Essen/Düsseldorf, 30 September 2019: Residential developer Instone Real Estate and Bonn-based Wohnbau GmbH are now continuing their successful cooperation also in Düsseldorf. Even ahead of the start of construction, Wohnbau GmbH has purchased the 221 residential units with a total floor area of around 16,500 square metres, which Instone will build in a central Düsseldorf location at Niederkasseler Lohweg 20.
In the direct vicinity of the business quarter "Am Seestern", which was a large office premises planned in the 1960s as an overspill area for the city centre, the previous mono-structures will be broken up by the new residential project and the redevelopment of the urban area enhanced by the lively and functionally mixed quarter. The urban development structure will also be characterised by the 19-floor residential tower as a landmark of the new urban quarter.
The project consists of publicly subsidized, price-reduced and privately financed rental apartments, a green neighbourhood square and a daycare centre for two groups. The offer is rounded off by 151 underground parking spaces.
Jens Bräutigam, managing director of Wohnbau GmbH: "After the successful cooperation on the "Schumanns Höhe" project in Bonn, we are pleased to extend our joint commitment to the Düsseldorf location. The project in Düsseldorf-Lörick is a highly successful neighbourhood development and an excellent complement to our projects under construction in the Heerdt and Düsseltal districts. We are currently building a total of 565 apartments and two daycare centres in the state capital with an investment volume of EUR 210 million. This represents a noticeable share of our company's new nationwide construction programme to supplement Wohnbau GmbH's rental housing portfolio."
Andreas Gräf, COO of Instone Real Estate: "Together with politics, administration and civil engagement we strive for the development of new neighbourhoods. This brings into focus many areas which previously haven’t been considered for residency in the classical sense, such as the new and diverse living quarter in the Niederkasseler Lohweg, built with families, singles, and senior citizens in mind.”
Instone and Wohnbau GmbH are already cooperating successfully on the multi-generational project "Schumanns Höhe" in Bonn, which is currently under construction.
The parties have agreed not to disclose the purchase price of the "Niederkasseler Lohweg 20" project.