The project "Vereinsgasse 16" is an extensive renovation of a beautiful old building interest house as well as an addition to the attic of the property with 5 newly developed residential units in the middle of the 2nd district. The revitalization project is located in a good location in the 2nd district of Vienna, close to all important amenities for daily needs.
The 2nd district has been profiting for years from a strong economic and social upswing, which is reflected in the settlement of local and international companies as well as modern educational institutions, such as the Vienna University of Economics and Business Administration. In the immediate vicinity, the Austria Campus office location was recently opened, which serves, among other things, as the seat of the Vienna Chamber of Commerce and as the headquarters of Bank Austria.
After the end of construction work, a total of 15 existing units and 5 new types of residential units with 1,303 sqm of usable living space including balconies and terraces will be offered for sale at "Vereinsgasse 16". The residential units will be implemented with a special focus on contemporary and stylish construction. Special attention is paid to the use of high-quality materials.
For the purpose of partial financing, Vereins16 GmbH & Co KG, a subsidiary of I&Co Realtrade Holding und Beteiligungs GmbH, intends to take out qualified subordinated loans of a maximum of € 1,000,000.
The borrower is the land registry owner of the property with the address Vereinsgasse 16 in 1020 Vienna. The borrower is a subsidiary of I&Co Realtrade Holding und Beteiligungs GmbH. The property is divided into 20 units (plus balconies, terraces, storage and basement rooms) with a total area of almost 1,303 m².
The acquisition of the property has been completed, the planning phase is in full swing and the building permit is expected for the end of 2020. Following the planning phase, construction will start in the 3rd quarter of 2021, so that the building activities will be completed by the 3rd quarter of 2023.
During the term, the lender will receive an annual distribution of 7.00%.
The lender receives its invested capital back after the sale of the apartments. According to the planning, this should take place after a maximum of 30 months.
The Leopoldstadt has been experiencing a massive upswing for some years now, which is noticeable in many ways: from an economic point of view, a very successful settlement of well-known companies such as Bank Austria, SAP, Samsung, Raiffeisen Bank or OMV has been achieved. In the immediate vicinity, the Austria Campus office location was recently opened, which serves, among other things, as the headquarters for the Vienna Chamber of Commerce and Industry and as the headquarters of Bank Austria. This increased demand for well-trained employees is partly covered by the higher educational institutions in the middle of Leopoldstadt.
A few years ago, the Vienna University of Economics and Business Administration opened its doors to more than 21,000 students from Austria and abroad. It is one of the largest business universities in Europe. In addition, a number of private universities (Webster, SFU) complement the educational offerings. These developments explain the positive migration balances of recent years and also aroused the need for high-quality housing. Last year alone, Leopoldstadt grew by 1,175 people, which in turn led to increased demand on the housing market.
Nothing is worth more than a good location. The "Vereinsgasse 16" project is located in the immediate vicinity of the two underground stations Praterstern and Taborstraße, which means that the city centre can be reached in just under 10 minutes. The two extensive local recreation areas Augarten and the Vienna Prater offer countless possibilities to escape the hustle and bustle of the city. Especially the Jesuit meadow in the Prater attracts many people, as this former floodplain invites you to relax. Also in the 9 km² large Prater area is the Würstelprater, which is popular with young and old alike, with countless attractions and rides.
The Augarten, with its iconic anti-aircraft tower, is a park open to the public with the oldest baroque gardens in Vienna. In addition to a well-kept parterre garden with lavish floral landscapes, the Augarten also offers a spacious area interspersed with shady avenues of chestnut trees, armour, lime trees, ash trees and maple trees, providing space for recreation and sports activities for the local population and tourists alike. The plain concrete tower from the Second World War, which is located in the park, is now closed to visitors, but offers a contrasting beauty to the rest of the well-kept Augarten and is now part of the Viennese cityscape.
The Praterstern is home to several underground lines as well as regional trains, making it one of the most important public transport hubs in Vienna. The Praterstern railway station, which was only rebuilt or largely rebuilt in 2008, is a huge multi-lane roundabout that connects seven streets. It serves the inhabitants of Vienna's second district as a public transport connection to the city centre and at the same time as a local supplier with countless shops for daily needs.
The area of the Prater of Vienna of more than 9 km² includes an amusement park, the so-called Würstelprater, several water bodies and a huge local recreation area. The area belonging to the Prater, once floodplain of the Danube, has been documented since 1162. At the end of the 20th century, numerous investments were made in the infrastructure of the Prater. The Jesuit meadow was converted into Vienna's largest playground with a toboggan hill and a winter snow-making facility. For more than 100 years, the Vienna Giant Ferris Wheel has been turning at the entrance of the Prater. The Giant Ferris Wheel is both a sight and a landmark of Vienna. A curiosity of the Wurstelprater is the Republic of Kugelmugel, whose only inhabitant proclaimed a separate state in 1970, as his house was a sphere, whereby the contact surface is only one point. Since a point has no spatial extension, he was of the opinion that he is in a state free area.
In summer, the residents of the apartment building benefit from its proximity to the artificially raised Danube island, as it is not only part of the flood protection, but also one of the most important local recreation areas of Vienna and Klosterneuburg. It is an artificial island up to 250 m wide between the Danube and the New Danube and has a lot to offer for people, animals and plants. The Danube Island is a popular cycling route and is also ideal for water-related leisure activities and offers Viennese people their own water ski lift. Several very popular public lidos can be found along the banks, including the most famous of them, the Goose Pile. Along the old Danube, there are also a number of sailing schools and boat rentals. The dammed part of the Danube is used extensively by the Viennese in summer for cooling off. In addition to the cool water, the Copa Cagrana with its countless restaurants offers enough possibilities to get your money's worth in culinary terms, too.
|Track Record||More than € 250 million developed|
|Existing Bank Financing||Yes|
The Realtrade Immobilien Group has been successfully active on the Austrian real estate market for two decades, developing a wide range of properties. High-quality architecture and prime locations are our focus. We accompany all phases of our construction projects from the planning stage to the handover of the property.
Our properties have always stood for stable value and offer solid investments in the best locations in Vienna. Our company has already renovated and built more than 100,000m² of residential space and another 50,000m² are currently in planning and renovation or under construction. Due to constant growth, we now employ over 30 people in our already enlarged offices in the 1st district.
Our core competences are, besides the purchase of real estate and the renovation or construction, professional project management, as well as the procurement and marketing of our real estate/end products. The total volume of all properties currently owned, planned and built amounts to approximately EUR 600 million.