Office building in Kamppi will have 75 high-standard apartments built into it - Price per square meter will be around 10 000 euros

The property, located on the corner of Lastenkodinkatu and Lastenkodinkuja in the Kamppi neighborhood of Helsinki, has been in office use since it was built in 1966. The building, situated right next to a charming community of wooden houses, is now empty and awaiting a large-scale renovation. The part of the building with four floors will have one more floor added, and the part with seven floors will have a sauna department built onto the roof.

Polish real estate development company Icon RE owned the house until 2017, when they sold it. Icon RE is now responsible for the development of the project.

- The new owner is a Polish investor, with whom we have done plenty of work on different projects around Poland. We have full faith in the co-operation, says Witold Bres from Icon RE, who is also managing director of the project.

Comfortable apartments for families with children

The renovation covers over 6000 square meters. There will be 75 apartments in total. The business premises on the first floor will stay where they are.

- All services are closeby, so the place is ideal for families with children. The Kamppi mall is also only 400 meters away. Over the street from Lastenkodinkuja there is the Ressu primary school, and one block away there is the Lastenlehto park with playgrounds. Public transport services are really close as well.

- The target groups for the property are also young adults and families, who want to combine living in the centre with a beautiful living environment and great access to services, Bres says.

The price per square meter will be around 10 000 euros, according to current calculations. The smallest studios will be 28 square meters and the biggest apartments a bit over 100 square meters.

- The base case business plan assumes however that the project will be delivered to the market as a residential for let estate.

The work is supposed to start this fall already. New residents will be able to move into the house in the summer of 2023.

The property is owned by Polish company RPGZ X sp. z o.o. Managing director of the company is Rafał Zięba, a well experienced real estate investor. Responsible for the management of the project is Polish real estate development company Icon RE, who is currently in the process of tendering for the main contractor of the project.

Conciliation agreement with Nuorisosäätiö 

Icon RE is also happy that the dispute with Nuorisosäätiö over the ownership and loans of the Lastenkodinkatu 5 property has been resolved by a mutual agreement.

- All prior claims for compensation by both parties have been resolved in good spirit. Now Icon RE is again involved in the development of the house. This is a great thing for us, because we are experts at understanding the value of the house, Bres says.

Icon RE does not comment on the conciliation agreement further.

Nuorisosäätiö bought the house from Icon RE in 2017. The property is now owned by a different Polish real estate investment company.