Germany’s second largest city, and Europe’s third largest port, Hamburg, now welcomes the tallest wooden residential high-rise in Germany, boasting a grand total of 5,500 cubic metres of European structural timber. The 18-storey residential tower is developed by Garbe Immobilien-Projekte GmbH – part of the Garbe Group and most notable for the development and marketing of premium residential and office space in Germany. The Roots project accommodates 128 luxurious condominiums and 53 spacious publicly subsidised rental apartments, racking up to 65 metres in height. Its expansive architecture also offers modern office spaces and contemporary dining facilities. More impressively, it houses a 2,000 square-metre exhibition space for the German Wildlife Foundation.
The building’s construction is innovative, championing climate-friendly and resource-efficient methods of construction. The architectural concept involves compact prefabricated elements that aid in reducing the development’s carbon footprint and noise emissions. Its prime location enjoys a scenic waterfront landscape of the vibrant HafenCity harbour and Elbe canals, as well as a breath-taking view of the opulent Elbphilharmonie concert hall, one of the largest in the world. Home to Germany’s biggest port, Hamburg is a proud metropolitan area garnering more than 3,500 international firms and employers and a diverse international population.
JLL is the first major international condominium sales company to enter Hamburg. The group offers an appealing buy for owners and investors looking to diversify their portfolios in the European market, following their other successes in Frankfurt (Grand Tower, EDEN) and Berlin (High Park, Embassy, AM TACHELES). With a shortage of properties available in Germany and a limit on the number of new constructions every year, investors can expect stable prices and sustainable growth in the market. The buy-to-let market is also promisingly strong among the Germans, with most people opting to rent.
Roots is set to be completed in the first quarter of 2024, with an estimated average market price of €10,500 per square-metre. According to the project’s developers, Garbe Immobilien-Projekte, Roots has already received an ‘extremely positive’ response from would-be-buyers, making the property an exciting real estate to lookout for. Fabian von Köppen, Managing Director of Garbe Immobilien-Projekte says: “The combination of innovative timber construction and an outstanding location in HafenCity are certainly exerting a strong appeal on investors and owner-occupiers alike. The fact that Garbe and JLL are managing sales together means that our team now includes a specialist in international condominium sales in high-rise residential buildings. Above all, we are looking to benefit from JLL’s global market reach.”
Malaysian interest in this project is managed by JLL’s International Residential team.
