The former Coca-Cola site in Soest, which has undergone a turbulent development history since 2016, is now being finalised. A total volume of EUR 18.68 million is being invested to create residential space. The history of this traditional commercial area, since its acquisition in 2016 by the Soest Non-Profit Building Association and its subsidiary, has been marked by several delays and problems.
The 16,000 square metre plot of land between Rigaring, Briloner Straße, and Geseker Straße was originally intended to be transformed into a new residential quarter. Initial plans envisaged a socially mixed quarter with rental and owner-occupied flats, as well as subsidised housing, featuring up to 160 residential units. The integration of student apartments, service areas, offices, or doctors' surgeries was also temporarily considered. Although preparatory work, including the demolition of old halls and the disposal of materials at a cost of approximately EUR 400,000, began in 2018, development stagnated significantly in the subsequent years.
Challenges and reorientation of the project
The original development stalled due to increased construction costs, financing difficulties, and internal conflicts within the Building Association, leading to a multi-year standstill on the site. The current reorientation of the project focuses on the realisation of 44 residential units to meet the growing demand for rental flats in the region. This creates generous living space on a previously sealed area. The project meets the KfW 40 QNG quality standard, thereby combining high energy requirements with solid construction quality.
The location of the emerging "Platanen-Viertel" (Plane Tree Quarter) in Soest benefits from existing infrastructure. In the immediate vicinity are chemists and grocery shops, educational facilities, restaurants, and a gym. Furthermore, local recreation areas and public transport connections are available. Soest, with approximately 50,000 inhabitants, is located in the catchment area of prosperous cities in North Rhine-Westphalia. The Ruhr metropolitan areas of Essen and Dortmund are reachable within 30 to 60 minutes, while Cologne and Düsseldorf are about two hours away.
Potential for capital investors and tenants
For capital investors, the new build project proves interesting due to specific features. These include the combination of an attractive location, modern residential space, and an anticipated demand. The marketing and financing of the owner-occupied flats are handled by X Capital GmbH from Lüdenscheid, while Charles Real Estate GmbH from Berlin acts as the project partner. Capital investors are offered the opportunity to acquire individual owner-occupied flats as an investment.
- —Lower entry prices and projected above-average returns
- —Tax benefits through a 10% depreciation for wear and tear (5% declining balance depreciation + 5% special depreciation)
- —Additional KfW funding of EUR 150,000 per owner-occupied flat with low-interest loans
- —Modern floor plans, high energy standards, and lower maintenance requirements
Christoffer Riefenstahl, authorised signatory, COO and partner of X Capital GmbH, commented on the development, stating that the city of Soest would receive modern and attractive living space that would help relieve demand. He emphasised that this would enable buyers to invest in an attractive location and that both capital investors could benefit from a high-yield investment and tenants from much-needed housing, while the city of Soest would experience relief from its strained housing market. Sales are scheduled to begin on 15 July 2026.
