Vesteda and Hecon sign building contract residential project Amsterdam-Noord
Vesteda and construction group Hecon have signed a building contract for the construction of 14 apartments in the mid-rental segment in the Amsterdam-Noord district. Construction will commence in mid-May and completion is expected around the end of the year.
The 14 apartments are located in the new-build neighbourhood Elzenhagen in the up-and-coming Noord district of Amsterdam. The site is located in a green area on the waterfront. The area is easily accessible via the A10 Amsterdam ring road and is located near the proposed metro stop Nieuwe Leeuwarderweg-IJdoornlaan. Once the new Noord/Zuidlijn tram and metro line is completed in 2017, travel time to the Amsterdam Zuid station in the city’s business district will be just over 15 minutes. The three-room apartments vary in size from 88 to 93 square metres and will have a rental price of around €900 per month. The apartments have a highly efficient lay-out and come with a private outdoor space, plus storage and bicycle parking at ground-floor level.
Nico Mol, director Acquisitions & Development at Vesteda: “The apartments are an excellent fit in Vesteda’s portfolio, given the region, rental price category and energy label. The value growth is above average in Amsterdam and its surrounding area. The future Noord/Zuidlijn link will make the properties in this location in Amsterdam-Noord even more appealing. This sub-plan is one of the last construction projects in Elzenhagen Noord. Vesteda has been involved in the development of the Central Zone Amsterdam Noord since 1993, where at that time a start was made with family homes in the Jeugdland section of the area.”
Vesteda is an active investor with a clear focus on the Dutch residential real estate market. Vesteda invests funds for institutional investors, including pension funds and insurers. Vesteda has total capital of approximately €3.7 billion invested in real estate. The company’s rental portfolio stands at a total of around 23,000 homes. Vesteda’s key investment regions are the Randstad urban conurbation and the Noord Brabant province.