The ViennaEstate Group has expanded its existing portfolio with a historic tenement building at Schimmelgasse 7 in Vienna's third district, Landstraße. This acquisition underlines the group's strategy of acquiring properties with development potential in attractive locations. The transaction involves a property with a usable area of approximately 2,900 square metres, featuring over forty units and two separate staircases.
The building stands out due to its characteristic old building charm and generous courtyards. A key aspect of the acquisition is the identified development opportunities within the existing structure and the potential arising from existing vacancies. A general renovation in summer 2020 faithfully restored the historic Gründerzeit façade, thereby securing the property's value and aesthetics in the long term.
Strategic Importance and Location Quality
The property combines several qualities considered crucial for sustainable portfolio development. These include its attractive location in the heart of Vienna-Landstraße, the charismatic existing building stock, and the aforementioned development opportunities. Schimmelgasse itself was named in 1862, with the name tracing back to the former historic inn 'Zum Schimmel'. The building is also listed as a historical memorial site, underlining its cultural value.
The acquisition highlights the efficiency of the ViennaEstate Group's integrated business model. Through the close interlocking of the company's own departments—from asset management and property administration to marketing, real estate brokerage, and construction measures—the property's potential is to be specifically realised, and the property further developed within the portfolio in the long term. This approach enables comprehensive value creation along the entire real estate value chain.
With this latest acquisition, ViennaEstate continues its steady course of targeted and sustainable expansion of its own portfolio. The exact purchase price was agreed upon to be kept confidential between the contracting parties, which is customary in such transactions.
