Is leasehold the salvation for Sterckshof?
The Sterckshof in Deurne is an imaginative reconstruction of the castle that was built there from 1524 by merchant-banker-counsellor Gerard Sterck, but which later fell into disrepair. It has been protected as a monument since 1994. Together with its moat and the grounds within the moat, it is also a protected townscape. The province, owner of the castle, has been looking for more than six years for a buyer who can give the – today empty – property a useful use. So far, that search has not been easy. The original asking price (5 million euros) was reduced to 4.25 million euros and even a subsidy of some 2 million euros could not appeal to anyone.
How to find a buyer who can give the empty property a new future? “Its location, size, status and fame give the property an exceptional character, which requires a very specific approach,” says Mia Segaert, senior investment manager at PMV. The province therefore appealed to the Flemish investment company to steer the further restoration, revaluation and reallocation in the right direction and to make a financially profitable exploitation possible. “We played the role of process and project director, advisor to the province and to the potential investor in that dossier. We drew up an action plan in which we examine all possible scenarios in consultation with all stakeholders. A long lease formula is one of the possibilities: we then buy the castle, and then give it on a long lease.”
PMV’s role: repurposing heritage sustainably
As part of its activities (under the banner of the Flemish Heritage Vault), PMV has signed a cooperation agreement with the Province of Antwerp to sustainably redevelop the Sterckshof. In a first phase, a feasibility analysis will be made of future fillings for the castle, involving spatial-architectural, technical, economic and financial research. All stakeholders will be closely involved, private entrepreneurs as well as various local and supra-local authorities. In a second phase, the Flemish Heritage Centre, together with the Province, will launch a procedure to attract a long-term leaseholder who will be responsible for the design, construction and operation (including maintenance) of Sterckshof. The aim is an optimal combination of public and private resources. The Flemish Heritage Fund will act as co-investor in order to make the castle financially profitable and autonomous.
The heritage project in numbers
- Historic castle building with park and surrounded by moat has an area of 1.38 ha.
- A new interpretation for the castle with approx. 3,300 m² net floor area (basement, ground floor and 3 floors and small-scale new building (still under study)
- Courtyard of 750 m² and small inner garden of 800 m².
- Large garden of 6,470 m², with pond of 4,485 m².
Partners
The Province of Antwerp has owned Sterckshof Castle since 1921. Until 2014, it was still used as Provincial Museum Sterckshof-Zilvercentrum.
Does leasehold make your project financially viable?
PMV will be happy to explain the possibilities of the ground lease formula for your project: request the presentation.
