Oranienburg, Brandenburg , 10.1% net yield,

Type	Retail
Interior Area	6940 sqm
Offer Status	Sale Agreed
Estate Agent	Property Invest Europe

Asking Price

EUR 5,000,000

£ 3,885,777*

US$ 6,785,297*

Features

5 blocks - total space 6940 sqm - 5,000,000 EUR
4,500,000 mortgage provisionally approved
Almost 100% let - commercial and residential tenants
strong commercial tenants
504,754 EUR cold rent yield
Blocks 1 & 2 in very good condition
Blocks 3 & 4 in good condition
Block 5a in good condition but needs little cosmetic work
Block 5b in fair condition
Block 5c in very bad condition
All very well located - block 5 directly in front of Oranienburg castle

Description

These blocks are in the city of Oranienburg which is in Brandenburg. Brandenburg is just south of Berlin at easy commuting distance (30 minutes from the central station). Berlin and Brandenburg are generally discussed as a whole when referring to the economy. But it is worth noting that Berlin is independent and Brandenburg does not have the debt that Berlin has. There is a possibility that both states might merge at some time in the future

These blocks are generally in good condition. All are centrally located and 3 of them are very central and therefore ideal for commercial tenants. The garage complex contains the only filling station in Oranienburg and so is particularly strong. Many of the commercial tenants are very well known in Germany and are very secure. Most leases are fixed for several years.

The only questionable block is block 5c which is a small block in very poor condition. But it is a very small, purely residential block and the total rent in it is very low. But it is very well located being separated from Oranienburg castle only by a small car park and is next to the river. The land here is valuable and would suit immediate sale to a German investor for hotel conversion. Because of the location of block 5 there will be a grant available to totally restore the block (should you wish) covering 40% of the total cost. The remaining amount can be borrowed at very low rates.

The German national Garden Show will be held in Oranienburg (April 25th - October 18th 2009). Oranienburg Castle will be the focus of the festival. There is much work currently ongoing to improve the infrastructure for the festival and particularly around the castle where block 5 is.

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