Vesteda, Lingotto to realise 56 liberalised sector rental homes in Amsterdam
Residential sector investor Vesteda and developer Lingotto have in the past week signed a turnkey agreement on the development of 56 apartments and 45 parking spaces on the Zeeburgereiland island in Amsterdam. The parties expect construction to start in September 2015 and delivery of the residential tower, is expected in the second quarter of 2017.
The residential tower is part of Blok 1 (Block 1), a joint development of Lingotto with the Alliantie housing association, which comprises two residential towers above a slightly raised parking deck. The turnkey agreement pertains to the nine-floor apartment complex to be developed by Lingotto. The complex was designed by Amsterdam architects Studioninedots. All 56 residences are three-room apartments, varying in size from around 65 to 85 m2, and have an average monthly rent of around €900. The 15-floor second tower, with 44 rent-controlled apartments and 44 mid-segment rental apartments, is being developed by the Alliantie and will be rented out by the housing association.
The Zeeburgereiland is one of the last remaining major development locations inside the Amsterdam ring road. The urban plan for the so-called Sports Heroes neighbourhood (Stedenbouwkundig Plan voor de Sportheldenbuurt), formerly known as the RI-Oostbuurt, includes plans for the construction of around 2,000 new homes. The Sports Heroes neighbourhood will be a lively and diverse area with apartments and town houses, but will also have room for schools, small businesses and other facilities. The two residential towers will be located in the corner of this part of the area, near the Schellingwouder bridge and with a view of the IJ river, the Oranje locks and the village of Durgerdam. The project is a response to the major shortage in Amsterdam of affordable rental homes for starters in the housing market, one and two-person households.
Nico Mol, director Acquisitions & Development at Vesteda: “The apartments are a good fit for Vesteda’s portfolio in terms of region, rental range and energy label. The continuing high pressure on the mid-segment in Amsterdam makes this a very attractive investment. It is in an excellent location, near the city with all its facilities, easily accessible and with the tranquillity of the countryside just around the corner.”
Vesteda is an 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 approx. €3.6 billion invested in real estate. The company’s rental portfolio stands at a total of around 23,000 units. Vesteda’s key investment regions are the Randstad urban conurbation and the Noord Brabant province. In 2014 Vesteda generated a net result of €136 million, with more than 200 employees.