Cushman & Wakefield finalized the sale of the ‘Belview’ office project in the Leopold district. This is the first forward commitment on the Brussels office market since the start of the crisis. The developers Allfin and BPI sold the project to the German investor iii-Investments. The confidence gets back in the office real estate.
The offices Belview are located between the Belliardstreet and the Van Maerlantstreet, right in the heart of the Brussels European district. It concerns a mixed project development: beside the offices there will also be shops and appartments.
The transaction which was concentrated on the offices part comprises an office building is fantastically located and enjoys of a great visibility : at the entrance of the Belliardtunnel and in the heart of the Leopold district (better known as the European district). The delivery of the building is foreseen for the first trimester of 2014. The Belgian developers of the Belview are Allfin, known for projects as Chambon (previous headquarter of ASLK/CGER), the transformation of the Solvay site in Elsene (together with BPI), the retailpark Crescend’Eau in Verviers etc. while the second developer is BPI, a branch of CFE and known for the projects Victor (in front of the Midi Station) and the Erasmus Gardens site in Anderlecht.
Maxime Xantippe, Head of Capital Markets of Cushman & Wakefield tells : ‘Due to the restrictive financing policy of the banks there is an important decrease of prime office developments. Consequently, scarcity and demand refocuses investor’s attention on these few developments under way in the best locations .’
The Belview will contain 5.009 m² of offices, 165 m² archives and 26 parking spaces. The building will be certified BREEAM ‘Very Good’. The llocationn of the building is highly strategic : between the headquarters of the European Commission and the European Parliament, ideal for many companies and institutional organisations who wants to settle in the heart of the European headquarter.
‘Despite of the crisis in the European office market the last years, we notice that Brussels continuously attracts European investors, as their real estate portfolios offers a safe and stable income on diversified risks’ concludes Maxime Xantippe.
This transaction is the first sale in 5 years of a Brussels development project on a speculative base; the property. With its ideal location and the quality of the building, we can predict that there will be enough candidate-occupiers. The take-up in the Leopold district of 2012 was situated around the 116.000 m². The risk of void for new offices in the heart of the district seems to be limited. The European district (Leopold district) remains the most expensive office district in Belgium with rents for the best buildings and locations of more or less 285 €/m².