The reconstruction of a building with apartments for short-term rental is scheduled to be started in mid-2020, completion — in mid-2021.
Description
The apartment hotel will include 20 apartments in a new building, 5 penthouses and 5 renovated apartments with a total area of 2,000 m². As a result, the existing apartments with a total area of 370 m² will be repaired and an additional living area of 1,635 m² will be built.
Penthouses will be equipped with terraces with a total area of 456 m². Facades and staircases of the building will be repaired, elevator will be installed.
The whole building is offered for purchase, as well as separate apartments with full decoration, furniture and household appliances.
Deal type: Share deal/ Asset deal, Forward purchase. Conditions of acquisition by agreement.
The expected annual income is 810,000 €/945,000 €.
The expected yield is 6–7% (with the management contract).
The price of the property without VAT is 11,877,642 €. Purchase without VAT is possible (consultation with a tax specialist is required).
The operator and tenant of the building is a well-known Viennese company, one of the leaders in the market for short-term leasing of apartments in Vienna. The average number of properties under their control is about 90%.
Inclusion in the cadastral book — 1.1%.
Acquisition tax — 3.5%.
Brokerage fee is 3% + 20% VAT (in total 3.6%).
The property is located in one of the most popular residential areas of Vienna, about 3 km from the city center. There are various shops, supermarkets, cafes and restaurants, pubs, pharmacies, clinics and public transport stops nearby. There is a metro station in 350 meters from the property, you can reach the city center in 15 minutes. There are the main attractions of the city, such as Vienna Hofburg and St. Stephen's Cathedral, within walking distance.
Vienna is the capital of Austria with population of over 1,800,000 people.
Vienna is the 3d city-residence of the United Nations after New York and Geneva. There are the headquarters of such international organizations as OPEC and the OSCE here. Vienna 9 times in a row took the 1st place in the world for quality of life (Economist, 2018).
Public transport is well developed in Vienna, a chain of autobahns and railways connects Vienna with other cities in Austria and Europe. Schwechat International Airport is the largest in Central Europe, with more than 60 airlines from around the world registered, annually serving more than 14 million passengers.
About 10 million tourists visit Vienna every year. In 2017, it was registered about 15.5 million overnight stays, more than 7 million of them were foreigners.
