Dilapidated neighborhood of old buildings in schoningen to be refurbished

Dilapidated neighborhood of old buildings in schoningen to be refurbished

Good news for Schoningen's Eichendorff neighborhood: the Peach Property Group has begun the "revitalization" of its properties in the neighborhood. Marc Sesterhenn, Portfolio Managing Director of the investor specializing in residential real estate, explains the scope of the sustainability-oriented refurbishment program in an interview with our newspaper. It was only in January that the company took over the property portfolio, which had been neglected for many years, from the previous owner Adler Real Estate. "In the Eichendorffstrasse and Burgstrasse quarter, where we are now completing the Revitalization program started, our portfolio comprises 160 apartments. In Schoningen, our portfolio includes a total of around 800 apartments," explains Sesterhenn. The first step is to revitalize the vacant properties in the Eichendorff district. Work is already underway on two buildings.

"Our starting point is the houses at Burgstrasse 18 and Eichendorffstrasse 20. This involves 14 apartments." By the end of this year, the goal is to have this work completed. Peach Property Group, which is headquartered in Zurich and has group headquarters in Cologne, has already planned for next year as well: "Then we want to renovate three to six more houses in the area. Our hope is to complete this by the end of 2022 or early 2023. Subsequently, three more buildings are to be thoroughly modernized," says Sesterhenn, outlining the major project involving eleven buildings. "Whether the schedule can be adhered to in detail in this way cannot be guaranteed, of course," says the Real estate specialist, but leaves no doubt that the group is serious about upgrading the quality of housing in the Eichendorff district.

This is also shown in detail by the scope of the renovation work: "Sustainability is on everyone's lips at the moment. We are also on this path," says Sesterhenn, referring to the German government's climate protection targets up to 2045. The goal is to achieve "significant CO2 savings" in the refurbishment of existing buildings. "We will remove chimneys, fit the facades with thermal insulation composite systems, insulate the top floor ceilings and the plinths, renovate stairwells and balconies, renew all windows and front doors – and, of course, replace the outdated Night storage heaters dispose of them and replace them with modern heating systems."Whether gas or hybrid systems are an option for the latter, "we're currently having a building energy consultant clarify the ie. We look for the best solution for the property in each case that saves the most CO2."

Housing for families and older tenants

In addition, the fresh and waste water lines in the buildings as well as their complete electrical systems will be renewed. Likewise, everything in the apartments is to be made new. Self Floor plan changes We want to be able to offer an option to as many tenant types as possible," says the real estate specialist barrier-free Ground-floor apartments with ground-level showers for older tenants."

"When we revitalize entire houses and they are vacant, we do it particularly intensively, properly and sustainably," Sesterhenn summarizes. "Because then we will have the best opportunity in terms of Climate protection to get the most out of it."However, this also has its price: "If such an insulation for a building costs 100 euros, it is worth it.000 euros, this is already a conscious decision in favor of sustainability," emphasizes the managing director. "Of course we have then also a better condition of the houses, the tenants have of it advantages and we better chances in the letting. But sustainable Renovation of existing buildings is already expensive, but pays off afterwards. But this is the way we want to go – and this is also what our investors demand of us."Sesterhenn announces that the renovated apartments will be successively put on the market for rent after completion of the work. "Waiting until everything is finished and then flooding the market with apartments" makes no sense in his view, either economically or in terms of neighborhood revitalization.

He positively assessed the efforts of the city of Schoningen to improve the social structures in the Eichendorff quarter with the Neighborhood management to strengthen (we reported). "We like to enter into a close exchange with such local players. Because we don't see ourselves as owners who manage from afar, but are there for our tenants locally."Supporting each other in cooperative ventures, he said, could one neighborhood revitalization can only be beneficial.

Rent increases not planned so far

Will existing tenants have to adjust as a result of the renovation? Rent increases hire? "We really haven't thought about that at this point in time. We don't have any concrete plans for rent increases yet," says Sesterhenn. "For us, first of all, it is important that it cannot be a state of affairs to leave these properties vacant." Priority has the therefore the reorganization. "Once that's finalized, we'll look at the market and aim for a market rate rent." to offer concepts on socially acceptable housing, but is involved in all concepts of Peach Property Group: "We always take into account all population groups, detached from the Income situation."He therefore does not expect any problems, especially since only a handful of the apartments in the redevelopment area in the Eichendorffviertel are occupied.