03 June 2014

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Bouwinvest and Pinnacle signed a framework agreement during the real estate trade fair ProVaDa for the purchase of 154 luxurious liberalised rental apartments at 75 Oostduinlaan, The Hague.

The 75 Oostduinlaan project comprises the transformation of the former Shell head office into an apartment complex. The original building consists of a high-rise and a low-rise element. The high-rise element will be redeveloped into a high-quality, 16-storey residential building offering liberalised rental apartments and owner-occupied apartments. The liberalised rental apartments will be incorporated into the Bouwinvest Residential Fund. Facilities are planned for the ground floor, such as a service point, hotel rooms and recreational facilities. The low-rise element will be demolished. In its place there will be a newly-built tower of owner-occupied apartments. Delivery of the homes is planned for 2017.

“The project fits wonderfully into our real estate strategy,” remarks Michiel de Bruine, Head of Bouwinvest’s Residential Asset Management, “to expand the portfolio in our core regions with an exceptional product geared to its unique location in the city centre next to the park. This unique spot in a green area, close to facilities, and the high finishing level of the apartments – with a service package – makes this an extremely high-quality product. We also have high sustainability ambitions. The project will be delivered with a BREEAM Very Good certificate, in any event, but we are aiming for BREEAM Excellent.”

“With 75 Oostduinlaan we are showing that it is quite possible to transform an outdated office into a home,” explains Floris Roord, Pinnacle’s Development Manager. “The project is at a great location in the Oostduin park in the middle of Benoordenhout, one of the most sought-after residential areas of The Hague. One of the aspects we are especially enthusiastic about is how the park will be more associated with the building, making it more liveable and pleasant. That makes the park more accessible for the neighbourhood as well. In addition to the liberalised rental apartments at 75 Oostduinlaan, Bouwinvest will have 88 luxury owner-occupied apartments”.