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Stories

Elite House

The new iconic and mixed-use asset on the Porte de Namur in Brussels

Key highlights

◆ ± 7,128 sq m
◆ Brand-new building delivered in 2020
◆ Iconic and vibrant location on the Porte de Namur with fully redeveloped public spaces
◆ Fully let to 3 anchor tenants: AXA Belgium, Uniqlo, Basic-Fit

The Elite House, the brand-new asset developed by Vastint Belgium SA was delivered at the beginning of 2020. The different teams of Cushman & Wakefield are besides the owner since the very beginning of this project initiated in 2013. Thanks to a strong collaboration with Vastint, this iconic and mixed-use project located in a strategic and vibrant area, the Porte de Namur in the centre of Brussels, is now fully let to anchor tenants (AXA Belgium, Uniqlo and Basic-Fit). And the story does not stop here as Cushman & Wakefield has been appointed on an exclusive basis to organize and structure the constitution of a long term lease right on this gem. 

01 The opportunity

The Elite House, a challenging project initiated in 2013

Back in 2013, thanks to the impulsion of Cushman & Wakefield, Vastint Belgium SA External Link made the acquisition of the Sulmon House, a building located next to its iconic Elite House on the Porte de Namur. This was the start of a long story and a strong relationship between the owner and our different teams. 

Following a building permit delivered in 2014, the project aimed to demolish the existing obsolete buildings and reconstruct a state of the art and mixed-use asset, including 3,600 sq m of retail, 3,200 sq m of offices and some residential units. 

The construction works started in 2017 and the brand-new building was delivered early 2020 in a totally reshaped urban fabric thanks to the pedestrianisation of the Chaussée d’Ixelles and new cycle paths on the inner ring.

Benefiting from an excellent accessibility (2 metro lines on the Porte de Namur and two train stations in the immediate vicinity), the Elite House project has also to deal with important challenges:


 - The letting of 3,200 sq m of office spaces in a mixed-use building, with residential units on floors 2 and 3

- The letting of a unique 3,600 sq m of retail unit, spread over three different levels including the basement in an increasingly difficult retail market

- The commercialization of the long term lease right which is going to start in a post-covid context, which imply to reinvent our strategy and process
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02 The solutions

Innovative solutions and a seamless collaboration as key differentiators

Thanks to a strong and long-term relationship between Vastint Belgium SA and the different teams of Cushman & Wakefield, innovative solutions were implemented to make this project a true success story. 

Following the “off market” transaction of the Sulmon House in 2013, our teams were present at every stage of the project. Firstly, our office agency experts convinced AXA Belgium External Link to let all the office spaces of the Elite House as a perfect complement to their new headquarter located on the other side of the inner ring on the Place de Trône. AXA Belgium is now enjoying brand new and flexible office spaces in a vibrant environment and in the direct vicinity of their headquarter. In a competitive office market, our experts made the difference thanks to our unrivalled market knowledge. 

Secondly, following the impossibility to find a unique retailer for the huge retail space in the lower part of the building due to difficult market conditions, our retail agency team proposed to Vastint to create a second entrance for the retail spaces on the place du Bastion and to split the area into two separate units. And this was the right solution as our retail agency experts succeeded to attract anchor tenants for this high visible retail scheme in one of the most visited retail areas of Brussels. Uniqlo External Link opened the door of its +/- 2,300 sq m (on the ground floor and in the basement) flagship store in Brussels early September. The brand will benefit from an exceptional visibility and more than 20,000 pedestrians on a daily basis. With its own entrance on the place du Bastion, Basic-Fit External Link will have a direct and secured access to its 1,300 sq m of fitness spaces, contributing to the comfort of their members.

 

03 The results

The commercialization of a long term lease right as the climax of this long-term story

The Elite House has been delivered in early 2020 and is now fully let to anchor tenants. Our different letting teams were involved, besides the developer, in every step of this journey since the very beginning in 2013. 

It is now time to commercialize a long leasehold right on this new gem located in a strategic and vibrant area. Our Capital Markets Office team has been exclusively appointed by Vastint for this last milestone in the story of the Elite House.

These are unprecedented times. The COVID-19 pandemic has drastically changed the way we live, work and shop. However, in a challenging investment context, the Elite House is the asset that can perfectly match investors’ criteria: brand new and fully let asset, secured and diversified cash flows, mixed-use building in a Triple A location and much more.

Our Capital Markets Office team is prepared to convert this file into a success thanks to unrivalled business intelligence tool, predictive market analyses and a full package of powerful marketing materials.

Interested to know more about this new gem?
Reach out to our experts involved and maybe take a chance to add this iconic Elite House to your real estate portfolio.  

 
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