Hanover: Baum to develop office quarter near airport
Hanover Airport has awarded its “Sky City” real estate project to the Baum Group. A long-term leasehold agreement with Baum was notarized in April; handover of the property will be on July 1st. The Hanover-based developer’s first step will be to erect an office and commercial building on the approx. 17,000 sqm site on Flughafenstraße. A further construction phase involves the development of 18,500 sqm of land. Joachim Röstel, COO of the Baum Group: “We are currently assuming that we will be able to create approx. 25,000 to 30,000 sqm GFA and are planning an investment of €100mn to €150mn.” Urban development concepts will first be drawn up and then decisions made on specific types of commercial use. The subsequent planning and approval period may take two years, followed by a two-to-three-year construction phase.
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