04 Oct 2018
Bouwinvest has acquired 132 apartments in a former City Hall of Utrecht, which is being transformed into a high-quality sustainable residential building, from Rachmaninoffhuis B.V.
The Rachmaninoffhuis development is located in the green neighbourhood of Welgelegen, easily accessible by public transport, car or bike, and with day-to-day amenities within easy walking distance. The area is the process of a transition from a business zone to residential district and directly adjoins Oog in Al, an appealing existing housing neighbourhood.
The former City Hall will retain its original exterior, while being converted into a residential building with apartments of around 50 m2 and 100 m2, benefitting from an individual outdoor space area of 9 m2.
After consultation with the local authorities in Utrecht, 53 of the homes (40%) are classified as being within the mid-market rental level segment (€711 €950 month) for floor areas of between 50 m2 and 80 m2.
Michiel de Bruine, Director of Dutch Residential Investment at Bouwinvest, said: “The Utrecht acquisition fits squarely into Bouwinvest’s strategy of targeting investments in the mid-market rental sectors of the main urban centres in the Netherlands. We expect demand for these types of affordable rental homes to remain strong over the next decade, supporting the long-term stable income returns that our institutional investor clients are seeking.”