PRIME APARTMENTS EPPENDORF

Discover our exclusive real estate project located in the coveted Eppendorf, Hamburg. EMP blends modern architecture with high-quality living comfort, offering stylish apartments in a prime location. Enjoy the benefits of a vibrant neighborhood and excellent connectivity. Experience our latest project in Eppendorf with EMP.

PRIME APARTMENTS EPPENDORF

OUR LATEST PROJECT

Project Overview

The project -Prime Apartments Eppendorf- is the development of a classic apartment building from the Wilhelminian era into a modern low-energy residential building with 12 exclusively furnished apartments in a privileged residential area in Hamburg.

Address: Eppendorf, Hamburg
Type of use: Residential building
Year of construction: 1904
Number of apartments: 12
Living space: 573 m2
Modernization: 2022 - 2025
Total volume: EUR 4.85 million

Project description

The residential building at Eppendorfer Weg 272 is part of an ensemble of buildings in Hamburg's Eppendorf district that was built in the Wilhelminian era and is now protected. The district is also described in the media as “Hamburg's little Notting Hill”.
The building has 5 full storeys and an attic storey, and the plot size is 581 m2. The Prime Apartments Eppendorf project involves the development of the property into a building with 12 new apartments with a total living space of 573 m2.
The plot was acquired for this purpose in 2016. Parallel to the design and approval planning, it was possible to achieve complete freedom of construction by means of termination agreements for the existing tenancies.
The planning initially provides for the gutting and new construction or renovation of key building components such as the foundation, rising masonry and floor slabs. In addition, the entire technical equipment will be replaced, an elevator will be installed, ten additional balconies will be added and the top floor will be newly built and converted for residential purposes.
The outdoor areas will be redesigned and landscaped. In addition, an accessible basement with individual storage rooms for the apartments will be built underground on the front part of the property.

The energy-efficient construction measures to achieve the KfW Efficiency House standard KfW 70 on the floors and KfW 40 in the attic include connection to the district heating network and the installation of a photovoltaic system on the roof. Smart home technology enables the user to, among other things 2 individual heating and door operation from anywhere. The low heating energy requirement, which meets the KfW Efficiency House standard, and the photovoltaic system for generating and storing electricity for self-supply will result in very low overall operating costs for future use.
The apartments each have 2 rooms, a kitchen and a bathroom. Each apartment has garden access or two balconies, a balcony on the top floor and a panoramic skylight as well as a fully equipped kitchen. Other features such as underfloor heating in all rooms, wooden floorboards and new interior doors flush with the walls create a classic, modern ambience.
Fire insurance, building performance insurance and builder's liability insurance have been taken out for the building project.
The property is divided in the land register in accordance with WEG.

History: Year of construction: 1904 Purchase of land: 2016 Building permit: 2021 Start of construction: 2022

Market Situation

A sustainable net cold rent of EUR 1,500/month per apartment is assumed,

which corresponds to around EUR 30/m2 of living space.
Key features are the high structural quality of the apartments, the classic modern ambience and a highly sought-after

residential location combined with low operating costs for energy.
The target group for future use is people with high standards of living comfort and a neighborhood with very good infrastructure.

There is particular demand from internationally oriented business people and expats.
Demand for apartments in the upmarket segment in major German cities is forecast to be positive overall.

Property and Building Description

The “Prime Apartments Eppendorf” construction project is located in the Hamburg-Nord district. The size of the property is 581 m2. The building is part of a historical ensemble of buildings, a so-called 'Hamburger Burg'. This is the middle plot of the U-shaped building ensemble; the side wings, or neighboring houses, are not part of the construction project. The building ensemble was built in 1904.
The “Prime Apartments Eppendorf” project is a two-storey building with originally 10 residential units and a building entrance with an access core to the rear.
The basement and five full storeys above ground have been gutted down to the brickwork and rebuilt as a KfW 70 efficiency house. The demolished old attic floor has been rebuilt with a completely new roof and 2 apartments as a KfW 40 efficiency house. The living space is approx. 578 m2. A passenger elevator serves all intermediate landings in the stairwell. In the basement, there is a cellar under the stairwell core and two crawl spaces that were originally used to clean the chimneys. The 12 apartments with modern architecture and high-quality. The apartments have clear room heights of between approx. 2.75 m and 3.00 m behind a historic facade.

