HAMBURG TEAM received official planning permission for the Uffelnsweg residential development project in the Veddel district of Hamburg on 19 August 2026. This step continues the planned realisation of the scheme. The project comprises a total of seven buildings with 185 flats, ranging from one-room to four-room units. The architectural design was overseen by coido architects.
Following the granting of planning permission, HAMBURG TEAM fully sold the entire project. The SAGA Group acquired six properties, which include 148 publicly funded flats with a total area of approximately 9,800 m². These buildings will be constructed to the Efficiency House 40 standard. Another property, comprising 37 flats and approximately 2,350 m² of living space, was sold to the "HAMBURG TEAM Urbane WohnWerte II" fund. This building will also be constructed to the Efficiency House 40 standard and additionally certified with the Quality Seal for Sustainable Buildings (QNG).
Bastian Humbach, Managing Director Project Development at HAMBURG TEAM, explained that the Uffelnsweg project in Veddel provides a significant impetus. New housing is being created here, including a high proportion of publicly funded flats as well as privately financed rental flats. He emphasised that the preparatory measures on the site had already been completed, so with the planning permission, construction could now commence directly with construction partner GOLDBECK Nord.
Significance for the Hamburg Housing Market
Ole Klünder, Head of Property and Project Development at the SAGA Group, explained the significance of this acquisition. SAGA currently rents around 1,400 flats in Veddel. In this context, the turnkey acquisition of approximately 150 publicly funded residential units at Uffelnsweg represents a sensible rounding-off of the existing portfolio, which impresses with its attractive architecture. Klünder highlighted that this acquisition is further proof of SAGA's successful counter-cyclical acquisition policy, which contributes to alleviating the Hamburg housing market through more new construction.
Marius Piehl, Authorised Signatory at HAMBURG TEAM, added regarding the "HAMBURG TEAM Urbane WohnWerte II" fund that the acquisition of the project expands the housing stock and further strengthens the existing portfolio. The fund is thus almost fully invested as planned. He also pointed out further attractive residential products that are already in preparation and close to market readiness. The company therefore remains actively seeking attractive residential investments in the market.
Construction Progress and Completion
Demolition work and explosive ordnance detection as preparatory measures on the site have been completed. The excavation of the building pit and ground improvements will soon be carried out by a separately commissioned joint venture by the end of the year. The subsequent building construction will be undertaken by general contractor GOLDBECK Nord and is scheduled to begin at the end of 2026. The completion of the entire project is scheduled for summer 2028.
