Building construction is underway at „yoo berlin“ and „Am Zirkus 1“ projects
- Sales volume of over EUR 32 million already achieved
- Project finance fully assured
- Civil engineering work completed to time within budget
- “Am Zirkus 1” hotel project leased for 20 years
- Cost security achieved for building construction
- Construction in progress on all Peach Property Group projects in Germany
Zurich, Berlin and Cologne, 28 June 2011 – Peach Property Group Ltd, a leading developer of top-quality residential properties in German-speaking Europe, announces the start of building construction work on its “yoo berlin” and “Am Zirkus 1” projects. Civil engineering work on the foundations, launched 12 months ago, has been completed to time and within budget. Over the same period, apartment sales volume at “yoo berlin” has rocketed to over EUR 32 million, meeting the planned quota for advance sales. Target asking prices for the apartments have, without exception, been met or exceeded. Thus finance for the whole project is now assured. A firm 20-year lease has been concluded for the “Am Zirkus 1” hotel project.
General contractor agreements were concluded in June, also providing reasonable cost security for the remaining course of building construction work on the two projects.
Total investment costs for both parts of the project (the Peach Property Group portions) are expected to run to around EUR 124.4 million (CHF 148 million).
Thomas Wolfensberger, CEO of Peach Property Group, notes: “Peach Property Group now meets all the preconditions, in terms of advance sales and finance, which were necessary to move the entire project forward to the building construction stage, after completion of the civil engineering works. This is one of the most important milestones that we have ever passed in the German market.”
Historic location for Peach Property Group’s showpiece development
The “yoo berlin” part of the project is rising on a unique historic site on the banks of the river Spree, in the centre of Berlin. It comprises 12,800 square metres of saleable living space. A total of 87 dwelling units will be built, subdivided into six different residential formats: townhouse, penthouse, pied-à-terre, atrium suite, master suite and atrium pied-à-terre. The apartments are being built in cooperation with designer Philippe Starck under the label “yoo – inspired by Starck”, with floor spaces ranging from 62 to 339 square metres. There are also a lobby and a health, fitness and spa area, complete with bar and café.
Next door, Peach Property Group is building the “Am Zirkus 1” part of the project. This will be a 311-room hotel with office and business units. Total surface area will be 16,500 square metres, of which 5,000 is top-quality office space.
Fattal Group, which already operates 24 Leonardo Hotels in Germany, five of which are in Berlin, is fitting out the hotel in avant-garde style. This positions “Am Zirkus 1” as the first theme hotel. Peach Property Group has leased the hotel to Fattal Group for 20 years.
The representative office space is spread across 10 floors, with individual areas ranging from 150 to 500 square metres. A common feature is the exposed position impressively overlooking the river Spree, Weidendammer Bridge and the skyline of the district around Berlin’s Friedrichstrasse railway station. This wide view, unusual for offices, is achieved by arranging all office space in the building’s south-east wing.
Bernd Hasse, Managing Director Peach Property Group (Deutschland) GmbH, commented: “Demand for properties in locations of the quality of the ‘Am Zirkus 1’ and ‘yoo berlin’ developments far exceeds the limited availability.”
Construction in progress on all Peach Property Group projects in Germany
The two parts of the project “yoo berlin” and “Am Zirkus 1” are scheduled for completion in 2012 (office and hotel section) and 2013 (residential units).
Thus all Peach Property Group’s projects in Germany are either being built or already completed. In May, the foundation stone was laid for “Harvestehuderweg 36” in Hamburg, while the Group’s third Berlin project, “living 106”, was completed on time at the end of 2010 and has only a few residential units still for sale.
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