Terraces and gardens on the first floor, two balconies from the 1st to the 4th floor for each apartment and a balcony and a panoramic window in each of the top-floor apartments ensure very good lighting conditions. The modern design of the apartment floor plans results in very good utilization of the living space; visual axes are created by high doors and sliding door elements.
The street-facing façade, which is protected as part of the ensemble, has been stripped, the entire façade with original stucco elements and bosses has been filled with breathable mineral materials and recoated in accordance with the processing guidelines of the system manufacturer Keim.
The new balcony railings are a stylized replica of the original ones, as is the new entrance door equipped with an automatic security lock. The wooden windows have a modern, vertical division. The historic façade is emphasized by contrasts of new components, such as balcony railings, windows, front door and the newly designed square.
The neighboring addresses are integrated into the overall ensemble through the coordinated design of the outdoor facilities.
The reciprocal uses, rights and obligations are regulated by easements. These include, in particular, district heating rights, fire department and waste collection.

PROPERTY

To the east and west, the neighboring residential buildings frame the 'Hamburger Burg' as side wings of the building ensemble. To the north is the street-side inner courtyard of the 'Hamburger Burg' and the Gründerzeit buildings of the Eppendorf district opposite.
Overall, the immediate neighbourhood is characterized by a large number of protected building ensembles and largely preserved Wilhelminian-style architecture.

BUILDING CONSTRUCTION

Masonry and concrete work is carried out in accordance with implementation planning, statics and fire protection requirements with appropriate masonry and concrete quality and reinforcement, as well as spiral masonry anchors. The stairwell core is underpinned in the basement and lowered with a new base made of waterproof concrete, for floor-to-ceiling space for building services, heating, hot water and electricity. A concrete base with insulation is installed on the first floor. Concrete and reinforced concrete parts are made of in-situ concrete and/or prefabricated parts and/or semi-finished parts in accordance with the implementation planning.

WALLS

All exterior walls, apartment partition walls, stairwell core walls and room walls have been upgraded. All the old plaster has been removed down to the brickwork. All chimneys have been removed. The chimneys are closed flush with the room walls in new sand-lime brickwork, masonry damage has been repaired, all cracks in the masonry have been professionally repaired with spiral anchors. Sound and fire protection requirements Masonry, chimneys and ceilings have been professionally constructed.

INSULATION

The exterior walls on the street side are thermally insulated in accordance with the architect's specifications and implementation planning, taking into account the processing guidelines of the system manufacturer Knauf System Tectem, while the façade on the courtyard side is made with a thermal insulation composite from the system manufacturer Stoh with light-coloured rendered surfaces. The thickness and thermal conductivity group of the interior and exterior insulation is based on the KfW Efficiency House 70 certificate for the storeys and KfW 40 certificate for the top floor.

ROOF

The roof structure of the rising building is based on the flat roof guidelines and consists of a vapour barrier, gradient insulation (thickness and thermal conductivity group in accordance with the KfW 40 certificate) and a roof seal made of a high-quality Bauder plastic membrane.
There is a photovoltaic system consisting of 23 glass/glass elements on the roof. Execution according to the planning of the system manufacturer Bauder, substructures without penetrations bonded with plastic sheeting. According to the architect's plans, the roof hatch is also the SHEV system for the stairwell for inspection purposes, which also provides lighting for the top landing and the flight of stairs.
The roof is drained via external roof inlets and downpipes. The balconies and roof terraces are drained via approved drainage systems. External inlet boxes, gutters and downpipes are made of titanium zinc.
The roof surfaces of the basement are designed without a slope and, in addition to the waterproof concrete property, have a DIN-compliant seal or plastic or bitumen covering. Some of these areas have a green roof structure in accordance with the outdoor facilities planning.
Drainage channels are installed in front of floor-to-ceiling windows, and drainage takes place via the balcony surfaces or downpipes.

