Riedstadt: Affordable property with a relaxation factor
Affordable property with a relaxation factor
A home that is attractive and affordable at the same time? With the privatization of 24 apartments, Noratis made exactly that possible – in one of the strongest economic regions in Germany.
Do you know Goddelau? Probably not, but Goddelau is much more than the tranquil area of a small town in Hesse. If you arrive by S-Bahn or by car, the first thing that catches your eye is the countryside and vast fields. Nevertheless, Riedstadt-Goddelau lies close to Darmstadt in the Rhine-Main region and thus in one of the strongest economic regions in Germany. In other words, those who live here can combine work and relaxation in a special way, provided there is attractive living space. This is exactly where Noratis AG came in: The developer has transformed a previously inconspicuous, grey residential complex into a bright, friendly place to relax, and created affordable residential property 24 times over.
But one after the other. When Noratis acquired the residential complex Moselstrasse 25-29 in 2015 built in 1970, the building had suffered the ravages of time. The former white house facade was faded and had partially peeled off. The house had a grey and dreary appearance. The surroundings were also uninviting, the outdoor areas had house waste and other rubbish laying on the ground. One of the tenants recalls: “With the dirty facade and neglected garden, our house looked like it had seen better times, even if the location itself was and is really appealing.”….
This assessment was confirmed by the comprehensive analysis carried out by Noratis. The building had great potential and was close to the city center with its specialist shops, restaurants and cafés – and the S-Bahn station that links Riedstadt with Frankfurt, Darmstadt and Mainz, for example. The high demand for affordable residential property in the region ultimately led to the decision to privatise the apartments. The aim was to offer buyers an attractive and affordable home that was also an interesting savings option.
Over the next four years, Noratis renovated the residential complex step by step. The flat roof was renovated and the grey facade freshly painted. “The balconies with their brown walls and railings might have looked chic in the seventies,” recalls one tenant. So they got a new coat of paint, new walls and railings as well as coated balcony floors. A sensible decision, and not just from the tenant’s point of view: “The balconies now fit seamlessly into the design of the entire building. You like to stay here now and enjoy the garden views.”
In addition to the redesign of the outdoor facilities, the building was also upgraded on the interior, the house entrance doors were replaced, stairwells and basement corridors were renovated.
During the renovation, Noratis did not only focus on aesthetic enhancement. Energy upgrades also played an important role – not least enjoying a positive impact on ancillary costs. Noratis insulated the flat roof, cellar ceilings, parts of the facade and, where necessary, replaced windows.
The result is impressive: the house facade, painted in brilliant white and ochre, stands out impressively against the blue sky. The outdoor facilities are also well maintained, and parking spaces are well organised again.
When most of the upgrades were complete, sales began. “We initially offered the apartments exclusively to existing tenants,” says Flaminia zu Salm-Salm, Head of Transaction Management at Noratis AG. “We were also able to offer attractive prices because we made sure from the outset that upgrades were carried out carefully and cost-effectively.“ This meant that in less than nine months, the majority of existing tenants and owner-occupiers seized the opportunity to secure one of the 24 apartments.
They are now the proud owners of their own four walls, located in the countryside with good connections to the economic centers of the Rhine-Main regions.
|Properties||Residential complex with 24 apartments, 6 garages and 18 parking spaces|
|Rental area||2,200 m²
|Strategy||Sale of individual apartments|
|Sales completion||June 2020
|Project duration||56 months|
- Roof / facade insulation
- Renovation of balconies and railings, house entrances, staircases, common areas
- Painting of the facade
- Redesign of the outdoor facilities
- Insulation of basement ceilings
- Partial renewal / renovation of windows