C&P Immobilien AG is building its first high-rise project at Genochplatz 1 in Vienna/Stadlau with 131 investment apartments and a commercial unit by summer 2022. Smaller residential units correspond to the demographic development in Vienna and provide the basis for a secure real estate investment.
Stadlau will soon come to life in a place that was previously only used for bathing. The project comprises an innovative urban quarter development, new living space with open areas, private gardens and playgrounds directly next to the disused municipal baths.
One of these new living spaces is the property of the former mayor of Stadlau, Josef Genoch (1846-1907), in Vienna’s 22nd district. This is no mere “Stadel in der Au” (as first mentioned in a document in 1150), but an attractive real estate investment in the most liveable city in the world.
“We develop apartments primarily for the tenant, because if it fits for the tenant, it also fits for the investor,” says Ing. Markus Ritter, CEO of C&P Immobilien AG and chief developer of the “Genochplatz 1” investment apartment project. And true to this motto, by the second quarter of 2022, a total of 131 investment apartments will be built on 11 floors, predominantly ranging in size from 30 m2 to 79 m2. C&P Immobilien AG’s first high-rise building, which was designed by the architects Huss Hawlik (feasibility analysis: Architect Roger Karrée), features 67 underground parking spaces and a commercial area on the ground floor.
Increasing demand for living space
In this way, C&P Immobilien AG is responding to the increasing demand for smaller, sensibly sized residential units. Because “living in the future” means one thing above all besides the much-cited smart living: affordable housing for an increasing number of households. The number of private households has increased by around 18% in the last 20 years, and by 2035 it is predicted that there will be a need for around 440,000 single dwellings. Until then, single-person households represent the most common type of housing in Vienna at about 45%.
Similarly, a further increase of at least 10% in the number of multi-person households is expected (source: Stadt Wien).
Taking this development into account, the investment in Genochplatz is a safe one: ideal floor plans combined with affordable rents mean easy rentability.
Upgrading in every respect
District head Ernst Nevrivy also sees the new development as positive: “It is pleasing to see this site, commonly known as an ‘eyesore’, now being redeveloped with a modern building.”
The Stadlau project location, which has not only been popular with investors since the extension of the U2 as an up-and-coming district, is accorded great potential by DI Cyrus Asreahan, managing director of C&P Immobilien AG in Vienna: “As the market leader in the area of investor apartments in the private customer segment, we are proud to be able to present our seventh project in Donaustadt for the revitalisation of the former Genochmarkt. It’s a win-win situation for the investors, the district and the future tenants.”
About C&P Immobilien AG:
C&P Immobilien AG was founded in 2006 and develops, sells and manages apartments. Purchasers are primarily investors looking for income or additional income from renting out apartments they have purchased. C&P has been Austria’s leading provider of apartments for rental and private purchase since 2011. The company headquarters is in the Brewery Quarter in Puntigam, Graz. It employs around 100 staff at a total of four locations (Graz, Vienna and Klagenfurt in Austria and Berlin in Germany). Further information is available at www.cp-ag.at.
