The investment experts of the Berlin real estate agency Winters & Hirsch have advised a well-known private investor from Berlin on the sale of a prominent residential and retail building on Steinmetzstraße in the capital’s sub-district of Schöneberg. The property was acquired by a family office from the German state of Baden-Württemberg.
Completed in 1905, the investment property was extensively refurbished in 2007 with funds from the state of Berlin and Investitionsbank Berlin (IBB) under the Berlin urban development scheme.
The building has 29 residential units on approx. 2,000 sqm and three commercial units on approx. 334 sqm of floor space. The outdoor space totals approx. 600 sqm.
The fully let property was sold at 14.7 times the net annual rent, which translates into a yield of 6.8 percent per annum.
Bounded by Potsdamer Straße and Bülowbogen as well as Kleist Park and Potsdamer Platz, the Bülow quarter is among Schöneberg’s up-and-coming residential neighbourhoods.
Winters & Hirsch had been instructed by the seller to market the property in sole agency, and also advised the buyer on the transaction. Already the second sale brokered for the seller within six weeks, Winters & Hirsch was able to wrap up this latest deal within four weeks.
The purchase contract was notarised by the Berlin law firm of Schultz und Seldeneck, which specialises in real estate law.
The parties have agreed not to disclose the purchase contract.