Hamburg merchant family invests €20 million.

Hamburg, 01st October 2012. Good news from the banks of the Alster in Hamburg’s Harvestehude. Not only is the building work going well but also sales of the €340 million project are brisk. “At the end of September we passed the 50% mark”, said Christian Meyer, the new manager of the Hamburg branch of developers Frankonia Eurobau. “As we had hoped, the interest increased with the swift progress in the construction” Currently around 70% of the town houses and park villas have been sold. The area, which covers 44,000 m2, is on the site of the former German army commandant headquarters between the streets Mittelweg and Harvestehuder Weg. Sales of the Alster villas, where work on the facades is in full swing at the moment, will really begin in the autumn. So far seven of the 35 properties have been sold. A Hamburg merchant family is currently in the process of purchasing a number of properties worth €20m as an investment.

“And we have other inquiries”, said Christian Meyer (44). The native Hamburger has been branch manager for the projects in Hamburg since 1st August 2012.

Sales of the office building, on the “Campus”, are also over 50%. One third of the apartments in Sophienpalais, the former commandant headquarters have already been sold. Full tax relief for the protected building can still be availed of until building begins in the winter. Currently work is in progress on the 5,700m2 “Harmony Square” on Mittelweg. Frankonia are investing a total of €6 million on the artistic landscaping of the green spaces.

Picture 1: Sophienterrassen on the outer Alster is in harmony with the character of the district of Harvestehude.

Picture 2: This is the way the Alster villas will look next year when they are finished.

Picture 3: Christian Meyer has been branch manager and responsible for the Hamburg projects since August.

1 October 2012