The real estate is an existing property on the building and open area of Eisenzahnstraße 11-12, 14-16 in Berlin. The building complex of this real estate was erected in 1970 utilising the precast concrete skeleton construction method. The property consists of three buildings with an usable area of 13,120 sqm and 111 underground parking spaces. It is divided into approximately 10,689 sqm of residential units and approximately 2,431 sqm of commercial space. The building complex has between six and nine full floors. In the course of the refurbishment and restoration measures, a former office space will be converted into a luxurious and high-quality penthouse apartment on the 8th floor. The property has a practical floor plan, standard furnishings and is in good overall condition, bearing in mind the age of the building. Since 2016, the property has been undergoing comprehensive refurbishment, with around 200 apartments being renovated. Parts of the first floor are being converted from commercial into residential units, so that the real estate, post-conversion, will feature approximately 280 residential units.
The apartments are to be fitted with "smart-home" solutions, e.g. with remote controls for heating and lighting, that can be controlled by a specially designed app. In addition, it is planned to develop a 370 sqm penthouse apartment. The purchasing target audience for the apartments are today's so-called mobile professionals and lifestyle performers. A lifestyle concept with a lounge, concierge service, restaurant, fitness club and small office area for startups is earmarked for the ground floor. In order to market the project, the issuer is focusing on online marketing as well as social channels and is concentrating on those who are looking for a modern lifestyle in the west of Berlin near Kursfürstendamm. According to the survey by Knight Frank Valuation & Advisory GmbH & Co. KG, the market value of the real estate following the property’s refurbishment is EUR 61.3 million. According to the same survey, the sales value of the individual apartment units is EUR 67.06 million.
The property is located in the Wilmersdorf district of Berlin, about 2 km southwest of the city center "City West", within walking distance of the Kurfürstendamm. The immediate surroundings are mainly characterized by apartment buildings. With both "Konstanzer Straße" and "Adenauerplatz" underground stations as well as a number of bus stops in the near surrounding area within walking distance, there is good access to the public transportation network.