More than €300 million has been invested along Huyssenallee. Most properties have been sold and modernised by their new owners. The new Stiftung Mercator building and Huyssenquartier are particularly striking developments.

Huyssenallee is a street with a remarkable history. Developed in the late decades of the 19th century, it takes its name from Essen merchant Heinrich Arnold Huyssen, whose generous gift of land to the city made the street possible. Its width and proximity to the city gardens quickly made it a favoured residential district for the upper middle class. Completely destroyed by bombing in the Second World War, Huyssenallee was rebuilt in the 1950s. Banks and insurance companies in particular moved in, turning it into a prestigious business address. A little over 50 years later, things changed. Insurance companies first moved to Düsseldorf and then Frankfurt, leaving one vacant office building after another. A few upper-floor offices were re-let, but most buildings remained empty.

Five years ago, during a site visit, Essen property agent Eckhard Brockhoff drew attention to Huyssenallee’s untapped potential and outlined his vision for the street. “After the visit, I approached the property owners directly and advised them to invest in their buildings. I promised I would find new tenants for them quickly. Many chose to sell instead. We helped with some of those sales too, finding new owners who were willing to invest and open to change, paving the way for Huyssenallee’s 3rd spring,” says Eckhard Brockhoff.

The most spectacular development is currently under way opposite the Essen Philharmonic Hall. Huyssenquartier (HQE), a residential tower with an office belt and retail space, is being built there. The Essen brokerage successfully advised on the sale of the former existing property on the site and on the letting of all commercial space to auditor PwC.

Higher rents make Huyssenallee more attractive to investors

Brockhoff OFFICE also brokered numerous further lettings following changes of ownership. There is now hardly any vacancy on Huyssenallee. Demand has returned to such an extent that prospective tenants are queuing for space.

“Huyssenallee is once again an unequivocal prime 1A location in Essen. The rental trend confirms this. In new buildings, prime rents exceed €16/m². Rents have also risen noticeably in refurbished existing properties. This is a positive signal for buildings that have not yet been renovated, because higher rents make modernisation worthwhile for their owners,” says Eckhard Brockhoff.

The downsides: parking and restaurants

Parking remains extremely scarce on Huyssenallee. “That is a problem. Essen Central Station is within walking distance, but many employees need a car to get to work for various reasons,” the Essen agent explains. HQE addresses the issue with a three-level underground car park. Some renovated existing buildings, however, have no parking spaces at all.

Eckhard Brockhoff is also convinced that more restaurants would benefit Huyssenallee. Outdoor dining in particular would encourage people to spend more time on the street and improve quality of life. This would appeal not only to visitors to the Aalto Theatre and the Essen Philharmonic Hall. “Many refurbished existing buildings have had their upper floors converted for residential use. Shops selling everyday essentials and restaurants now also need to move to Huyssenallee. If that succeeds, the gap between the lifestyle district of Rü and the central station will close, giving Essen another vibrant neighbourhood,” Brockhoff predicts.

There are already early signs of a more varied food and leisure offer. French-style brasserie Paul’s opened in 2017. A hostel with approximately 15 rooms is currently in planning.