The newly started demolition works on the property represented the beginning of the construction works, at the new city complex Montgelas Park. Munich-Bogenhausen is the oldest and most beautiful Villa neighbourhood of the state capital. The Frankonia Eurobau AG created, with the Villa Montgelas and the Törring town house, new and noble living spaces. A total of 31 high-end apartments, with a total living space of 5,600 sqm are being built. Additionally, there are 6,600 sqm of new office spaces being built. In a modernised building of the existing building portfolio, on the property, Frankonia Eurobau created additionally 1,550 sqm of high-end office spaces. The new city complex takes shape between the Montgelasstraße, the Törringstraße and the Händelstraße.
The Villa Montgelas is constructed with a classical architecture. The 14 individual condominiums of the villa partially own separate guest apartments and have roof-top terraces, private gardens and generous balconies with a view towards the green spaces. The new residents can chose between apartments of 170 to 357 sqm. The Törring townhouse will include 17 apartments in a modern style, with living areas of 42 to 210 square meters. The small apartments can be partially added to the larger apartments, situated on the same floor. The first apartments will be ready for occupation in spring 2012.
The total investment of the Frankonia Eurobau AG and its partner, the VersAM Versicherungs-Assetmanagement GmbH, for this project was 93 million Euro. The architecture is the work of the Kahlfeld architects, Berlin as well as the Steidle architects, in Munich.
"We have already sold almost 40 percent of the apartments in the Villa Montgelas and over 25 percent of the Törring townhouse. For the rental of the office spaces, we are already negotiating the rental of 70 percent of the existing building portfolio and experience a high demand for the new construction. We are expecting a high level of lease contract conclusions, once the construction has started", is the opinion regarding the current marketing situation of Sabine Mösch, the Munich branch manager of the Frankonia Eurobau AG.
Reference project Lenbach Gardens shows a good development
The project developer Frankonia Eurobau AG from Nettetal, in the region of the Lower Rhine, has already made a name for itself through the planning and implementation of the Lenbach Gardens. The city complex Lenbach Gardens was developed on the area of the former Chemistry and Pharmacy Institutes of the Munich University at the Old Botanical Garden, on an area of 65,000 square meters. With a total budget of over 400 million euro, apartments, offices, representative offices and "The Charles Hotel" were built.
The Steidle Lofts in the Lenbach Gardens were elected by a jury as the „most beautiful new buildings in Munich". "The Charles Hotel" of the Rocco Forte Collection won the Villegiature Award for the "best hotel architecture in Europe". The hotel and the adjacent office building by McKinsey were awarded during the German Natural Stone Awards 2009 with an exceptional recognition. The premium apartments of the Lenbach Gardens showed an increase in value of over 50 percent, since their completion in 2008.
Additional current development projects of the Frankonia Eurobau AG in the segment of premium residential real estate are: The Sophie Terraces in Hamburg (with the Karl Lagerfeld Design), the Heinrich Heine Gardens in Düsseldorf, the Klostergärten in Münster and the Gerling Quarter in Köln. The 383,000 square meters of project development area, qualifies the company for the position of third largest German real estate developer, who is active in the seven A cities (Köln, Stuttgart, Frankfurt/Main, Munich, Düsseldorf, Hamburg, Berlin). The Frankonia Eurobau AG is the market leader in Düsseldorf's home market.