Castellum Enters Large Stockholm Project
Sweden The City of Stockholm is proposing a land allocation agreement to Castellum, regarding three blocks of offices and residences in Hagastaden. Total investment for the acquisition of building rights has been calculated to approx. MSEK 800 (EUR 77M). Construction is scheduled to begin in the first quarter of 2021, with occupancy in 2024, at the earliest.
“It feels fantastic to be along on the creation of a totally unique city district with science, life-and-living, and health in focus. We can contribute here with attractive workplaces and designing a life sciences cluster, as well as contributing the expertise about healthy buildings and wellbeing, we’ve acquired during our work with WELL-certified buildings”, says Henrik Saxborn, CEO of Castellum.
Hagastaden is on its way to being a vibrant inner-city district, with a focus on life sciences. Close to The New Karolinska Solna University Hospital and The Karolinska Institute, a science city will be created featuring a health-centred focus, where workplaces, research, and residences meet culture and recreation. By 2025, when the project is entirely completed, Hagastaden will comprise approx. 50,000 new workplaces and 6,000 residences.
The proposed allocation to Castellum refers to the Sorbonne block for offices, as well as the Harvard and Greifswald blocks for residences. Altogether, the building rights cover new construction of approx. 23,000 sq.m. BTA (total floor area; gross), and approx. 19,000 sq.m. LOA (main usable area) for office premises, including retail stores on the bottom floor throughout the Sorbonne block. Residences in the new Greifswald and Harvard blocks comprise approx. 15,700 sq.m BTA, which corresponds to approx. 150 residences, with retail stores or other public amenities occupying the bottom floor.
Stockholm City has allocated the three blocks to Castellum, as the plots require unified foundation work. Castellum’s intention is to build office premises within the Sorbonne block location, but intends to sell the building rights to a real estate developer specializing in residential premises.
The land development agreement is to be signed within two years of the land allocation agreement, after which occupancy of the properties should occur two years from signing the land development agreement – at the latest.