10 Apr 2019
The Bouwinvest Residential Fund has bought 316 residential units from Borghese Real Estate in the Bethelpark project in Delft. In total Borghese is adding 351 homes to the Delft housing market with the Bethelpark development, including a mix of rent-controlled, mid-range and private-sector rental homes.
The project is located to the west of the centre, near the Reinier de Graaf Gasthuis hospital. The neighbourhood has a good range of facilities, including schools and shops within walking distance. A special feature of the Bethelpark development is its great diversity, in terms of housing types, surface areas and rental levels. These features appeal to a wide target group, from first-time renters to families. In addition, the residential units will be built in line with sustainability standards, will be gas-free and connected to a heat-cold storage system. On the ground level, there is space for commercial and social activities. Construction of the project is scheduled to commence in the second quarter of 2020.
Bethelpark is the Residential Fund’s first acquisition in Delft. Thanks to its central location in the Holland Metropole, the central urban conurbation encompassing the largest cities in the Netherlands, Delft is expected to grow strongly in coming years. Bouwinvest expects particularly robust demand for mid-range and private-sector rental homes in the city. Of the 316 residential units the Residential Fund will rent out, 70 are in the mid-range rental segment with initial rents below €950 per month and 18 apartments below the private sector level. Borghese will sell the remaining 35 apartments to a regulated institutional investor in Delft.
Borghese Real Estate was advised by BNP Paribas in the sales process.