Vesteda acquires 78 mid-rental apartments in The Hague from Lingotto

Vesteda has acquired the LOOS new-build project, with 78 mid-rental segment apartments, from project developer Lingotto. The LOOS project will be realised by Utrecht-based construction firm Plegt-Vos. The project was designed by AAARCHITECTEN in The Hague. 

LOOS will be located in the Loosduinen district of The Hague and will comprise 23 two-room apartments and 55 three-room apartments ranging in size from 50-80 m2. The apartments will be accessed via a gallery around an inner courtyard and each will have its own private outdoor space (balcony or loggia) on the street-facing side. The complex will include an underground car park with 52 parking spaces. 

The parties had been in talks for some time. The feasibility of the project came under pressure from political and economic circumstances. For this reason, Pieter Knauff, Vesteda's chief investment officer, finds it extraordinary that this acquisition was able to go ahead after all. "It's a testament to the will, the entrepreneurship and the confidence of all the parties involved that we managed to get this project off the ground after all." 

Lingotto acquired the building plot from The Hague Protestant Church. The 'Ontmoetingskerk' (or meeting church), which was built in 1969 but has not been use since 2013, will be demolished. Martijn Bakker, partner at Lingotto: "We are very pleased to have received an irrevocable environmental permit, which means we can now really get going on the building." 

Construction is scheduled to start on 1 May 2023. With an expected construction time of 18 months, the project will be completed by the end of 2024. The rental of the apartments is expected to start in early 2025. The 78 apartments will be in the mid-rental segment. It has also been agreed with the municipality of The Hague that a long-term regulated mid-rental price will apply to 80% of the apartments. This means that LOOS will contribute to the realisation of more affordable rental housing in The Hague. 

Bart Kuipers, commercial director at Plegt-Vos, is pleased with the constructive cooperation between the parties. "Thanks to collective entrepreneurship and transparency, this transaction came about despite sharply rising construction prices and material shortages. This gives us confidence in a successful construction period, which will result in a beautiful place for Vesteda's new tenants." 

LOOS is located on Aaltje Noordewierstraat, with a neighbourhood shopping centre within 400 metres walking distance, while Kijkduin beach is a 10-minute bike ride away. Multiple tram connections (towards the centre and beach) are all within walking distance.