Fully renewed four-storey office building.
Description
The building includes 7 commercial units. The units sizes span between 32 m² to 224 m².
There are 21 parking spaces in the territory of the property.
The property was renovated in 2017. Among others the following works were done:
- renovation of the staircase and of the entrance area
- overhaul of the elevator system and of the entire wiring
- renovation of the front and rear façades, roof renovation
- inspection of windows and doors
- renovation of the entire office floor of the second storey
- machine cleaning of all floors
- installation of a fitted kitchen in the first floor
- renovation of the heating room and full check of the heating system.
A new central heating system was installed in 2012.
Energy Consumption Pass is valid until 07.12.2024, but it is dated before the checking of the heating system.
The energy consumption value is 210,0 kWh/m²a.
Type of transaction: Asset Deal or Share Deal.
Absolute annual income is 69,065 €.
The current yield of 7.7%.
Financial performance at currently admissible rent increase:
Projected annual income is 72,000 €.
The projected yield of 8%.
The tenants are:
Political organization — the lease agreement is valid through 2023.
Educational institution — the lease agreement is indefinite.
A company which specializes in technical services and has offices in more than 70 countries. The lease agreement is indefinite.
Real estate agency — the lease agreement is valid through 2027.
Social organization — the lease agreement is indefinite.
Notary (state registration) is 1.5 – 2%.
Acquisition tax is 5%.
The brokerage fee is 5.95%.
The monthly gross management fee per unit is 26.95 €.
The office building is located in the city of Bremerhaven on a busy major road. The property is easily accessible close to the city center. The motorway is situated 3 km way from the building.
Bremerhaven is the largest city on the German coast of the North Sea. The population of the city has increased by 15% since 2009 and currently exceeds 120 thousand people.
The unemployment rate has decreased by almost 13% since 2009. Bremerhaven is not only one of the most lucrative real estate locations, but also a hi-tech development center, where over 15,000 jobs have appeared over the past 18 years.
The city has developed the construction and maintenance of offshore wind turbines. The leading wind industry hardware suppliers and 5 R & D organizations have already established and/ or expanded their operations here.
The Port is the 5th largest in Europe and the continent’s largest for frozen foods and ship-based vehicle import & export.
