Shopping mall, Thuringia, Germany

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Shopping mall, Thuringia, Germany

6,825,000 €
827 € /m²
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  • Total area
    8,246 m²
  • Yield
    5.6 %
  • Built in 
    2000
Details
Property parameters
  • Land area: 2,867 m²
Financial performance
  • Annual income: 381,445 €
Tenants
  • Occupancy: 60 %
Transaction costs
  • Notary (state registration): 1.5 %
  • Acquisition tax: 6.5 %
  • Broker: 4.0 %

A shopping mall in Thuringia.

Description

A commercial building with a basement.

Equipment:

  • central heating
  • escalator

Financial performance

The absolute annual income is 381,445 €.

The current yield is 5.6%.

The average rent is currently about 7 €/m².

Tenants

The shopping mall is rented by 60% (about 4,956 m² of 8,246 m²).

The anchor tenant is a retail chain of sporting goods stores. The company's annual turnover exceeds 10 billion €. The number of employees is about 10,000 people.

The remaining 3,290 m² will be rented in the short term by reliable clothing and shoe retailers.

The vacant office space will also be rented in a short time.

Transaction costs

Notary (state registration) is 1.5 – 2%.

Acquisition tax is 6.5%.

Brokerage fee is 4% + VAT 19% (total 4.76%).

Location

The shopping center is located in Gera, in the eastern part of Thuringia.

The property is situated in the pedestrian zone in the historical center of the town and near shops, cafes and restaurants. The closest landamarks are in 500 m away, they include the Museum of Gera, the Museum of Applied Arts and the Museum of Natural History.

Gera is the 3rd largest city in Germany after Erfurt and Jena. It covers an area of about 150 km². Its population reaches 95 thousand.

The town is considered as a regional trade center. There are a machine building enterprise and a medical university.

The distance to the nearest city Zwickau is about 40 km, to Erfurt (the administrative center of Thuringia) — 80 km.

Thuringia is one of German states in the east of the country with the most developed economy together with Saxony. It covers an area of about 16,170 km². Its population reaches 2,15 million.

In 2018 about 66% of the regional population worked in the service sector.

The average income hit 41,000 € per year.

In 2018 nominal GRP (gross regional product) of the state was about 64 billion €.

  • Property on the map
    Location right down to the building, street or city

More properties

If this property wasn’t for you, take a look at other mixed-use buildings for sale in Germany.

You can see more mixed-use buildings for sale in Thuringen elsewhere on our website.

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