Investment Property with Significant Development Potential
An exceptional investment property with versatile potential for a range of uses is offered for sale. The property combines the advantages of a fully vacant mixed-use investment building with substantial accommodation capacity, thereby creating attractive opportunities for various utilization concepts and future development projects.
The property is situated on a plot of approximately 613 m² and currently comprises a total usable floor area of approximately 2,114.70 m².
The mixed-use investment property comprises a commercial unit on the ground floor, as well as a workshop, parking spaces, storage areas and ancillary rooms in the basement. The upper floors comprise apartments on the first and second floors. In addition, the building features an attic that has already been converted into a loft.
Constructed in 1965, the property is completely vacant and therefore offers developers an excellent opportunity for a new project. The entire property is in a used and/or renovation-requiring condition.
Existing Property and Residential Use
Fully vacant investment property
The currently vacant apartments on the first and second floors are in shell-finished condition, providing a good basis for individual completion and subsequent use.
According to the original building plans, a total of 22 apartments with living areas ranging from approximately 16 m² to 43 m² and a total residential floor area of approximately 485.93 m² were planned. In the course of the development, the internal layouts and room configurations were modified, resulting in a total of 18 apartments being realized on the first and second floors.
The different apartment sizes allow for a flexible rental structure and appeal to a variety of target groups, including single occupants, professionals, students and investors.
The current average rental price for a privately financed new-build apartment in 1120 Vienna (Meidling) is approximately EUR 18.50 to EUR 23.00 per m², including operating costs.
As the first and second floors as well as the attic comprise a total of approximately 880 m² of residential floor area, the property offers significant income potential when fully rented. With full occupancy, an estimated gross monthly rental income of approximately EUR 14,000 to EUR 16,000 could potentially be achieved.
The ground floor is designated for commercial use.
As the building is a mixed-use property, the ground floor offers a wide range of possible uses. Potential uses include retail premises, offices, medical or therapy practices, association or club premises, as well as space for cultural events.
Development and Expansion Potential
Ideal for comprehensive renovation, attic conversion, or new construction and rezoning projects.
The loft-style converted attic additionally offers approximately 361.62 m² of potential for the creation of further residential units and additional usable floor space. This provides investors and developers with significant potential for further increasing the value of the property.
The considerable development potential of the attic is particularly noteworthy. Subject to the necessary official permits and approvals, a possible vertical extension and further development of the attic could create additional residential space and make optimal use of the property's existing potential.
Basement, Storage Areas and Parking Spaces
The basement comprises several storage and ancillary areas, including an access area, loading ramp, technical and heating rooms, with a total area of approximately 394.21 m².
In addition, there are 11 parking spaces with a total area of approximately 143.92 m².
This results in a combined total area of approximately 538.13 m² for the basement, storage, ancillary and parking areas.
These areas can be accessed either via a separate entrance (garage access) or through the main building.
As part of the planned development, the installation of a passenger elevator serving all floors is also envisaged.
The building is heated by a central gas heating system.
Location and Infrastructure
This attractive investment property in 1120 Vienna benefits from its central location and excellent transport connections.
A wide range of amenities for everyday needs are located in the immediate vicinity, including doctors, pharmacies, supermarkets, bakeries, banks and post offices.
Excellent public transport connections by bus, suburban railway (S-Bahn) and tram make this location particularly attractive to both tenants and investors.
Investment Perspective
The combination of a central location in Vienna, complete vacancy, an existing residential structure and extensive expansion and development opportunities makes this property an attractive project opportunity.
Purchase Price and Further Information
The property is offered for sale at a purchase price of:
EUR 3,100,000
Additional Purchase Costs
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Land registry registration fee: 1.1%
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Real estate transfer tax: 3.5%
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Brokerage commission: 3% + 20% VAT, amounting to EUR 111,600.00
Renovation, Refurbishment and Costs
In addition to the purchase price itself, substantial funds will be required for planning, structural engineering, renovation and obtaining the necessary building permits.
The renovation or refurbishment of an existing building or apartment is in many cases considerably more complex than constructing a new building and can also be very cost-intensive.
The cost of a complete renovation of a building is estimated at approximately EUR 1,000–1,500 per m². This estimate includes the demolition of load-bearing walls, creation of new window openings, façade works, installation of windows, complete replacement of building services and installations (electrical, heating and plumbing), drywall works, installation of floor and wall coverings, as well as painting and decorating works.
For further details, please contact us.
Zoning and Building Regulations
Mixed-Use Building Area (GB)
The area is primarily designated for residential buildings as well as businesses, offices and retail premises that do not unreasonably disturb residential use through noise, odors or emissions.
Commercial District (GV)
This designation indicates that particular emphasis is placed on retail, service or office uses in this area, or that certain commercial and business uses may be encouraged or prescribed.
BB 11: In the area designated Esp BB11, the construction of above-ground and underground buildings is prohibited.
Esp refers to green space / recreational areas – sports and playgrounds. These areas are reserved for sports fields, playgrounds, sports halls or infrastructure associated with such uses.
Building Class III
Building heights:
Building configuration: Closed/continuous construction (Bauweise g).
Legal and General Information
Please note that the provisions of the Austrian Real Estate Agents Act (Maklergesetz), as amended, including Section 15 of the Austrian Real Estate Agents Act, shall apply to these offers.
All information and details are based on documents and information provided by the seller/assignor and are supplied without guarantee.
Please note that there is an economic relationship between the broker and the client. The broker acts as a dual agent, representing both parties to the transaction.
We would like to emphasize once again that the brokerage commission is payable only if a real estate transaction is successfully concluded, such as a purchase or rental agreement.
Consumer Information
We would like to inform you that, since 13 June 2014, due to a new EU directive, we are only able to send documents and information once you have confirmed in writing that you wish us to commence our services immediately and that you have been informed of your statutory right of withdrawal.
Data Protection Information for Prospective Buyers and Clients
The General Data Protection Regulation (GDPR), which came into force on 25 May 2018, serves to protect your privacy, which is of particular importance to us.
The protection of personal data is important to us and is also required by law. Your personal data will be processed in accordance with the applicable data protection regulations.
Wir weisen darauf hin, dass zwischen dem Vermittler und dem zu vermittelnden Dritten ein familiäres oder wirtschaftliches Naheverhältnis besteht.
Der Vermittler ist als Doppelmakler tätig.
Altmannsdorfer Straße/Breitenfurter Straße
