Client: VORM
Location: The Hague
Area: 69,000 m²
Function: Offices, student housing, temporary shelter, hospitality & sports
Project Description
Commissioned by VORM, we are responsible for the asset management of a large and complex office building of approximately 69,000 m² in The Hague. The property, a former ministry building, is outdated and presents many challenges, both structurally and organisationally. Additionally, there is a complex field of stakeholders, including current tenants, the municipality, maintenance parties, local residents, and the property manager.
Objective
The primary objective is to keep the building safe, clean and attractive for (re)letting, with a view to achieving optimal returns. This must be done within the context of limited resources, requiring a creative and solution-oriented approach.
Our Approach
At the start of the project, the cost-quality ratio of the existing property management was found to be insufficient. In consultation with the owner, we selected a new property manager, with whom we now manage the operational execution and communication. We also obtained and renewed the necessary permits for residential use, which has positively impacted rental income.
The building currently houses around 400 displaced persons from Ukraine, 180 students, hundreds of office users, a restaurant and a gym. We coordinate property management, communicate with all stakeholders, and maintain active contact with government authorities. In doing so, we relieve the owner and enable them to focus on their core responsibilities.
Result
Thanks to tight coordination, sharp financial control, and a hands-on approach, we have successfully turned the results of this project around. While there was a critical financial situation at the start, a positive result of €2 million has been achieved in 2024.