We have been working with the regional government and the city of Brussels to develop a one-of-a-kind 80-room luxury hotel at this prime location. We are steadily making progress to amend the planning permit (PPAS) for this location and expect to finalize by the end of the year. Once these urban planning changes have been secured, we estimate a 12-to-24-month timeline to obtain the necessary construction permit for this luxury hotel.
Given the extended nature of this redevelopment project, we decided to plan for a back-up scenario to redevelop the building for modern office use. In August we effectively obtained the building permit for this alternative, thus increasing the possible avenues and strategic options for this unique property. “In the meantime, office rents have risen, so office space is becoming a more realistic option as well. If we indeed decide to develop an office building, we can immediately start with the works.”
