ThomasEck 2015

Bauhaus-University Weimar Winter Semester 2014/2015 Basics and Methods of Real Estate Project Development

Real Estate Project Development THOMASECK | Erfurt

DESIGN DEVELOPMENT MANAGEMENT

Anna Khodyreva Cansu Kilciler Ali Reza Naqvi Jasper Hasselbach Thomas Jian Deng Sรถnke Schmacker

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THOMASECK

DESIGN DEVELOPMENT MANAGEMENT

TABLE OF CONTEST 07

01. Location Analyses

13

02. Market Analyses

17

03. Idea/Concept

Impressions

Core ideas

Target groups

Schedule & availability

Functional guidelines

Spacialw configuration

Volume configuration Green

On-site connections

Preliminary concept

Details description Masterplan Sections

Perspective views

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04. Economical Reflection of the Concept

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01. Location Analyses 02. Market Analyses 03. Idea/Concept

Impressions

Core ideas

Target groups

Schedule & availability

Functional guidelines

Spacial configuration

Volume configuration Green

On-site connections

Preliminary concept

Details description Masterplan Sections

Perspective views

04. Economical Reflection of the Concept

07

TRANSPORT

P

P B B

B

P T

P

airport

B P

B

P

T

airport

P

P

P

parking

B

bus stop

T

tram stop

PLOT 08

railway tram line primary roads secondary roads

P

parking

B

bus stop

T

tram stop

railway highway major roads tram line bus line railway highway major roads tram line bus line

railway tram line primary roads secondary roads

CITY

Transeuropean Transport Network

Oslo

Copenhagen Leipzig

Berlin

Rome ICE line

COUNTRY

EUROPE 09

EXISTING FUNCTIONS

function: parking amount of buildings: 0 layer of buildings: 0 area: ca. 0.3 hectares

function: residence amount of buildings: 45 layer of buildings: 4, 5 or 6 area: ca. 2.3 hectares

function: banking & residence amount of buildings: 5 layer of buildings: 4 area: ca. 0.7 hectares

function: banking & residence amount of buildings: 5 layer of buildings: 4 area: ca. 0.7 hectares

function: abandoned industry amount of buildings: 10 layer of buildings: 1 or 2 area: ca. 2.8 hectares

SWOT-ANALYSIS

SWOT-Analysis is based on the results of macro and micro level of location analyses.

location

ecology

convinient transportation

lack of green spaces

growth of the city

S

W

O

T

strong transportation hub ICE-Ost

STRENGTHS The location of Thomaseck area is an important benefit. Closeness of the plot to the main trainstation provides vivid pedestrian flows and brings the area to the upper connectivity level, provided by growing railroad network.

WEAKNESSES The railroad, which strongly increases the availability of the plot on one hand, provides ecological difficulties and pollution on the other. Tracks also separate Thomaseck and its surroundings from big park area, leaving it shorten with green resources.

economic decline aging of city fabric

OPPORTUNITIES Current growth of the city and its prospective development into strong transportation hub in combination with ICE-Ost project correspondingly influence the opportunities of the plot. Prosperous surrounding can strongly benefit and stimulate the development.

THREATS Situation of economic decline of the Thomaseck site and agening of the city fabric in general and on the plot in particular can cause some difficulties in redevlopment process as additional investments in could be demanded.

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01. Location Analyses 02. Market Analyses 03. Idea/Concept

Impressions

Core ideas

Target groups

Schedule & availability

Functional guidelines

Spacial configuration

Volume configuration Green

On-site connections

Preliminary concept

Details description Masterplan Sections

Perspective views

04. Economical Reflection of the Concept

13

CONCURRENCE

Offices: Hotels:

8 close to site

Universities:

2 in the city

Parks (green areas):

6 close to site

Galeries:

9 in Erfurt

Cinemas:

3 close to site

Night Clubs:

5 in Erfurt

Urban Gardening: 2 initiatives in Erfurt

Interkultureller Gemeinschaftsgarten

Erfurt Paradies (MetallstraĂ&#x;e 8)

Die LAGUNE Lokale Aktionsgruppe Urbanes Naturerleben

(TrommsdorffstraĂ&#x;e 5)

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Offices

Hotels

Universities

Currently Erfurt has 205.112 inhabitants (8.306 foreigners).

