Project Presentation

The project "Hovengasse 1" is an extensive renovation of a beautiful historic apartment building from the 19th century in a central location in Korneuburg. In the course of the renovation, the attic of the property will also be raised and eight new residential units will be created. In the course of the extension, an additional 720 m² of net living space as well as balconies and terraces will be created. The four existing units on the standard floors will also be renovated to the latest standards. The apartments will be sold individually to end users and investment buyers.

The property is surrounded by all major amenities for daily needs and has good transport links. Due to its convenient location, Korneuburg has established itself as a city with a very high quality of life. From the well-developed city center, it takes only 20 minutes by car to get to downtown Vienna. At the same time, Korneuburg benefits from the generous recreational areas along the Danube and the neighboring Vienna Hausberge.

The purchase of the property has already taken place, the building permit is already available and the preparations for the development are already in full swing. Construction is scheduled to start in the 3rd quarter of 2022.

Deal Highlights

Korreal Immobilien GmbH - long-time partner of Rendity with already one successful early repayment

The project developer Korreal Immobilien GmbH has already financed 1 successful project with the help of the Rendity investor community. In the course of this project, the investor funds including interest could already be repaid ahead of schedule.

Attractive interest rates and short term - 6.80% yield for 30 months term

Investors receive an annual interest rate of 6.80% on their invested capital. The interest is distributed to the investors every year. The capital invested is repaid to the investors at the end of the term of a maximum of 30 months.

Apartment house renovation and attic addition with exclusive residential units

In total, the existing property has 4 residential units, which will be comprehensively renovated. In addition to this, the attic will be developed with 8 exclusive residential units, resulting in the construction of an additional net living space of around 720 m². In total, 1,048 m² of living space will be revitalized and built.

Sought-after location in Vienna's Speckgürtel with ample local recreational opportunities

Due to its favorable location, Korneuburg has established itself as a city with a very high quality of life. From the well-developed city center, it takes only 20 minutes by car to get to downtown Vienna. At the same time, Korneuburg benefits from the generous recreational areas along the Danube and the neighboring Vienna Hausberge.

Investment Case

The borrower is the registered owner of the property with the address Hovengasse 1, 2100 Korneuburg. The building currently has 4 existing units and in the course of the extension 8 newly built attic units will be created. The building captivates by its historical charm whereby this is maintained at the existing facades, and a perfectly co-ordinated attic conversion is created.

The acquisition of the property has already taken place, the planning phase is completed and the building permit is already available. Construction is scheduled to start in the 3rd quarter of 2022. At the same time as construction starts, sales will also commence. All residential units are to be sold individually in the course of the refurbishment/construction. It is expected that construction activities will be completed no later than the 2nd quarter of 2024.

Annual Distributions:

During the term, the lender will receive an annual distribution of 6.80%.

Short Term:

The lender will receive its invested capital back after completion of the urban villas. According to the planning, this is to take place after a maximum of 30 months.

Financials

Purchase price land
1.781.000 €
Incidental costs
8.000 €
Planning costs (architect, structural engineer, etc.)
355.000 €
Construction costs
3.051.000 €
Reserve
45.000 €
Financing costs
160.000 €
Total investment costs
5.400.000 €
Total sales revenue (assumption)
6.000.000 €
Profit
600.000 €

Finance Structure

Location

Welcome to Korneuburg

Immediately behind the northern city limits of Vienna and along the Danube lies the town of Korneuburg. The proximity to the metropolis of Vienna also explains the attraction and charm of Klosterneuburg, as the city has been growing continuously since the 1970s. Klosterneuburg has a population of about 13,300, which makes it one of the largest cities within the Vienna Speckgürtel. Likewise, the population of Korneuburg is characterized by a purchasing power above the Austrian average.

Discover the surroundings

The property Hovengasse 1 in Korneuburg is located at the gates of Vienna and convinces by the outstanding connection to the road network by the A22 and S1, as well as the proximity to Vienna. The stores for everyday needs, are for the residents of the property mostly within walking distance.

The area around Korneuburg is one of the oldest wine-growing regions in Austria and the city of Korneuburg is a popular destination for excursions. From Korneuburg to Vienna stretches the Kornautal, which is considered one of the most beautiful areas in Lower Austria.

###Hauptplatz

The main square in Korneuburg is the heart of the municipality as it is home to important administrative buildings, a variety of local suppliers and regional stores. The centerpiece of the main square of Korneuburg is the listed town hall tower which towers over the entire square. The town hall, which was newly built in 1896, is still in use today and houses the administrative headquarters as well as pubs and stores. On weekends you can find a market directly at the main square with specialties from different regions of Austria.

Korneuburg Au

The Korneuburger Au is considered one of the most popular and idyllic recreational areas in Korneuburg. The extensive area stretches north of Korneuburg and serves not only as a recreational spot for Korneuburgers and Viennese, but also as a retreat for many animal species, as the Au is mostly natural.

Bisamberg

With an altitude of 358 meters and an area of 255 hectares, the Bisamberg is located in the district of Korneuburg and borders the 21st district of Vienna on the south side. Large parts of the Bisamberg are designated as a nature reserve, but it is also home to some of Austria's oldest vineyards. The good public accessibility, both from Vienna and from Korneuburg, attracts many hikers, since in addition to the popular city hiking trail 5, also a theme trail or an extensive playground invite you to visit. Around the Bisamberg are many inns and wine taverns, which provide tired hikers with food and drink.

Kreuzenstein Castle

Today's museum castle was originally built in the 12th century and was located, strategically important, north of Vienna on the Danube. This together with its sister castle Greifenstein, which lies exactly opposite. In addition to extensive collections of armor and historical weapons, Kreuzenstein Castle also houses a knights' hall as it was in the heyday of the age of chivalry. Regular guided tours attract tourists who want to experience the flair of the Middle Ages.

Rating

C
CategoryRatingPoints
LocationPrimary
1
VacancyVacant
3
Development StageRehab
2
Track RecordMore than € 250 million developed
1
Asset TypeResidential
Duration18-36 months
2
Existing Bank FinancingYes
Pre Sales0-9,9%
3
Total
12
C
Rendity Rating are for informational purposes only. Real estate projects may fail. In the worst case, even the total loss of the invested capital can occur. You should therefore only invest funds you can afford to lose. Moreover, funds should be spread across various projects (diversification). Please note the respective documents for each project as well as the Risk Notice.

Team

The company MIRAMAX has been active in the field of Viennese project development for years. The range of tasks includes the entire value chain in new construction; purchase of land as well as planning / coordination. In the past, the core activities of the company also included the renovation of old apartments and entire apartment buildings. In the projects, particular attention is paid to good locations, excellent planning, high-quality equipment and ideal usability. At the selected locations, the buyer should be able to feel comfortable and at home.

Miramax Immobilien Investment GmbH