Watergate’s future is in doubt after landlord doubles the rent
The spike comes after its building was sold for €6.3 million
Berlin’s Watergate has seen its rent double after the building the club is housed in was sold for €6.3 million.
Celebrating its 15th anniversary this year, the club told Resident Advisor it’s a victim of its own success, observing its own inadvertent contribution to the gentrification of the area.
Founder Steffen ‘Stoffel’ Hack said: "In unbridled capitalism, the market regulates the price and there is no protection of business tenants or rental ceilings to counter this, [which] leaves the successful management of Watergate on very fragile terrain. In the end, we will all leave."
To manage this sharp increase in rent, the club says it must “expand conceptually as well as in terms of content.” This expansion begins with an extensive world tour celebrating their 15th anniversary taking in Spain, Brazil, Morocco, France the US.
Watergate will also host Solomun, Soul Clap and Hot Since 82 at its own events in Berlin this year.