BALCONIES AND TERACES

The street-side balcony slabs have been refurbished, existing beams exposed and professionally treated and sealed. The surfaces are produced with an integrated gradient to the spouts and coated with Triflex, the visible undersides are professionally coated and painted light to the drip edge in accordance with the overall colour concept.
The balconies on the street side are clad with a sustainable wood or plastic covering in a wood look with countersunk screw heads and a professional substructure, the front sides of the balcony slabs are clad with zinc sheeting.
The balconies on the courtyard side are made of plastic composite panels in terrazzo look with balcony inlets for rainwater drainage and rainwater downpipes and with glass privacy screens to the neighbouring balconies.
The paving of the street-side and courtyard-side terraces on the ground floor is made of natural stone paving or slabs or concrete material in accordance with the outdoor facilities planning and separated from the neighbouring properties by glass screens.

CLOSURE

The development of the refurbishment building includes the house connections for supply and disposal, all of which will be renewed up to the public ground.

FOUNDATION

The foundation for the lowering of the cellar under the stairwell core and the new deep cellar under the street-side forecourt is carried out on the basis of the soil conditions investigated by the soil surveyor, in accordance with the verified structural analysis and the corresponding foundation specifications. The soil is taken up in a technically correct manner for reuse and backfilling on the company's own land in accordance with the soil survey or subsoil investigation or for further use as an asset or for disposal in an approved landfill.

BASEMENT

The components in contact with the ground (outer walls, base, ceilings) of the new basement are made of reinforced concrete and in some areas of waterproof reinforced concrete (WU concrete) in accordance with the WU Concrete Directive using the “construction method to prevent separating cracks” construction principle. Alternatively, some areas are conventionally taped and sealed in accordance with DIN.
The partition between the basement rooms is made of galvanized steel construction. The basement ceiling is made of reinforced concrete in accordance with static calculations.

CEILINGS

The storey ceilings and the roof structure have been redesigned in accordance with structural calculations. The entire insert has been removed and large parts of the wooden beams in the storey ceilings have been replaced. The height of the entire wooden beam layer has been reduced by approx. 4 cm. All wooden beams are bolted and reinforced with new steel girders. All supports for the wooden beams and steel girders are newly constructed.

WINDOWS

The mostly floor-to-ceiling, generally double-glazed composite windows are designed as System 80 wooden windows and fitted with one-hand tilt and turn fittings. The window elements are coated on the inside and outside in accordance with the overall colour concept.
All windows are equipped with window rebate ventilators for a harmonised supply air function as a supply air device. Depending on the setting of the permanently operated and fan-assisted exhaust air systems in the bathrooms and kitchen areas, outside air flows into the flat via these ventilation systems in the upper or side area of the window frames. Together with the electrically operated exhaust air systems within the flats, this supply air system, which functions without the supply of electrical energy in the window area, enables largely automatic ventilation of the respective flat, which can be supported by active ventilation if necessary.
The insulating glazing is designed in accordance with the requirements of the thermal insulation certificate in the quality required to achieve KfW 70 or KfW 40 certification. Windows and French doors on the ground floor are equipped with increased burglary protection in accordance with the RC2 security standard, consisting of lockable window handles and security strike plates (lever-open protection).

HOUSE ENTRANCE

The burglar-resistant entrance door element is made of wood and fitted with hardware, an overhead door closer and a door stopper in accordance with the architect's plans and overall colour concept. All flats are equipped with doorbell and colour video intercom systems as well as electric door openers. The doorbell panel and the video function are housed in a stainless steel panel in the covered part of the front door that matches the overall colour concept.
The building is equipped with a locking system for all communal areas, flat entrance doors, cellar doors and cellar storage rooms. The entrances to the building services rooms are also integrated into the locking system, with separate locking for access for maintenance work.

METALWORK

Exterior steel surfaces such as balcony and terrace railings, handrails to the basement are galvanised and painted in accordance with the colour concept. The guardrails and balustrades are constructed with bent filler bars, upper and lower chords as flat steel bar constructions.

