Focus report Aarhus - Colliers Denmark 2024

RESIDENTIAL - COLLIERS FOCUS REPORT AARHUS 2024

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ing. The plans include housing in the centre’s current car park and a theatre. The project will be realised by con tractor Nordstern and architectural firm Aart. Local developer 1927 Estate, in collaboration with archi tects from Cebra, has entered into an agreement with DSB to transform more than 300,000 sq m of disused rail way land in a joint venture. The project has been dubbed Banekvartererne and the areas will be released over the next 7 or 8 years as the existing train sets are replaced by IC5 trains. The development of the old county hospital, Amtssygehuset, is taking shape. Won by Raundahl & Moesby and Patrizia Denmark, the first tender now has an approved local plan. The project will be a reinterpre tation of the original architecture designed by Høgh Hansen, and it is scheduled for completion by year-end 2025. The new block will be located on the corner of Tage-Hansens Gade and Viborgvej and will include 200 residential units, one grocery store and one retail store. Furthermore, Aarhus City Council has approved another sale, namely of the large, central building with wards, which will be preserved and modernised, while two new U-shaped residential blocks will be built. The tender was won by pension company PenSam and turnkey contrac tor Raundahl & Moesby. Their project will house 434 homes when it is scheduled for completion in 2026. The development of Ceresbyen is now complete. Olav de Linde has completed the last building plot with the construction of 101 apartments in a block of apartments called Maltgården and 30 non-profit housing units for Alboa. The apartments were ready for occupancy in 2023 and are now all fully let. Aarhus N Katrinebjerg is a neighbourhood in the Christiansbjerg district in northern Aarhus, which has historically been an industrial and commercial area. However, its central location has made it an attractive residential area and it is undergoing a major transformation with several major construction projects. Olav de Linde pioneered the cur rent development with the Nabolaget development, which consists of 7 buildings and 390 residential units in total. Olav de Linde is also working on the development project KatrineTorvet, which is connected to Nabolaget and close to the Storcenter Nord shopping centre. The project offers 27,000 sq m residential space and 11,000 sq m commercial space with an underground car park.

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Mogens de Linde has also built Mejerihøjen, which offers 95 rental apartments. Basecamp Aarhus, built by asset manager Basecamp Student, is the name of a prominent student housing development in Katrinebjerg on the for mer Defco site with as many as 663 fully furnished stu dent apartments as well as communal kitchens, study areas, fitness, cinema and café for residents. The apart ments themselves are 16-20 sq m, with the smallest not having an in-room kitchenette. Basecamp Aarhus was acquired by Belgian Xior Student Housing in mid-2022. In the area around Aarhus Academy on Randersvej, Unity has now also been completed. Unity offers 652 fur nished small apartments with an average size of approx. 33 sq m and several shared facilities, targeting students, among others. Basecamp Aarhus and Unity have expe rienced challenges in terms of occupancy rates due to the large supply and the fact that the apartments were released with a short time lag, which immediately increased competition for tenants in a short period of time. Furthermore, part of the explanation may be that the projects are located in northern Aarhus, which is not necessarily the first priority with the students that the buildings are predominantly aimed at. Finally, landlords have found the initial rent levels to be on the high side, as they have subsequently reduced rents to attract more tenants. On the corner of Rødkløvervej and Katrinebjergvej, CapMan has built 209 student housing units with Nordstern as the turnkey contractor. The units make up the new urban neighbourhood called Augustshave. The first phase has been offered to let since autumn 2023, while the second phase will be offered to let in H1 2024.