Funded successfully

Epstein-Haus

Vienna

Return

4% p.a.

Duration

48 months

Project type

Income

Distribution

Quarterly

Notice according to § 12 (2) Vermögensanlagengesetz

This investment involves considerable risk and may result in partial or total loss.

Project Presentation

What once served as a production facility for one of the most important furniture manufacturers of the Austro-Hungarian Monarchy is now converted into a prestigious residential building. With consideration for the historical substance, the Epstein House, a jewel of Viennese Art Nouveau architecture, has been given new life in recent years with loving attention to detail.

The Epstein House - a jewel of Viennese Art Nouveau

In a prime location in Vienna Margareten, the imposing, historically significant Mittelzinshaus with a total of around 4,300 square metres of usable space was acquired in March 2013 and has since been continuously renovated and brought up to date. The net rental income at the time of purchase amounted to around € 165,000 p.a. and was increased to € 394,000 p.a. (as of February 2019). After completion of all refurbishment work, the target is an occupancy rate of 100% and an annual net rent of € 450,000.

Deal Highlights

Annual rental income of € 394,000 already

The annual net rental income currently amounts to € 394,000 and will increase to € 450,000 as the renovation of vacant residential units progresses.

Rendity Interest Deposit

The Rendity interest portfolio serves to secure our investors. Before the start of each project, the respective borrower has to pay an interest deposit in the amount of the interest of half a year into a separate escrow account. The interest deposit deposited by the borrower is subject to fiduciary custody and may only be used to compensate for interest payments not made or missing capital repayments to the investors.

Central location of Vienna in 1050

The 5th district, also known as "Margareten", is located in the heart of Vienna. Margareten is the district where culture and architecture meet Viennese charm. In addition to its excellent infrastructure with numerous local suppliers, shopping streets and transport connections, the fifth district is a district of colourful hustle and bustle amidst its coffee house classics and new modern restaurants.

Regular additional income - 4% p.a. Distribution every 3 months

Investors receive quarterly distributions of 4% p.a. on their invested capital during the term. The invested capital is repaid to the investors at the end of the term.

Inhouse Asset Management

The detailed renovation and owner management of Schlossgasse 14 is carried out by the in-house asset management team, which is characterised by extensive real estate experience and excellent market knowledge. The team around Michael Janecek currently manages a portfolio of around 120 properties with a strong focus on Vienna's inner city districts. The great success is largely due to the many years of experience, commitment, know-how and real estate expertise within the team.

The Eptstein House - an art nouveau jewel steeped in history

The Epstein House was built in 1912/1913 by Ernst Epstein and served as a commercial building for the company "Bothe & Ehrmann", one of the most important furniture manufacturers in the Austro-Hungarian Danube Monarchy with headquarters in Zagreb and Vienna. Ernst Epstein was a successful Viennese architect and master builder who has numerous well-known buildings such as the Looshaus on Michaelerplatz.

Investment Case

ENI Immobilienentwicklungs GmbH intends to raise qualified subordinated loans of up to € 1,000,000 for the partial financing of refurbishment costs.

The borrower is the land registry owner of the property EZ 1060 KG 01008, Schlossgasse 14, 1050 Vienna. The existing building consists of two staircases with a total of 27 rental units, 9 of which are let to commercial tenants and the remaining 18 as apartments. The annual net rental income currently amounts to € 394,000. As the refurbishment of vacant residential units and the loft conversion progresses, the annual net rental income will increase to € 450,000. The aim is to rent out the existing building completely at market prices and to keep it in the portfolio or sell it as a whole.

Distribution every 3 months:

During the term of the loan, the lender receives quarterly distributions of 4% p.a.

Secured interest deposit:

The Rendity Interest Deposit serves to secure our investors. Before the start of each project, the respective borrower has to pay an interest deposit in the amount of the interest of half a year into a separate trust account. The interest deposit deposited by the borrower is subject to fiduciary custody and may only be used to compensate for interest payments not made or missing capital repayments to the investors.

