The real estate is an existing property on the buildings and undevelopment land of Eisenzahnstraße 11-12, 14-16 in Berlin. The building complex of the property was built in 1970 in precast concrete skeleton construction. 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 stories. Within the framework of the reconstruction and restoration measures, a former office space will be converted into a luxurious and high-quality penthouse apartment on the 8th floor. The object has a floor plan for functional usage, an average facilities and a good building condition according to the construction age. Since 2016, the property has been undergoing a comprehensive refurbishment, with around 200 apartments being renovated. Parts of the first floor, are converted from commercial to residential areas, the entire property after conversion will have about 280 residential units.
The apartments are to be equipped with "smart-home" solutions, e.g. with remote controls for heating and light, which can be controlled by a specially designed app. In addition, it is planned to develop a 370 sqm penthouse apartment. The target group of buyers 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 planned on the ground floor. In order to market the project, the issuer focuses on online marketing and as well as social channels and focuses on those who are looking for a modern lifestyle in the west of Berlin near Kursfürstendamm. According to the report of Knight Frank Valuation & Advisory GmbH & Co. KG, the market value of the real estate after the development of the property is valued at EUR 61.3 million. According to report, the sales value of the individual apartments 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 multi-family houses. Due to the subway stations "Konstanzer Straße" and "Adenauerplatz" within walking distance, as well as various bus stops in the surrounding area, there is a good connection to the public transport.