05 June 2018
Bouwinvest has signed an agreement with developer Van Rhijn Bouw, at the Dutch PROVADA real estate trade fair, for the acquisition by its Residential Fund of 97 apartments in ‘The Monarch’ building project in Hoofddorp, 15 kms southwest of Amsterdam and close to the city’s Schiphol Airport.
The pressure on the housing markets of the main cities in the Holland Metropole (Randstad) central urban conurbation of the Netherlands is increasing due to accelerating urbanisation trends and the strong growth in single households caused mainly by ageing populations. This has led Bouwinvest to increasingly seek investments in residential units in well-connected peripheral areas of the big cities, notably around the largest market Amsterdam, as development land with planning permission in central districts becomes increasingly scarce and expensive.
Hoofddorp is well-placed for the execution of this investment strategy, as it is the main town in the municipality of Haarlemmermeer, adjacent to Amsterdam, and has excellent highway and train connections to the capital a short distance away, as well as to the rest of the Netherlands.
Haarlemmermeer has a strong local economy and also a wide variety of recreational areas, so housing is in high demand, particularly in the free non-regulated rental market. This makes the municipality an attractive location for Bouwinvest’s Dutch Residential Fund’s strategy to expand in the wider Holland Metropole region. The Residential Fund has more than 300 homes in Haarlemmermeer with plans to grow the portfolio to around 1,000 by 2020.
The Monarch project is located in the centre of Hoofddorp on the Van Heuven Goedhartlaan and will vary in height from six to 10 floors. Alongside the 97 apartments, there will be 141 parking spaces in the building. Bouwinvest has also agreed with the local municipality that 20 of the new apartments homes will fall into the middle-rental sector category in line with its policy of providing affordable homes.
The development will consist of spacious three- and four-room apartments, aimed at a broad segment of the population from young couples to senior citizens. All homes have a balcony, a private parking space and a separate storage room and the building is expected to be completed by the end of 2020.
Aqua Vastgoed managed the sale of The Monarch.