Financials

Acquisition costs
7.380.000 €
Additional purchase costs
738.000 €
Renovation costs
4.699.000 €
Total investment
12.817.000 €
current usable area
4.302 €
annual net rental income
394.000 €
current occupancy rate
92 %
Current redevelopment vacancy
327 €
Estimated net rental income after refurbishment
450.000 €
Top floor potential RowRight
450 €

Finance Structure

Location

The 5th district, also known as "Margareten", is located in the heart of Vienna. In addition to its excellent infrastructure with numerous local suppliers, shopping streets and transport connections, the fifth district is a district of colourful hustle and bustle amidst its coffee house classics and new modern restaurants. With the "Naschmarkt", this is home to the largest and probably most famous market in the city centre with its special flair of market stalls and international locations. The 5th district of Vienna experienced a special upswing also because of its immediate vicinity to the new central station. In recent years, not only the most modern and largest railway station in Austria has been built here, but also large-scale urban development areas such as the Sonnwendviertel and the Belvedere quarter. Under the efforts of local and international real estate developers as well as the city politics, living space for tens of thousands of people has been created here and large companies and corporations have settled here.

Explore the surroundings

Margareten is the district where culture and architecture meet Viennese charm. Already Bruno Kreisky, Falco and Hans Moser have lived here and it is no wonder, because hardly any other district embodies the versatility of Vienna as much as the 5th district. Schlossgasse 14 is located in the middle of one of the most beautiful residential areas of the 5th district. The underground station Pilgramgasse can be reached on foot in 5 minutes and the local supply leaves nothing to be desired. Especially the proximity to the Naschmarkt, the culinary Mecca of Vienna, makes gourmet hearts beat faster

Belvedere

Originally built by Prince Eugene at the beginning of the 18th century, the Belvedere today houses an extensive garden and a museum of art. The sloping hillside location of the garden was taken as an occasion to dedicate the sculptures on display to the theme of the ascent from the underworld to Mount Olympus, which introduces visitors to Greek mythology. Directly next to the Belvedere, the botanical garden of the University of Vienna, which is open to the public, invites visitors to relax. In the Upper Belvedere, which today offers rooms for artistic and historical insights into historical Austria, the State Treaty of Austria was signed in 1955.

Schönburg Palace

After the unsuccessful attempt to use the Palais Schönburg commercially as a hotel, the palace was completely renovated a few years ago. Especially the architecture and the extensive garden made the Palais, which was built at the beginning of the 18th century by the architect Johann Lukas von Hildebrandt, popular as an event location. Today the baroque jewel shines through its proximity to the centre, surrounded by its magnificent park.

Naschmarkt

The Naschmarkt is considered the largest inner city market in Vienna. The Viennese Naschmarkt owes its special flair to its mixture of market stalls and pubs, which join together in a snake shape in the middle of the left and right Wienzeile. The Naschmarkt is a well-known Viennese sight and, from a culinary point of view, should not be missed on any exploratory tour.

Central Station

More than 30,000 new residential units have been built around the area of the central station in recent years. The central station has thus had a strong influence on the cityscape of Vienna. Since the complete opening of the central station in 2015, more than 145,000 passengers have been travelling here daily, making it the most frequented station in Austria. In addition to long-distance trains to all of Europe, local public transport is also seamlessly integrated into the infrastructure of the central station. Both the U1 underground and the S-Bahn and tram lines converge at this transport hub. In addition to local and long-distance traffic, the complex also offers a shopping centre with more than 20,000m².

Castle square

Tucked away in the historical core of the 5th district, and less than 2 minutes' walk from Magaretenplatz, is the Schlossquadrat, a building complex with a history that goes back to the 14th century. Today the former estate invites you to enjoy and linger. You can quickly escape the hustle and bustle of the city here, through the idyllic Schanigärten of the Schlossquadrat, with a rich selection of culinary delights.

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Rating

A
CategoryRatingPoints
LocationPrimary
1
VacancyOccupied
1
Development StageManagement
1
Track RecordMore than € 250 million developed
1
Asset TypeResidential
Duration36 months or more
3
Existing Bank FinancingYes
Pre Sales>20%
1
Total
8
A
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

JP Immobilien Group was founded more than 25 years ago by business partners Daniel Jelitzka and Reza Akhavan. It is one of the most active and successful market players in the Austrian real estate industry with a focus on Vienna. It is still owner-managed and therefore completely independent. According to the principle "Real Estate Business is People Business" all customers are personally attended to. The many years of experience, the know-how and the competence of our colleagues stand for sustainable real estate specific solutions for the benefit of our customers. Regardless of whether it is a matter of satisfying a residential need or optimizing the earnings of an entire real estate portfolio.

JP Immobilien

JP Immobilien

Dr. Daniel Jelitzka
Dr. Daniel Jelitzka
Reza Akhavan
Reza Akhavan