NSI has decided to cancel the development of Well House in Amsterdam. Following an extensive feasibility update, it has become evident that the economics of the project do not meet NSI's investment criteria. As a result, NSI will recognise a non-cash impairment of approximately €9.6 million in its H1 2026 results, reflecting capitalised development costs incurred to date.
Well House was conceived as a highly sustainable office development in Amsterdam's Zuidas district, neighbouring NSI's Vivaldi I and II assets. Over the past two years, NSI has continued to review the project's feasibility, including a comprehensive redesign process and an extensive contractor tender process.
While rental prospects for high-quality, sustainable office space in Amsterdam remain attractive, the latest feasibility review showed that materially higher construction costs have significantly impacted the project's economics. In combination with the development, leasing and execution risks associated with a speculative development of this nature, the resulting risk-adjusted return would fail to adequately compensate for the risks involved.
NSI also assessed alternative, scaled-back versions of the project during the review process. These alternatives were similarly found not to meet the company's investment criteria.
The decision to cancel the project is driven by project-specific economics and does not reflect a change in NSI's view of the long-term attractiveness of Amsterdam's office market. NSI intends to retain ownership of the site, preserving future strategic flexibility within the broader Vivaldi cluster and avoiding potential disruption to the operation and leasing of the adjacent Vivaldi assets.
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