Elvegata Atrium

Elvegata Atrium is the project name of an office building planned in the centre of Sandnes in close vicinity to the train and bus station. In periods, Sandnes has been the fastest growing city in Norway, and it is situated in the Stavanger region, the centre of Norwegian oil activities. It takes only 15 minutes by train to travel between the two cities, and they are equally close to Stavanger airport, Sola.

The property was acquired as a development property in 2006, as it was considered to be key in the development of the centre of Sandnes. Presently, the property comprises a total of 5.500 square meters of office premises. The present property is of varying standard and is partly rented on short-term leases, enabling quick vacancies. The property has got planning for developing approx. 21.000 square meters for retail/office premises. It has been tried to achieve a pre-let coverage sufficient to start a building project in line with the planning, but so far this has not been possible. New plans for the site have been presented to Sandnes, including developing residential units, and where the building can be carried out gradually. This will reduce the size of the development project, but likely increase the probability for the project to be carried out in view of today’s planning. Sandnes municipality has given positive feedback to the new plans, and an application for a new planning application of the property has been initiated under the project name “Sentrumsgaarden”.

Stavanger has experienced a very strong development over many years due to the growth in the oil industry and from time to time had challenges in finding areas for developing new business premises and housing. Hence, Sandnes has experienced increased interest, but so far this has primarily involved house-building and to a smaller degree the development of new business property. As we see it, the large tenants in the region have a wait-and-see attitude concerning moving from Stavanger to Sandnes.

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