Battle for the Holsten area: SAGA and Quantum receive exclusive rights!

Battle for the Holsten area: SAGA and Quantum receive exclusive rights!

The sales negotiations for the Holsten area in Hamburg-Altona are finally gaining momentum. The Adler Group has granted the municipal housing company SAGA and the real estate developer Quantum exclusive rights to acquire the approximately eight hectare site. This area, which was once a thriving chapter of the Holsten brewery, has been vacant for over five years and is now considered a hotspot for property speculation. It has been sold several times in the past, most recently by Carlsberg to Gerchgroup in 2016. What is somewhat surprising is the price of the area, which has since been estimated from the original 65 million euros to the current 130 to 180 million euros stern.de reported.

But not everything goes according to plan. While SAGA and Quantum are working closely together on projects such as the Stadtparkquartier and the Paloma district, the fate of the Holsten area remains uncertain. Previous plans called for the construction of over 1,360 homes, but developments stalled. The SPD parliamentary group leader Dirk Kienscherf described the exclusive rights as “good news for Altona and all of Hamburg”. Residents, on the other hand, complain about mountains of construction rubble kicking up dust from the site, which is putting a strain on the patience of many.

A double-edged sword

The mood among residents is divided. While the announced construction of apartments raises hopes that the district will be revitalized, the citizens' initiative “pops up” expresses its distrust of SAGA and Quantum. They fear that, as with the Paloma district, historic buildings could possibly be demolished. In a petition, environmental groups and tenants' associations are calling on the city to use its right of first refusal to secure subsidized apartments. However, Finance Senator Andreas Dressel (SPD) is hesitant about exercising the right of first refusal.

The “Hamburg 2025 Real Estate Market Report”, which was prepared by Hamburg’s expert committee for property values, offers a neutral view of the situation. This report documents sales figures and prices based on actual notarized purchase contracts. A comparison of the last few years shows that the prices for apartment building sites have increased by 5 percent and the general demand for real estate in Hamburg remains high. The average price for a single-family home is currently around 808,000 euros, while apartment buildings have been reduced slightly and now cost around 2,900 euros per square meter ( Hamburg.de ).

The Holsten area remains an exciting topic that presents both opportunities and challenges for the city and its residents. Whether the negotiations between SAGA, Quantum and the Adler Group will prove to be a success will become clear in the coming months. One thing is certain: the developments around the area will continue to be in the public eye.