- Renowned local developer in Germany has recently obtained planing permission to develop a student accommodation residence in the city of Kassel, Germany. In order to help financing the development, the developer is looking for a forward sale. The development will continue to avoid delays in the completion expected for Q3 2022.
- The site is located in the city of Kassel in an industrial regeneration area. The total area of the site is 1,700 sqm. The site is located 700m from Kassel main station and 1.8 km from Kassel University.
- Kassel is located on the Fulda River in northern Hesse, Germany. It is the administrative capital of the district of the same name and has a population of over 200,000 inhabitants. Kassel has a public university with 25,000 students. The University of Kassel is a public higher education institution and was founded in 1971 as a so-called reform university offering new and innovative models of teaching.
- The building will feature 121 units distributed across 4 floors above ground. The total leaseable area is 3,366 sqm and the building enjoys parking space for 35 cars and 40 spaces for bicycles. The current design offers still the possibility to be influenced by a the new investor.
- It is estimated the asset will produce a rental income of €16.50 psqm or equivalent €666,468 on annual net rent. The Sponsor is a local developer and is looking to forward sale the asset. Asking price is €13m (c. 5% cap rate).
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