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Patient financier for St Paul’s Monastery

  • Real estate projects
  • Heritage
  • Real estate
Erfgoed

In April 1968, a fire broke out in the kitchen of Antwerp’s St Paul’s Monastery, turning three-quarters of the monastery building into a ruin. Only after 30 years of further decay was reconstruction begun. With the help of PMV, Group L drew up a master plan for a profitable redevelopment.

The Sint-Paulus Monastery is located in the centre of Antwerp between Nosestraat, Sint-Paulusplaats and Sint-Paulusstraat on the Grote Markt – Eilandje axis, 100 metres from the river Scheldt. Together with the adjacent St Paul’s Church, the monastery forms one of Antwerp’s most important monuments. Both the Dominican monastery and the church have been protected as monuments since 1939. The 16th-century church is largely built in late Gothic style – from 1517 it replaced a building consecrated in 1276. It was an intellectual centre of considerable importance and the place from which preachers were sent out to mainly Protestant northern Europe.

Ruin

In April 1968, a fire broke out in the monastery’s kitchen, destroying the entire roof of the church. The vaults and interior were damaged, the baroque tower crowning completely burned out and three quarters of the monastery building turned into a ruin. The church received a new roof only 20 years after the fire and underwent a thorough restoration that would last more than 30 years. The church is now one of the city’s biggest attractions. The monastery remained there for 30 years heavily harboured and abandoned, giving free rein to weather and wind and making the further deterioration of this monument a sad fact.

Coordinated approach

Groep L, an Antwerp-based family real estate investor, bought the property. The company started reconstructing the monastery in early 2000. Major works were carried out, involving zoning changes and regularisations. A master plan was drawn up under the direction of PMV for the entire project area, in consultation with the Flanders Heritage Agency and the owners concerned, in order to ensure that the project would function optimally in conjunction with the surrounding monuments after the planned restoration. For the infill, the final choice was to transform the monastery into a place for both working and living. The implementation is done with respect for the architectural past but with the integration of contemporary elements, giving the building a unique character. The entrepreneur takes a rigorous approach in order to ensure economic profitability.

Wings

The project is comprehensive and has several components. The former convent comprises four wings built around an almost square courtyard and dating from the 17th century – the south wing is built against the north aisle of the church. In addition, the monastery includes two older wings built around 1500. The cloister square has since been extensively renovated and leased to various SME companies in the creative sector. The construction and finishing of some residential units is ongoing. The garden wing is also being addressed.

Financing by PMV

PMV is supporting the entrepreneur with a mortgage loan. It has also appointed 1 director to the project company so that it can actively monitor and direct the reconstruction and repurposing of the monastery. Besides the role of financier, PMV also has an advisory and intermediary role. PMV’s involvement and expertise was essential in facilitating solutions to historical bottlenecks. This enabled the necessary progress to be achieved in the redevelopment. PMV will also fulfil a similar role in the follow-up process.

The project in numbers

  • Investment in the implementation of the project of approximately €9,500,000.
  • Lettable area of 4,500 m² after completion of which almost 50% has already been let.

Partner

Groep L. bv is a family business with more than 70 years of entrepreneurial experience in the acquisition, renovation, redevelopment and sale of real estate in Antwerp. The Group has quietly positioned itself in the higher segment. Groep L’s approach is characterised by respect for the original property (historical background, materials, structure, view…) and by a modern vision of integrating old and new insights and techniques.

Erwin Vrijens Head of Real Estate Erwin.Vrijens@pmv.eu +32 (0)2 229 52 30