PLUMBING WORK

Common areas in the building

ENTRANCE AREA, CORRIDOR AND STAIRWELLS

The entrance area up to the first flight of stairs and the forecourt of the lift is covered with natural stone tiles with matching skirting tiles, based on historical models. The reinforced concrete flights of stairs in the stairwell, the intermediate landings and corridors are covered with high-quality linoleum. Thresholds in the floor material, approx. 2.5 to 3.5 cm high, are installed in front of the flat entrance doors. The stairwell is fitted with a dirt-trapping mat on the inside of the building entrance area. The existing banisters are painted in accordance with the architect's colour concept and the wooden handrail is matt oiled/waxed.
The letterbox system in front of the building entrance is equipped with letterboxes suitable for DIN A4 and a labelling field.
The lift system is located 4 steps lower in front of the intermediate landing in the basement and serves all intermediate landings on the upper floors. The lift car walls and lift doors are made of glass. The floor covering of the lift is identical to that in the entrance area. The lift is equipped with LED lighting.

The flat entrance doors (colour concept as specified by the architect) are burglar-resistant in accordance with the RC 2 security standard. This includes a security fitting in stainless steel and core pull protection, a locking cylinder with emergency and danger function and an overhead door closer.
Handle sets are installed on the inside and stainless steel knobs on the outside.The locking cylinders are integrated into the central locking system.
The lacquered wooden frames with shadow gaps in the colour specified by the architects surround the door leaves of the flat entrance doors on three sides and are fitted with a lip seal.At the bottom, the door leaves of the flat entrance doors are fitted with a drop-down floor seal. All flats have a bell push on the hallway side.

BASEMENT

There are 12 storage rooms for the flats and a corridor in the basement.
Electrical cables are installed on the ceilings and walls, and each basement room has light and sockets for the respective flat meter. The cellar staircase has a strip on which a bicycle can be conveniently rolled down and up.
The floor in the basement has a disc-smoothed concrete floor as a base for a dust-binding coat of paint.
All storage rooms are labelled in the access area. The door to the cellar is fitted with a T30 steel door with a steel frame, the doors to the storage rooms are made of a steel construction as a cellar partition wall system. The locking cylinders of the basement doors are integrated into the central locking system.

PLASTERING WORK

The stairwells are plastered to quality level Q3. The brick basement walls are plastered with wiping plaster (rapped). Ceilings are levelled on the underside at the joints caused by the formwork.

PAINTING WORK

The walls and ceilings of the entrance areas, stairwells and corridors are painted in accordance with the colour concept. Visible screed or concrete surfaces (e.g. cellar rooms and corridors, boiler rooms, etc.) are coated with dust-binding paint. Visible steel and sheet metal parts (railings, cellar doors, etc.) in the entrance areas, stairwells and corridors are painted in accordance with the architect's specifications.
Miscellaneous
Necessary escape route instructions and signage as well as fire extinguishers are supplied and installed in consultation with the fire brigade or in accordance with the fire protection concept.

Housing Technology

SANITARY INSTALLATIONS

ENERGY EFFICIENCY

The building fulfils the requirements of a low-energy house KfW 70 from the ground floor to the 4th floor and KfW 40 on the top floor.

SOUND INSULATION

The sound insulation against external noise is designed in accordance with the public law regulations as per DIN 4109.
For protection against sound transmission from external living areas, the increased sound insulation values in accordance with Supplement 2 to DIN 4109/2 - Sound insulation in building construction, notes for planning and execution, suggestions for increased sound insulation, recommendations for sound insulation from an external living area are complied with.

