Heureka Real Estate has acquired an office building, at Eschersheimer Landstrasse 105-107 in the Frankfurt Westend, from Barings Real Estate. The company plans to convert the seven-floor building, situated close to the Banking District, to an 'Apartmenthaus' (apartments for short-term rental). Planning consent has already been granted.
The scheme will comprise 77 furnished apartments with a total residential floor area of 2,349m², with 11 underground parking spaces and 81 cycle stands in the basement. The individual residential units, which will be fitted out to a high standard, will range from 20 to 50m² in the floor area. Construction is scheduled to start during 2020. Lars Borghaus has been appointed as managing director of the project company responsible for the conversion works. After completion of the project, it is planned to sell it to an investor.
Robert Waidhaas, managing director of Heureka and also a director of the project management company, commented: "With this latest acquisition, we are enhancing the Frankfurt market by adding a unique residential property in the business apartment segment. Due to its location and facilities, it will attract a demanding tenant clientele looking for temporary accommodation".