Winters & Hirsch advises on sale of Woolworth Department Store in Berlin to family office

Acting in sole agency for a Hamburg group of investors, Winters & Hirsch has brokered the sale of the retail and office building Berliner Allee 62-66 in Berlin’s sub-district of Weißensee (district of Pankow) to a family office from Munich.

The retail space in the building is occupied by a Woolworth department store and a TEDi discount store. The offices are let to law firms and tax consultancy firms.

Completed in 1996, the three-storey building has four office and two retail units with approx. 3,370 sqm of total rental space. The property comes with outdoor space of approx. 1,870 sqm.

The fully let property was sold at 12 times the net annual rent, which translates into a yield before purchasing costs of 8.33 per cent per annum.

One of the main shopping streets in the district, Berliner Allee offers a wide range of shops and services. Pankow is among the most sought-after residential areas of Berlin, with increasing population numbers and property prices.

Winters & Hirsch had been retained by the seller to market the property in sole agency, and also advised the buyer. The transaction was successfully completed within four weeks.

The parties have agreed not to dislcose the purchase price.