OUTDOOR FACILITIES

The outdoor facilities are landscaped in accordance with the outdoor facilities planning. This includes the creation of the street-side courtyard with bicycle racks and small trees as well as the steps and entrance areas.
These areas are covered with grey or dark grey natural stone or concrete paving to match the terraces in accordance with the outdoor facilities planning.
The garden-side areas are laid out as landscaped areas with lawns, hedges, shrubs and trees planted in accordance with the outdoor facilities planning. Any necessary ground supports for the terraces are made of angled retaining walls in in-situ concrete or prefabricated construction, as required. Lighting is provided in accordance with the lighting plans.
Waste is disposed of above ground by Stadtreinigung Hamburg in waste collection containers installed in the steel and timber construction of the waste collection area on the north-west side of the property.

HEATING AND WATER HEATING SYSTEMS

The heating and water heating systems are designed in accordance with the recognised rules of technology, the design and implementation regulations and the connection conditions of the utility companies. The design of the heating system is calculated and implemented in accordance with the heat load calculation and the minimum requirements in the KfW 70 or KfW 40 certificate.
The building is heated centrally via district heating. The associated heat supply contract has been concluded with Wärme Hamburg (a brand of Hamburger Energiewerke GmbH). The district heating transfer station is located in the utility room of the neighbouring building at Eppendorfer Weg 270 A and is secured by a land register easement. The individual flats are supplied via the riser shafts.

VENTILATION AND AIR CONDITIONING SYSTEMS

The ventilation and air conditioning systems are designed in accordance with the recognised rules of technology and the applicable design and implementation regulations based on the building services planning.
The decentralised, mechanical basic ventilation from the ground floor to the 4th floor (KfW 70) is provided by fans in the bathrooms and kitchen areas. These fans ensure that the stale air is transported to the outside. The outside air flows in via window rebate ventilators. The attic flats (KfW 40) are ventilated via controlled ventilation systems with heat recovery, which are located in the stairwell under the top floor ceiling.

ELECTRICAL INSTALLATIONS

The electrical installation is carried out in accordance with the valid VDE guidelines, the EVU regulations and the recognised rules of technology. The main electrical connection is located in the house connection room. The electrical cables are routed through the basement and the crawl space to the two riser points to the individual flats and to the photovoltaic system on the roof using route constructions fixed to the walls.
In the basement rooms as well as in the crawl space and partly in the outdoor area, the cables are laid surface-mounted. The fuse and distribution boxes for the communal areas are located in the basement. The electricity meters for the flats and communal areas are also located here.
common areas are also located here.

The electrical sub-distribution (fuse and distribution boxes) for the flats are located within the respective flats.
A foundation earth electrode was installed around and/or under the floor slab. A battery storage unit for the photovoltaic system is located in the basement.
The entrance area, hallway, stairwell, basement, all cellar rooms, the waste collection area and the main access route to the house entrance in the outdoor area are equipped with suitable lighting fixtures in accordance with the architect's plans. The corridor, stairwell, underground car park and exterior lighting of the main access routes are controlled by motion or presence detectors, in some cases in combination with twilight switches and timers. The building is equipped with cable and data connections and fibre optics to the flats. The associated cables are routed in the same way as the electrical cables to the connection points of the common property and also via the risers to supply the individual flats with telephone, TV and data.
A supply contract can be concluded with Telekom Deutschland GmbH and/or Vodfone and/or Willytell for the supply of cable TV and data.

Gerenal furnishings

PLASTERING WORK

Brick walls have a plaster surface with three layers of machine plaster as lime-cement plaster or filler plaster of quality level Q3, as do the exterior walls on the street side, which are internally insulated with Knauf Tec Term. Ceiling surfaces are freely suspended sound insulation drywall ceilings in smooth quality and levelled to Q3.
Dry construction work Non-load-bearing interior walls between corridors and bathrooms and interior walls in the attic flats are constructed as dry construction walls. They are double planked on both sides with plasterboard (GKB) 2 x 12.5 mm on metal stud frames in accordance with the manufacturer's approval. GKBI damp-proof panels are used as the top layer in the bathrooms. The connection of drywalls to solid components is carried out as a rigid connection. Joints between drywalls and masonry walls are butt-jointed. The drywall connections are made with a trowel cut and sealed with acrylic compound. This creates a visible material separation joint in accordance with the guidelines.
Shafts, shaft panelling and pre-wall installations are generally double-planked. The dimensions of these constructions depend on the execution planning. Suspended ceilings are designed as freely suspended soundproof drywall ceilings. Joints, connections and screw heads are filled and sanded ready for painting.
Behind the kitchen units in the attic flats, drywalls are reinforced between 180 and 220 cm above the finished floor.

