HPP advised Senate Properties in a property development project in Uudenmaan kasarmi located in Kruunuhaka, Helsinki. Senate Properties as the seller and HGR Property Partners Ltd and Wihanto Ltd as the purchasers signed 6 September 2022 preliminary property transfer deeds pertaining to the barracks buildings and the yard area situated at Liisankatu 1. The historical site previously in use of the Military Museum was built in the 1880s.
The two barracks buildings on the property will be transferred to HGR Property Partners Ltd December 2022. The buildings will be developed into commercial use and a new day-care centre will be placed in the buildings according to preliminary plans.
A residential building has been planned in the yard area for Wihanto Ltd. After an amendment to the city plan the parking spaces currently situated in the yard area are planned to be relocated in an underground parking facility. The current parking area will be replaced by a yard for the day-care centre as well as the residential building with its own yard area. The amendment to the city plan is pending and the final property transactions will take place after the new city plan has gained legal force.
The purchase price for the residential plot is estimated at approximately 10 million euros.
HPP acted as the legal advisor to the seller in the project.