DORMAGEN: SUCCESSFULL DISTRICT DEVELOPMENT
The district development Dormagen Horrem
The city of Dormagen is located in the Rhineland between Cologne and Düsseldorf. It offers a central location, combined with advantages such as a quiet but attractive city. Around 65,000 people live in a total of 16 districts. Dormagens economy is mainly shaped by the chemical industry.
In October 2015, Noratis AG purchased a real estate package totalling 755 apartments, 7 commercial units as well as 243 garages and 155 parking spaces in the district of Horrem. The lettable area comprised of around 50,000 m². The vacancy rate of the property built in the mid-1960s was over 30 %, indicating the district‘s lack of attractiveness. However, following a comprehensive inspection by Noratis the site showed considerable potential, which could be achieved through active asset management, even in the short term.
For years Horrem had fallen behind because of urban isolation due to a railway line, and a lack of center development. But now there were initiatives involving the city to make Horrem more attractive again. The location itself was significantly burdened by a lack of investment. The element had fallen into disrepair, petty crime was the order of the day.
|Address||Am Rübenweg 7-23 | Heesenstraße 4-8 | Am Rath 13-58|
|Properties||Residential complex with 755 apartments (incl. 8 commercial premises), 240 garages and 155 parking spaces|
|Rental area||50,900 m²|
|Strategy||Block sale (667) | sale of individual apartments (88)|
|Sales completion||October 2016 to December 2017 | August 2018|
|Project duration||12 to 26 | 34 months|
- Complete and partial renovation of vacant apartments
- Renovation of balconies, house entrances, staircases and common basement
- Installation of intercoms in the apartments
- Painting of facades
- Redesign of the outdoor facilities incl. lighting