The residential and office building in the south of Cologne was acquired in 2015 by a Dutch insolvency administrator. It is located in the Zollstock district, where companies like Goethaer and UNICEF have their registered office and which has a good public transport connection and proximity to the centre of Cologne. The property with a floor area of about 2,100 m² and a land area of 1,000 m² had a high vacancy rate at the time of acquisition.
After the development phase was completed in 2017, as part of the conversion to a block of flats, the majority of the 66 flats were renovated, the common areas and the entrance area redesigned, and the flats fully furnished. At the same time, the commercial leases were extended on a long-term basis.
The stock property is fully leased. The preliminary application for a building extension is currently pending.
The Zollstock district is located south of Cologne city center on the west side of the Rhine. It is surrounded by spacious parks such as the Vorgebirgspark and the Outer Green Belt. In the north, the district borders on the railways.
The townscape is characterized by numerous settlements that were created by various building cooperatives after the First World War and offer a variety of large residential complexes and single-family houses that is unique for Cologne.