PARQUET WORK

All interior rooms of the flats that are not tiled are fitted with wooden flooring suitable for underfloor heating, made of white oiled/waxed oak planks. The laying direction corresponds to the architects' specifications.
The wooden skirting boards are pinned or glued as standard.
Floor-to-ceiling window elements do not have window sills, as the parquet runs right through to the window frame.
Instead of a skirting board, a white wiping moulding matching the skirting boards is used in the window area.

INTERIOR DOORS

The interior doors of the flats, which were made by a carpenter, consist of tubular chipboard door leaves in solid wooden frames with smooth fronts flush with the wall as single-leaf doors. All doors in the residential storeys are installed at a height of 2.40 m (standard structural dimension) with concealed hinges. They are constructed with wooden block frames with shadow gaps and seals and fitted with high-quality stainless steel lever handle sets.

HEATING AND WATER HEATING SYSTEMS

The flat is heated via underfloor heating. The underfloor heating is controlled via a Smart Home central display or a mobile phone. The desired temperature, which is recorded by wall thermostats in the rooms, can be conveniently set for different uses. In addition to underfloor heating, each bathroom has an electrically heated towel radiator. The heating circuit distributors are flush-mounted in the drywalls of the flats.
Each flat is equipped with a stopcock. Behind this shut-off valve, the respective consumption is recorded in the form of a heat meter on a rental basis.

ELECTRICAL INSTALLATIONS

The flats are equipped with switches, sockets, aerial and data sockets, room thermostats, wall and ceiling outlets, electrical sub-distribution and other components in accordance with DIN 18015-2. The exact number and positioning can be found in the ‘Technical floor plan’ of the building services planning. The wiring is always concealed or installed in the drywall ceilings and walls. In addition to the electrical sub-distribution, each flat is also equipped with multimedia distribution. The switch programme is the latest generation from Busch Jäger.

FIRE ALARM SYSTEMS

Battery-operated smoke alarms on a rental basis are provided in accordance with Hamburg building regulations.

KITCHENS

The flats are equipped with high-quality fitted kitchens with electrical appliances, such as cookers, induction hobs, dishwashers and washing machines, fridge-freezers, ventilated bonnets, wall and base units.

SHAFTS

The riser shafts contain the supply and disposal lines for the flats. The fire insulation is located in the area of the storey ceilings. Where necessary, inspection openings are accommodated in the panelling of shafts in the area of the flats.

SCREED

The residential floors are fitted with a floating dry screed with impact sound insulation and edge insulation strips in accordance with sound insulation requirements. The ground floor has a floating screed and additional thermal insulation in accordance with KfW 70 certification. The screed surface is suitable for tiles or parquet flooring.

TILING WORK

The floors of the sanitary rooms and the additional wall surfaces of the sanitary rooms defined in accordance with DIN 18534 are coated with a liquid sealant.
In the sanitary rooms, Italian wall and floor tiles (Floor Gres | Rawtech | matt | 60/60 | or equivalent) are used as a standard product. The skirting tiles are finished in the same material as the floor tiles, with the uncut edges at the top, unless wall tiles meet the floor material.
The joints of the floor tiles are finished in cement grey and those of the wall tiles in silver grey. Corners and joints as well as transitions between the floor, wall and skirting tiles are elastically sealed.
The tiled surfaces, the design of the tiles at horizontal and vertical offsets and the design at the start of laying on wall surfaces as uncut tiles are executed in accordance with the specifications of the standard bathroom details.

PAINTING WORK

The painting work consists of the necessary preparatory work such as levelling unevenness, priming and finishing coats. All interior walls of the flats (except tiled areas) are coated with mineral, breathable materials in the Keim system. The joints on filigree ceilings are levelled on the underside. The ceilings are finished with smooth non-woven wallpaper and mineral emulsion paints.

