To buy this block you buy the Gmbh which owns the block. In this way you do not pay transfer tax (4.5%) or the other legal costs included in the initial sale (Land registry fee, notary fee, Gmbh setup fee, solicitor fee, mortgage fee). In total these setup costs were 117,695 EUR. The block was bought in June 07 for 1,900,000 EUR. Sellers are asking only 1,700,000 in total (the additional amount shown is commission). They are retaining 10% of the Gmbh so 1/10 shares are being offered for only 50,000 EUR per share. All shareholders will sign a shareholders agreement. The current owners will look after day to day running but shareholders will make decisions about larger issues (e.g. resale of individual apartments or facade restoration) based on their share of the Gmbh.

The only additional fee payable will be commission (4,000 per share already included in the asking price) and a legal fee to add buyers to the Gmbh and to the mortgage and for use of the solicitor's escrow account.

The reason we know this block so well is because we own the one attached to it. Both blocks will be managed by the same company and it is likely that any decisions made for our own block will also be applied on this one. So you can have peace of mind owning a share of this block that we have particular knowledge about it and that we will be able to guide you after the purchase.

Description of object:

Solid, recently renovated large block of family apartments with 4 staircases. The turn of the century building is in good general condition.

Equipment:

All dwellings have modern heaters, new (overhauled completely) windows, the attics were developed later and comply to recent building standards.

Situation:

Located 5 minutes walk from the old historical part of Köpenick (Alt-Kopenick or Altsadt Kopenick), and beside the river Dahme which flows into the Spree. There is a tram stop directly opposite or if you prefer to walk, the S-bahn station Kopenick is at about 10 minutes.

Kopenick belongs to the borrough of Treptow-Kopenick which is the largest borough in Berlin and is also one of the least settled. According to a report by Jones-Lang-Lasalle in the 18 months leading to the end of 2007 the population increased from 236,524 by 1,580 - not dramatic but the trend of population decrease has turned. The vacancy rate is 5.81%, another trend which has been reducing since the situation in 1998 where the average vacancy rate in the city was nearly 10% (which contributed dramatically at the time to faling rents and prices). The average monthly income is 1625 which is higher than the Berln average of 1500 and higher than 2 well known areas of Charlottenburg (1575) and Mitte (1350). The average cold rent is 5.5 - 5.7 EUR per sqm and the average apartment price is 1000-1400 EUR per sqm. According to the report rents have bottomed out during this period and prices have risen only slightly. But it points out exceptions to that including locations near the old town (like this one). The price and rents in this block are well below the market average here. There is a growing trend for people to move to the south west locations and in particular Treptow-Kopenick, because of the good quality of life, access to high employment areas such as Adlershof and Schonefeld airport which is doubling in size. And it is probably only 20 minutes by S-bahn to Mitte. This specific area is becoming very much a target for West Berliners for weekend holiday homes because of the amount of space, the green areas, the old town and of course the river. The block itself does not look pretty from the outside and the facade will need work in the next few years, but the apartments are nice sizes and are typical Altbau with high ceilings and are bright (which is what Berliners like). Coupled with the location and the low rent they are easy to let.