Full Description

This superb apartment building is made up of 7 seperate apartments. Two on each level with the ground floor made up as one apartment and the other being rented out as a lawyers office.

TOTAL LIVING AREA = 551 M2 TOTAL LAND 596 M2.

ALL UNITS ARE FULLY LET PRODUCING 30,500 EUROS FOR THE YEAR

THAT’S A SUPERB 8.71% NET RETURN P/A.

SCOPE TO REVIEW RENTS IN THE NEAR FUTURE, WITH POSSIBLE INCREASES DUE.

PURCHASE PRICE 350,000 EUROS.

MORTGAGES AVAILABLE MIN 50% LTV GERMANYS LARGEST BANK.

WHY WITTENBERGE?

Within a 2½ hour driving radius of Wittenberge there is a population of 14 million people. The new A14 motorway will increase this population quite considerably.

Transports links – 50 minutes from Berlin (east) and 67 minutes from Hamburg (west) on high speed train. Also to mention Magdeburg (south) crossing Wittenberge to reach Schwerin (north)

Commuting location – Monthly transferable ticket 167 euros to Berlin.

New motorway link from Magdeburg to Rostock (A14) with a new junction at Wittenberge to start end of 2008 and due for completion 2012. This will have a immediate impact on the area, property prices are set to rocket in value!

In 2004 15 million euros was invested in the railway station here in Wittenberge. Well positioned on the River Elbe which is an important commercial route linking Hamburg to the Czech Republic.

Wittenberge is surrounded by a UNESCO national park making it impossible to over develop the area.

Over the last 10 years Wittenberge has benefited from a brand new communications system that rivals any existing system elsewhere.

Corporation tax on properties in Wittenberge is 88% less than Berlin and 48% less than Hamburg.

Immigration of tenants – average age in Wittenberge is 47 compared to a younger average age in nearby cities like Berlin. Therefore tenants are staying longer in their respected properties in Wittenberge.

Rental supply and demand – Wittenberge has started a re-generation programme to demolish 3000 out of town pre-fabricated units. The concept is to re-house these tenants in the centre of town. This programme is backed by the German government who are paying 60 euros per m2 to the local housing association to demolish these units. The costs of demolition are only 40 euros per m2.

On the 25th September 2007 nearby Parchim Airport was purchased by a major Chinese company to be their European cargo base. In addition they have purchased 85 hectares of land. This is the largest single Chinese investment to date in Germany, the Chinese themslves have promised over 250,000 visitors in their first year.

7 million euros worth of local investment in Wittenberge to start a 58 bedroom hotel, brewery, conference centre, retail outlets & restaurants.

Tourism / theatre – Wittenberge currently holds the 2nd largest outdoor opera in Europe shown on National television. Funding has been granted to further this with 2500 fixed seats, this work has already started. Another 1 million euros worth of funding started in September 2007 to link the theatre above on the river to the railway station.

ncreasing population – Wittenberge was once a very wealthy town, it will be again.