German Investments: Apartments in Birkbusch Haus, a listed building in Berlin, are being offered to Irish investors. Thirty-seven apartments, mostly two-bedroom loft-style units, cost on average €160,750. Studios of 29sq m (313sq ft) cost €64,000.
The German Property Centre, a Dublin-based agency which describes itself as a specialist investment property company, says the properties should give investors a rental yield of about 5 per cent. The development is a project by Irish-owned company Capital Invest.
Birkbusch Haus is a redbrick building built in 1906 in the Berlin-Steglitz district. It has vaulted ceilings, an internal courtyard and car-parking spaces and is in walking distance of Schloss Strasse shopping boulevard.
Altogether, there will 49 residential units in the development, consisting of the 37 85sq m (916sq ft) two-bedroom apartments and 11 duplex penthouses - averagely 90sq m (968sq ft) in area - that will cost from around €175,000. A number of 150sq m (1,614sq ft)four-bedroom townhouses are also being developed on the grounds of Birkbusch Haus costing around €295,000 to €300,000.
German Property Centre developer Denis Madden says that Berlin's "stable letting market offers historically low valuations and attractive yields" compared to Irish property.
The German Property Centre is holding a Berlin property seminar on June 6th and launching Birkbusch Haus at the Radisson Hotel in Dublin on June 9th-11th
• www.germanpropertycentre.com
