VORM sells 313 rental apartments in Binck City Park the Hague to AXA IM Alts
17 februari 2022
AXA IM Alts has acquired, by way of a forward purchase agreement and acting on behalf of clients, the Binck City Park Block 1 residential development in The Hague, the Netherlands from Dutch developer VORM. Capital Value advised VORM on the sale. VORM Bouw is expected to start in 2022 Q1 with the realisation of the total development of 21,000 sqm.
Due to complete in 2024, the c. 21,000 sqm complex will comprise 313 residential units for the rental market, ranging in size from c. 46 sqm to 98 sqm, each with their own balcony and delivered to above-market specifications. Spread over 23 floors, amenities will include a private communal garden and underground parking for 805 bicycles and 75 cars.The complex will be completed to high environmental standards, with features including solar energy compatibility, to enhance sustainability credentials and reduce operating costs.
Affordable living
The total development, designed by VMX Architect, OZ Architects and Braaksma & Roos, consists of four towers of 75 meters, 2 of 55 meters and a tower of 43.5 meters high. With the development of Binck City Park, VORM is adding a total of 896 homes to the housing stock of the Municipality of The Hague. With a diverse range of housing options, Binck City Park offers space for students, starters and middle incomes. In addition to the 313 rental apartments acquired by AXA IM Alts on behalf of its customers, 197 student homes and 99 starter homes are also being built.
Close to The Hague's city centre
Overlooking the Haagse Trekvliet canal, the site is located on the edge of The Hague's city centre, in a former industrial area called Binkhorst which has benefitted from high volumes of investment and regeneration in recent years and will present a highly sought mixed-use offering comprising residential, office, leisure and education uses. The prominent property is just an eight-minute cycle to the city's Central Train Station, which connects to Amsterdam Schiphol Airport in less than half an hour.