Endover lays the cornerstone for the first new building in the over 100-year-old Volta Quarter

  • 2022-05-05

Today, the cornerstone for the building complex of Volta Residences was laid in the Volta Quarter, Northern Tallinn, which is Endover’s first new build in a historical region, as it has reconstructed former industrial buildings so far. The cornerstone was also laid for the underground car park, which is one of the biggest in Northern Tallinn.

Despite the challenging economic conditions, the developer continues to revitalise a historic and large-scale industrial quarter. Three new apartment buildings of Volta Residences will be completed this year, and three more will be added early next year, with a total of 148 apartments. Parking in the entire quarter will be underground.

“The Volta Quarter is Endover’s largest and most extensive project to date, and will take several years to complete,” said Robert Laud, CEO at Endover. “Today, market participants are plagued by supply constraints and volatile input prices, but we’ve been able to manage these processes. Demand for real estate has recovered rapidly despite the various crises, with fear of inflation being a major catalyst. A large part of the premises being created in Volta is rare in Tallinn and people are willing to invest in special solutions. People value holistically planned environments the most,” said Laud.

"Prices are not going down in Northern-Tallinn,” added Laud. Looking at the development that lie ahead for the district, demand and prices are continuing to rise. In Volta Residences, 60% of the premises have already been sold by the time the cornerstone is laid today. Those who bought an apartment in the first building of the Volta Quarter in 2015 have doubled their contribution by today. Investing in Northern Tallinn continues to be a smart move. In addition to Volta and Noblessner, there will soon be several other integrated residential and business districts such as Krulli, Manufaktuuri, Bekker Quarter and Patarei Sea Fortress, which will give the area as a whole great potential and added value.”

“Volta Quarter will be built on the site of the long-standing abandoned ruins of tsarist buildings,” said Head of the Northern Tallinn District Administration Manuela Pihlap. “When we look at how much of what was built over a century ago is still standing, we see that these ruins are not only grand, but also very sturdy. This noble legacy of previous generations is also an obligation – our obligation to build just as well today, or at least as tastefully and durably, as we did before the First World War. But more importantly, these buildings need to be brought back to life, because without life between the walls and in the streets, even the best building will not survive.”

Arko Kurtmann, Member of Management Board and Head of Corporate Banking at Coop Bank, praised Endover’s success in the development of modern and sustainable housing. “At Coop Bank, we’re convinced that those who think big, do big and Endover is a good example of this,” said Kurtmann. Not only are houses being built in Volta, but this whole quarter is shaping lifestyles and creating a better living environment and thus a better Tallinn.” He added that the rapidly developing Coop Pank sees Endover as a good partner to grow with, and this led to the financing of the exclusive development.

Uku Tint, Development & Construction Director of the Volta Quarter, said that apartments in the Volta Quarter are being bought both as a home and as an investment, with Estonians and other nationalities among the buyers. “Volta is also seen as a good long-term investment by foreigners,” said Tint. “The events in Ukraine have not changed this view. There is also a lot of interest in commercial premises, particularly for accommodation and services, but also for retail and offices. Businesses that don’t yet have a location in the northern part of the city are keen to set up shop here in good time.”

The Volta Residences are the first new buildings in the Volta Quarter and are characterised by their diversity, ranging from apartments with one to four rooms to lofts with mezzanine floors and exclusive penthouses with views of the sea and the Old Town. The two-storey underground car park will provide 230 parking spaces for both cars and motorbikes, freeing up the streets of the quarter from parked cars. The buildings will also have a total of four bicycle storage rooms. A total of 1360 parking spaces will be created in the Volta Quarter.

The architects of the Volta Residences were inspired, among other things, by the legendary Volta waffle maker. The architecture of the new buildings is in keeping with the historic industrial quarter, with the modern minimalist form combined with a timeless brick façade, enhanced by bespoke floor-to-ceiling gridded windows and balconies with decorative borders. The buildings are located in the Volta inner quarter, along the new Uus-Volta and Mootori streets.

The size of the apartments ranges from 29 to 127 m² and the average price per square metre is around €4,500. The height of the ceilings is up to three metres, and up to 5.4 metres for lofts. The energy class of the buildings is A and they have solar panels and high UV-factor window glazing, the lofts have cooling systems, there is an electric bike charging point and high-quality interior finishes. The architectural design of the Volta Residences was created by KoKo Architects, the interior design by Maarja-Linda Taur and Aet Piel, the main contractor is Metropoli Ehitus and the financing is provided by Coop Pank.

The developer is also planning the next phases of the quarter. The main building of Volta, dating back to 1900, is to be renovated into luxury apartments. The massive limestone building at the end of Tööstuse Street will be joined by high-rise buildings with exciting architecture that will provide space for food service, service and retail businesses in addition to residential space – they will become the landmark of the Volta Quarter.

The land belonging to the former Volta factory, which covers 11 hectares, will eventually be home to a complex of 29 buildings with fully integrated micro-infrastructure, the first two of which have already been completed. The quarter is being developed according to the ‘15-minute city’ concept, whereby residents have everything they need in life at their disposal within a quarter of an hour’s walk or bike ride. This WoHo (‘work and home’) idea of bringing workplaces, people’s homes and social infrastructure together into the same region has been successfully practiced in the cities of the world. In just a few years’ time the quarter will be offering signature commercial spaces for use as offices, catering establishments and service points. A kindergarten, food street and leisure facilities for different age groups, both indoors and in a large landscaped park area, have also been planned for Volta.

The volume of Endover’s sales in 2021 was over 300 apartments for €66.9 million, which is one of the top volumes in the Tallinn residential development market.

The Volta Quarter in facts and figures:

- detailed plans covering 11.25 ha

- total development encompassing 142,000 m²

90,000  of residential premises and 52,000 m² of commercial premises

- due for completion in 2025

Endover’s developments in the Volta Quarter:

- a total of 29 buildings, two of which have already been completed;

755 apartments;

- more than 1360 parking spaces, plus parking areas for bicycles; and

- a kindergarten and a 15,000 m² park;

- almost 3000 people will be living and working in the quarter by 2025.

Further information: https://endover.ee/volta/volta-residentsid/

Endover https://endover.ee/endover/ is an Estonian real estate developer with 25 years of experience, which creates value in urban space and builds integrated living and business environments. The company’s portfolio includes 70 buildings and 2,840 apartments with a total surface area of 368,000 m².