SANITARY INSTALLATIONS

The kitchens are equipped with hot and cold water and waste water connections, drinking water connections are fitted with angle valves. The corner valves for cold water are equipped with additional connections for the dishwashers.
A washing machine connection with washing machine siphon, flush with the wall with integrated water supply, chrome-plated cover plate and waste water connection is provided for each flat. The hot water supply is circulated from the communal areas to the flats. Cold and hot water pipes are equipped with metering devices on a rental basis, separately for cold and hot water.

The sanitary equipment in the bathrooms is selected on the basis of functionality and design. Bathroom ceramics: Villeroy & Boch or equivalent Bathroom fittings: Hansgrohe AXOR One or equivalent
The arrangement of the sanitary equipment can be found in the bathroom details in the architect's plans. The shower areas are tiled, flush with the floor and have floor drain rails. Glass shower partitions are part of the bathrooms. The possible type and design depends on the respective installation situation.
The ground floor flats will have a frost-proof outdoor tap on the south-facing garden terrace.

SMART HOME

A central display in the hallway of the flats is connected to the electrical distribution for the Smart Home installation. In addition to the many possible uses of the Busch-Jaeger system, such as switchable ceiling and wall outlets, dimming functions, defined switchable sockets, shading of roof windows, integration of music and household appliances and underfloor heating control, it is also combined with the existing video intercom system in the communal property. All functions can also be controlled via a mobile phone.
mobile phone. The user can make their own individual settings (lighting scenes, creation of time rules for lighting, heating times, etc.).
The basic configuration of the flat's delivery status is saved as a backup so that the delivery status of the flat configuration can be restored.

Realisation Status

The structural work on the residential building, including the construction of the entire roof structure with photovoltaic system, the application of thermal insulation and the installation of new windows as well as the basic installation of the necessary building services, was completed in July 2024.
The implementation planning for all key areas of the extension has been completed and all necessary building permits have been granted. Further trades such as the production and installation of the interior doors have been put out to tender and the construction work has been awarded in line with the progress of construction.
According to the current schedule, the entire construction project will be completed in Q2 2025.

Investment and Finance Overview

The total acquisition and construction costs amount to €4,851,000, covering a total area of 573 square meters, resulting in a cost of €8,466 per square meter. Following renovations, the net cold rent is €31 per square meter per month, generating a total rent of €17,660 per month. In 2032, the property is projected to sell for €7,520,000, yielding a return of €13,124 per square meter after the subdivision of the property.

The projected profit, calculated as the total sale price minus the total acquisition and construction costs, is €2,669,000.

The financing structure consists of €628,000 equity and a €542,000 grant from KfW. In addition, loans from the bank totaling €3,681,000 are used to achieve the total capital of €4,851,000.

Financing and Outflow of Funds

Once the land acquisition and project planning had been completed and all the necessary approvals had been obtained, the construction work began.
The original financing framework for the realisation of the measures, including the land acquisition with ancillary costs amounting to EUR 3.40 million, was provided by the financing bank in conjunction with a KfW development loan and equity contributed by the client.
The structural realisation of the measures for the basic refurbishment of the building resulted in higher costs for the necessary structural and static upgrading than assumed in the preliminary investigations.
The implementation of the upgrading measures in the area of the entire masonry and the reconstruction of all storey ceilings enabled an even more extensive modernisation of the building than initially planned.
This made it technically possible to install underfloor heating in all living areas and highly efficient soundproofing of the storey ceilings as well as the construction of floor-level shower baths, which meant a significant increase in the standard of fittings compared to the originally planned standard.
This, in conjunction with the installation of a lift and an overall exclusive structural and technical building fit-out as a smart home, opens up the prospect of positioning the property in a highly upscale market segment for flat flats with a higher rental price level.
The changed design and an unexpectedly high increase in construction prices in the years 2021 - 2023 will lead to an increase in the total investment volume to EUR 4.85 million.
An overview of the financing and outflow of funds is attached to this report.