Instone Real Estate has completed its "Halle 17" project in Cologne-Nippes according to plan. All 47 flats were sold to owner-occupiers and investors prior to completion and will be handed over in the coming weeks. Beyond that, 77 underground parking spaces and three commercial units were also constructed and sold. The original planning in terms of cost, timing and quality was fully met. In total, Instone realized sales proceeds of around €30m thereby exceeding the forecast revenue at project initiation.
The company had acquired the listed industrial hall on the historical Clouth property in December 2014 and then gutted and revitalized while maintaining the facade.
Andreas Graf, CDO of Instone Real Estate Group, says: "As part of this exciting revitalisation project, we successfully built 47 flats around contemporary space concepts while preserving attractive industrial architecture. Our 'Halle 17' thus represents a valuable enhancement to the emerging Clouth Quarter. We are very satisfied with the project as a whole and look forward to handing over the apartments to their owners as planned. Most of the buyers come from the surrounding neighbourhood. This reflects the high attractiveness of the project for Cologne and the district of Nippes."
