Transforming to a distinctive mixed-use asset

One of our investment themes is repurposing existing single-use buildings into sustainable and mixed-use buildings. Variety of uses brings different types of customers and vibrancy to a location and ensures it adds value to the surrounding area.

We will add 44 residential units to an outdated retail property in the centre of Groningen in the northern Netherlands. The apartments from the second to the fifth floor will be added on the remaining concrete construction of the ground and first floor. Approximately 3,000m² will be allocated for retail (46%), 2,900m² for residential use (45%), and 600m² (9%) for a public (municipal) bicycle parking facility. Completion is anticipated by the end of 2026.

The architectural design of the redevelopment, which was approved by Groningen municipality’s aesthetics committee, was chosen after a comprehensive selection process during a competition organised jointly by Redevco and the city authorities. The design by Amsterdam-based architectural firm Rijnboutt emerged as the winner.

Robert Bakker, Development Manager at Redevco Netherlands: “This redevelopment fits with our strategy to diversify our portfolio by transforming surplus retail space and other unused facilities on the upper floors into residential space. It is a great example of how we think we can make city-centre high streets more liveable and sustainable. The existing building will be re-used as much as possible in line with our environmental objectives, and sustainable materials and green roofs will be used for the new elements and functions. The complex will also run on alternative energy sources to gas such as solar panels.”