17th May 2019
Complete Prime Residential’s Berlin office is going from strength to strength. The residential lettings team which specialises in finding tenants and managing furnished properties in Berlin have had a fantastic start to 2019. They have secured an incredible 15% increase in lets against target so far during 2019 with another five developments due to come on board this year.
We provide an end to end service for our clients including handing over and snagging of new developments, furniture packages, a tenant find service and property management that includes contents insurance and income tax assistance. The team also provides a resales service for any clients wishing to capitalise on their investment. Our unique proposition is that we provide furnished apartments that appeal to the international tenant community with a customer focused approach to property management.
The team’s success can be attributed to numerous factors including project completions such as KODA, in the trendy Neukolln district of Berlin, which has proven to be extremely popular with tenants, as well as The Galleries, a refurbished building in Friedrichshain. It’s not only project completions which have contributed to the offices’ success, but tenancy renewals have also had a role to play in the team’s performance success with rental increases of 4.2% being secured.
Our Berlin office opened back in 2017 and during this time the team have been working on behalf of their mainly international investor clients for a number of different key rental developments across Berlin. These new developments include: KODA in Neukolln, Am Tierpark 51 in Friedrichsfelde and Richard Quartier, also in Neukolln. Our client services team have conducted some analysis into the first and second tenancies to see what the average results were for our clients, please see below:
– 20% higher rents than initially projected on project launch
– 58-day void period (from completion to tenancy start date)
– Average tenancy length 14 months
– 6.35% gross rental yield
– Average tenancy length 12 months
– 2% rental increase
– 7.34% gross rental yield
These achieved figures are a testament to the hard work which our team in Berlin provide to their clients. Over the coming months, we have number of key new developments which will be completing in various locations across Berlin including Charlottenburg and Wilmersdorf, which include: Konstanzer, KuStrasse, The Alfred, Haus Brandenburg and Stralauer Allee.
If you would like to find out about our Berlin operations or more information about our forthcoming developments, please contact the team on +49 3094 866863 or by clicking here.