday evening from the Adler Group, the current owner of the site. There has been little progress in development over the past five years, meaning the area is in desperate need of a new perspective. The two companies are no strangers to the Hamburg real estate market and have already successfully implemented projects such as the Stadtparkquartier and the Paloma district. NDR reports that the site covers an area of eight hectares and is planned for 1,360 apartments.
The Adler Group is actually planning to sell the Holsten area, which is seen as a positive signal by Carla Pein, the Senator for Urban Development and Housing. Previous plans, which were sold by the Carlsberg Brewery to Gerchgroup in 2016, included not only apartments, but also daycare centers, shops and offices. However, these ideas have not yet made any progress. Rumors of a takeover arose after SAGA and Quantum expressed interest in the location in June 2022. World emphasizes that Hamburg's First Mayor Peter Tschentscher wants the area to fall into reputable hands in order to promote the urgently needed development.
A step into the future
The plans envisage a mix of subsidized and privately financed apartments. 'SAGA', known for building social housing, and 'Quantum', which focuses on rental and condominiums, could prove a good hand here together. Despite the exclusive right to purchase, the conclusion of the contract is not yet a done deal. Negotiations on the details are ongoing, meaning everyone involved remains excited about the outcome. Altona's district office manager has already indicated that the Adler Group could still be considered as a developer, which does not completely eliminate the uncertainty surrounding the area.
A look at the real estate market as a whole shows that Hamburg is a dynamic environment for investments. According to the current Real estate market report The purchase of single-family homes and new apartments remains very popular - a development that underlines the potential of the Holsten area.
What's next?
- Neues Wohnraumangebot: 1.360 Wohnungen auf dem Holsten-Areal
- Exklusives Kaufrecht für SAGA und Quantum
- Langsame Entwicklung des Areals seit Jahren
- Politische Unterstützung für das Projekt
The price of the property has increased sharply due to repeated sales and speculation and is now recorded on the Adler Group's balance sheets at 364 million euros. While the CDU and SPD in Altona welcome the movement, there are also warnings against a hasty development. The discussion about the Holsten area could therefore mark a first step in the right direction, although it remains to be seen how the negotiations will turn out and whether the urgently needed living space will be created soon.