Country News
02.05.2016

400 new apartments for Simmering: IMMOFINANZ converts offices into residential space

From offices to housing: IMMOFINANZ plans to convert an office complex in Vienna’s Simmering district into apartments. The planning and preparatory work for the project at Geiselbergstrasse 26-32 has already started and will create up to 400 new apartments in Simmering by 2019.

“Our district has an interesting mix of nature, residential and industrial areas. Although there has been a great deal of activity in the residential sector during recent years, this IMMOFINANZ project shows the increasing focus on opportunities for the development of modern apartments in Simmering“, indicated district chairman Paul Johann Stadler.

“The Vienna housing market has been characterised by a substantial increase in demand and an inadequate supply for many years. In connection with our portfolio optimisation, we will be converting individual office buildings in Vienna into residential space. The location in Simmering is well suited for this purpose due to the excellent transportation connections and close proximity to green areas“, explained Christian Traunfellner, Country Manager Operations Austria, IMMOFINANZ.

Excellent infrastructure
The property is located in Simmering, Vienna‘s 11th district, close to the A23 motorway and the Geiselbergstrasse suburban railway station. That allows for optimal connections via auto and public transportation (suburban railway lines S1, S2, S7, the regional train to the airport, the U3 underground line, 69A bus line and no. 6 tram). The Böhmische Prater recreational park and Laaer Forest provide ideal settings for relaxation and entertainment, while the central area in Simmering offers a wide range of shopping alternatives. A number of day care centers and schools are also located nearby.

Comfortable residential space
Plans call for up to 400 residential units with efficient floor plans. All of the apartments will have open spaces (balcony, loggia or terrace), parking and high-quality furnishings (parquet floors, underfloor heating, built-in kitchen, ventilation/air conditioning system). The inner courtyard could also be transformed into a playground.

The construction plan
Construction is scheduled to begin as soon as possible – presumably during the third quarter of 2017 – and should be completed in the second half of 2019. Work has already started to clarify the various approvals required by the public authorities.