Le mie ricette per la real estate communityWandsbek Market, located in the centre of Hamburg’s most densely populated district, is set to be transformed over the next five years. Union Investment, owner of the QUARREE Wandsbek shopping centre and neighbouring Galeria building, has developed an exciting concept for comprehensively upgrading the area. The corresponding planning procedure is now getting under way, backed by all political groups.
The focus of the ambitious project, which is being developed in conjunction with Wandsbek district council, is on creating housing, restaurant space and commercial premises with the aim of meeting existing demand for these facilities in the area. Special consideration will be given to previously underrepresented uses and amenities, such as evening dining venues and modern, urban eateries. The emphasis on the regionality of the offerings, as already reflected in the modernisation of QUARREE Wandsbek, is designed to highlight the character of this sustainable, locally connected neighbourhood.
The objective of the project has been formulated as follows: The development of Wandsbek Market is intended to create a vibrant centre in the heart of Wandsbek that will meet the needs of residents and significantly improve quality of life and the user experience at the location. “Wandsbek Market is set to become a social hub and meeting place for people of all ages from across east Hamburg and neighbouring Schleswig-Holstein,” said Ronald Behrendt, project manager at Union Investment.
In the course of the development, Union Investment will aim to focus in particular on implementing sustainable mobility concepts and will transform the area into a modern urban neighbourhood with innovative technical and user-oriented solutions.
Like QUARREE Wandsbek, the existing Galeria building (section 1) belongs to one of Union Investment’s open-ended real estate funds. It has been a landmark in the Wandsbek Market neighbourhood for exactly 100 years. Union Investment intends to retain the historic building with its heritage-protected façade. The termination of the lease with Galeria now provides the opportunity to create a new, attractive and vibrant space in the centre of Wandsbek through a mix of contemporary retail outlets, offices, cultural venues and educational facilities.
The extension at the rear of the Galeria building (section 2) and the multi-storey car park (section 3), both constructed in 1966, cannot be used within the development for structural reasons. The plan is thus to replace these elements with new builds, which will enhance the location. For Union Investment, effective urban integration is crucial, as is a vibrant mix of uses. The mixed-use concept will therefore also encompass the new builds. Plans here include the construction of a market hall that opens onto Wandsbek’s main Königsstraße thoroughfare and also connects to QUARREE Wandsbek. The car park is to be replaced by a new residential development that will close the gap in the perimeter of the block. The existing bridge structure over the street will also be removed. Planners consider both of these measures to be appropriate and important steps towards restoring the urban environment in this area.
A further element of the urban planning concept is the upgrading and redesign of the market space, together with the development of the eastern part. This would enhance the district and provide Wandsbek residents with a lively neighbourhood square offering a high-quality user experience, even outside market hours. This part of the concept is the subject of a separate development planning procedure, for which preparations are currently taking place.
Construction work on the overall project is due to begin in 2024, with completion scheduled for the end of 2027. Union Investment is being supported by its long-standing partner Sierra Germany, who is already very familiar with the location as the operator and letting partner for QUARREE Wandsbek. Union Investment plans to invest over a hundred million euros in the development project.
Source : Union Investment Real Estate
