Half of the PATRIZIA Isartor-Palais complex in Munich already let out

The letting out of residential and commercial floor units at PATRIZIA’s new Isartor-Palais development that was launched in the spring has so far been extremely successful. On a plot of around 900 sqm in Munich’s old city a residential and commercial building with around 470 sqm of shop space, approximately 1,400 sqm of office space and 15 residential units with living space of between around 50 and 270 sqm is being constructed. Around half of what amounts to around 4,000 sqm has already been let out. David Christmann, project manager and head of the south region at PATRIZIA Projektentwicklung: “We pleased to announce that tenants have already been found for 12 of the 15 residential units offered at average rents of more than EUR 20/sqm as well as for office space offered at EUR 26/sqm shortly after the start of construction. Three high-quality apartments, three exclusive shop units and three office units remain available.” Completion of the Isartor-Palais is scheduled for fall 2010.

The Isartor-Palais residential and commercial complex will comprise two 5-story building sections with separate entrance areas located at Frauenstrasse 30 and Rumfordstrasse 33. The building at Frauenstrasse 30 has been designed as a commercial building containing around 240 sqm of retail and restaurant space on the first floor, four high-quality office units each covering gross floor space of around 370 sqm on the second through fifth floors and a prestigious penthouse apartment on the upper floor. The Rumfordstrasse 33 building will provide retail space of around 220 sqm on the first floor and a total of 14 further apartments, almost all of which will feature a terrace or loggia. The retail units are located in Frauenstrasse and Zwingerstrasse and offer excellent visibility right next to Munich’s Altstadtring. A quiet, pleasantly leafy inner courtyard will be provided for the communal use of all tenants. In addition, 38 underground parking spaces will be available on two floors, which will be accessible via a car elevator.

David Christmann: “Our Isartor-Palais construction project is being implemented in one of Munich’s best central locations, right in the heart of the old city. Alongside high-quality apartments, we are primarily also constructing prestigious office and shop units here that due to this prominent location will provide their tenants with a top address in the commercial segment.” Christmann continues: “It is also thanks to our knowledge of this fact as well as the expressive overall architectural design of our construction project that we have already witnessed such a high level of interest in the market at this stage. The letting of the remaining units in the building is progressing as planned.”

source : PATRIZIA