Newmark has brokered the sale of a commercial property at Hanauer Straße 85 in Munich. The seller is R+V Versicherung, the buyer is a family office.
Newmark's Capital Markets team led by Jan Isaakson, Alexander Kandziora, Philip Mrosk and Katharina Hoffmann exclusively advised the seller side on the transaction.
"Investors no longer value real estate solely on the basis of their current cash flow. The development opportunities a location opens up are increasingly decisive. Hanauer Strasse 85 combines both: stable rental income and the opportunity to further develop the property in the long term," says Jan Isaakson, Head of Capital Markets Munich at Newmark.
The property comprises around 5,500 square metres of rental space on a plot of land of around 5,100 square metres in the immediate vicinity of the Olympia shopping centre in the north of Munich. The almost fully let multi-tenant property combines office, retail, warehouse and smaller residential space in an established commercial location with immediate proximity to established residential districts. The area is located within a built-up district in accordance with § 34 BauGB and is currently characterized as an industrial area (GE). Against the background of the so-called construction turbo, a complete conversion to residential purposes could become possible in the future. The property thus offers investors a combination of stable rental income and long-term development potential.
The parties have agreed not to disclose the purchase price and other details of the transaction.
