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Macro Location Analysis
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Purpose of the loan
The project "Wurlitzergasse 77" is an extensive refurbishment of a beautiful Gründerzeit/middle-income house as well as an extension of the attic of the property with 4 newly developed residential units in the middle of the 16th district. In the course of the extension, an additional 285 m² of net living space can be realized. The 13 existing units on the standard floors will also be renovated to the most modern standards.
The property is surrounded by all-important amenities for daily needs and is excellently connected to the public transport network due to its proximity to the Ottakring subway station. Various recreational activities are in the immediate vicinity, and the extensive post office sports field in the 17th district can be reached in a few minutes. Outside the city, Neuwaldegg on the edge of the Vienna Woods is an excellent starting point for local recreational opportunities.
The purchase of the property has already taken place, the building permit has already been issued and the planning of the project is in full swing. Construction activities are already underway and work is currently underway to gut the property. The revitalization of the existing building and completion of the attic is planned for the 3rd quarter of 2022.
The project developer ELCO GmbH has already financed 5 successful projects with the help of the Rendity investor community. Of these, 2 projects with a volume of EUR 875,000 excl. interest have been repaid to the investors.
El-CO Immobilien is a real estate development company specialized in residential real estate and based in Vienna. As a family-run company, we not only aim to create living space in the classic sense, but we also want to build sustainably for the next generation.
Investors receive an annual interest rate of 7.00% on their invested capital. The interest is distributed to the investors every year. The capital invested is repaid to the investors at the end of the term of a maximum of 30 months.
After the purchase of the property, the building permit has already been successfully obtained and thus the planning activities have been completed. Construction has already started and completion is scheduled for the 3rd quarter of 2022.
There is a liability in the form of a hard letter of comfort in the amount of the loan issued by the managing partners.
In total, the existing property has 13 residential units. In addition to this, the attic will be developed with four exclusive residential units, resulting in the construction of an additional net living space of 285 m². A total of 1046 m² of living space will be revitalized and built. Special attention is paid to ecologically sustainable construction and the careful use of valuable resources.
In terms of transport, Wurlitzergasse is well connected. The Ottakring subway station (U3) and the Hernals train station (43) as well as various bus connections can be reached on foot in just a few minutes. Hernalser Hauptstraße and Ottakringer Straße are also only a few minutes away.
The borrower is the registered owner of the property with the address Wurlitzergasse 77, 1160 Vienna. The building has a total of 17 apartments, 13 existing units and four newly constructed attic units. On the street side, the residential building is characterized by a simple, reduced and detailed structuring of the facade. On the courtyard side, all apartments are extended by floor-to-ceiling windows, as well as generous open spaces and private garden areas.
The acquisition of the property has already taken place, the planning phase has been completed and construction has already started. All residential units are to be sold individually as the renovation/construction progresses. It is expected that construction activities will be completed no later than the 3rd quarter of 2022.
During the term, the lender will receive an annual distribution of 7.00%.
The lender will receive its invested capital back after the completion of the urban villas. According to the planning, this is to take place after a maximum of 30 months.
Purchase price land
Planning costs (architect, statics, etc.)
Total investment costs
Expected sales revenues
The property Wurlitzergasse 77 convinces with its central location in the heart of the 16th district. Stores for everyday needs are partly within walking distance. Residents of Ottakring appreciate Ottakring its multicultural diversity and its urban ambiance. Known as "Balkan Street," Ottakringer Strasse is lined with numerous Serbian cafes. Turkish specialties are offered at the bustling Brunnenmarkt street market. Around nearby Yppenplatz are hip restaurants with outdoor areas on the square. On the western edge of Ottakring, the Vienna Woods beckon with hiking trails and a panoramic view of the city from Wilhelminenberg.
The Brunnenmarkt is Vienna's longest street market and stretches along Brunnengasse from Thalia Strasse to Ottakringer Strasse. On weekdays there are around 40 to 50 stalls at the market, while on Saturdays there can be 120. This makes it the second-largest inner-city market in Vienna after the Naschmarkt and the largest in Ottakring. A lively and colorful culinary scene has established itself around the Brunnenmarkt.
Vienna City Hall
The Wiener Stadthalle is the largest event center in Austria and among the leading event locations in Europe. In total, the Wiener Stadthalle comprises six event venues and a large sports area including a swimming pool and ice rink. Every year, more than 300 events are held here; from top international acts and the ATP tour stop "Erste Bank Open" to cabaret and musicals, there is something for every taste.
All winter sun worshippers in the 16th district are recommended to visit Yppenplatz and the gastronomic establishments located there. Whether it's breakfast at Dolce Lago, a quick coffee at Café Frida or an after-work Spritzwein at Wirr next to the large window front, the cozy locations are waiting for your visit and, thanks to the adjacent Brunnenmarkt, also provide numerous regional delicacies. But also in the rest of the months, you will meet a cool and relaxed atmosphere and delicious offers in the cozy cafes. For more info, check out our post about cafés waiting for your visit in the 16th district.
The Ottakringer Brewery is home to Vienna's brewing tradition and, as such, is an important part of Vienna's culinary culture. The brewery was founded in 1837 by master miller Heinrich Plank after the monastery of Klosterneuburg, the landlord at the time, granted the brewing permit. In 1850, the business was moved to the brewery building that still exists today, and over the following decades, it was expanded into a large-scale brewery. In peak years, up to 350,000 hectoliters of beer are produced here.
We are a real estate development company specializing in residential real estate with headquarters in Vienna.
As a family-run company, we not only aim to create living space in the classic sense but also to build sustainable housing for the next generation. Therefore we invest a lot of time in the planning and implementation of each project and only work with strong and experienced partners who meet our criteria to ensure the high quality of our projects. since our foundation almost 10 years ago, we have specialized in the area of new construction of apartments and single-family homes as well as the renovation of old buildings.
EL-CO Immobilien stands for sustainable living and outstanding quality for well-being - we are already building for the next generation