Aachener Grundvermögen has acquired the commercial, office and residential building at Goethestraße 18 in Frankfurt am Main for one of its special funds. The capital management company is thus expanding its portfolio in Frankfurt to ten 1a retail properties in a prime city centre location – three of them in Goethestraße, one of the most high-profile luxury and high-end shopping locations in Germany. The internationally renowned shopping street is home to numerous branches of top international designers and luxury brands and is characterised by a very high demand for space.
The property was originally built in 1950 and modernised in 2004/2005 and extended by two floors. Access to the building is via both Goethestraße and Kleine Bockenheimer Straße. The tenant of both retail units with a total of 242 m² of retail space from the basement to the first floor as well as the associated ancillary areas is the Swiss group Bucherer, which is known for its high quality and excellent customer service as the world's largest luxury watch and jewellery retailer. There are three office units on the second to fourth floors, while the staggered floor houses an apartment. The sale was carried out privately, the purchase price was not disclosed.
Olaf Kreyenhagen, responsible for the purchase of retail properties at Aachener Grundvermögen: "Goethestraße is one of Germany's top locations for high-quality stationary retail and is characterised by a high demand for high-quality space. Today, stationary retail is far from obsolete. Quite the contrary – it remains relevant as an experiential space, as a place of brand presence, but also as a source of inspiration for an entire location. This is especially true for luxury retail. Premium locations like Goethestraße are not only holding their own, they are even gaining in profile." Kreyenhagen continues: "The purchase in Goethestraße is an example of this development. With a first-class tenant and an address of international standing, we are combining long-term substance with urban relevance."
Dr. Frank Wenzel, Managing Director of Aachener Grundvermögen, adds: "Inner cities are changing, but retaining their importance. Those who focus on location, location and tenant quality will continue to achieve stable and substantial values by investing in high-quality retail properties in inner-city locations in the top cities. We are therefore very pleased with the acquisition at Goethestraße 18 in Frankfurt am Main. Particularly in high-quality locations and with high-quality tenants, inner-city 1a retail properties remain an attractive asset class for long-term investors. Our investment decision is a clear commitment to the city centre and brick-and-mortar retail."