The average age of the citizens lies at 44, 2 years. The biggest and therewith the most important age group is the group between 25 and 45 years (56.625).

Parks

Another group, which should be mentioned, is the group of people with migration background. 2011 lived 12.730 people with migration background and 8.660 people who have migration experience in Erfurt.

SOCIODEMOGRAPHIC STRUCTURE

Art Galleries

Cinemas

Nightclubs

June 2013

~100.000 ~75.000 ~25.000 WORKPLACES WORKERS COMMUTERS IN THE CITY This value is the 3rd highest in the new Bundesl채ndern behind Dresden and Leipzig.

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01. Location Analyses 02. Market Analyses 03. Idea/Concept

Impressions

Core ideas

Target groups

Schedule & availability

Functional guidelines

Spacial configuration

Volume configuration Green

On-site connections

Preliminary concept

Details description Masterplan Sections

Perspective views

04. Economical Reflection of the Concept

17

IMPRESSIONS

At the moment Thomaseck site is in a poor condition. Though from the first glance the place looks abandoned and forgotten, it keeps precious and beautiful examples of industrial heritage inside. That is why with THE ATRQUARTER proposal we want to give the city a chance to see this beauty, we want to put forward the unique offer and to create vibrant space, which will attract not only citizens, but also tourists and guests from the whole region.

unique offer for the city space for entertainment new social spot

CORE IDEAS

mix of public functions concentration on art

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TARGET GROUPS

CLERKS RECREATIONENTERTAINMENTLUNCH-

TOURISTS RECREATIONENTERTAINMENTTEMPORARYRESIDENSE _

STUDENTS RECREATIONNIGHTLIDEENTERTAINMENT-

ARTISTS RESIDENSEWORKEXPOSITION-

CITIZENS RECREATIONENTERTAINMENTEDUCATION-

As far as citizens of 25-45 years old are prevailing in the city and taking into consideration the significant number of people-traffic flow and the number of commuters, the wide range of target groups is necessary. To make the site attractive and lively, it is necessary to address various groups of people, which in some cases can overlap or act individually.

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NIGHTLIFE PERFORMANCES

CAFES RESTAURAUNTS

SHOPS EDUCATION SERVICE MARKET EXHIBITIONS

The vibrant place also means that it is used 24 hours a day. According to selected target groups, we matched specific functions, which activate the area in different time of the day.

PERMANENT & TMPORARY RESIDENSE

SCHEDULE & AVAILABILITY

FUNCTIONAL GUIDELINES

Following the range of target groups, the functional structure of surrounding area, and the idea to have a set of different functions inside of the site, the question how to combine all that divercified content comes.

In order to link and adjust functions on the site and keep the connection with surroundings, the guidelines for plot development were introduced.

While moving from vivid trainstation area to the west, the prevalence of public function should be first mixed with and replaced by private. The line along existing residential and ofiiice infrastrucure should carry more commercial function (with mixed use) and transform to art-oriented functions when coming closer to railroad.

All the points on site are supposed to be connected via pedestrian- and bicycle-friendly shared space, which at the same time gives cars an opportunity of access.

SHARED SPACE

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SPACIAL CONFIGURATION

Demolition plan Being a former industrial site, Thomaseck area has impressive industrial buildings, which are worth being preserved and adapted to new function.

Working on the concept, we, at some point, started with the idea of keeping the existing structures as the connection to the spirit of the place and celebrating magnificent industrial architecture and its scale. Some of them we are going to preserve and fill with new functions, the others are supposed to be transformed in order to have more light and openness inside.

The historical building, hosting the Police station today, is also a point of interest for us.

By demolishing some structures along the tram rails, we created the square and the main entrance to the site. The buildings along Thomasstrasse are spposed to be demolished, to have an opportunity to create a supportive line and keep the visual and impressional boarder of the site.

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Demolished buildings Transformed buildings Preserved buildings

Height of Buildings

VOLUME CONFIGURATION

0.0-1.0 m 1.0-3.5 m 3.5-7.0 m 7.0-9.0 m 9.0-12.0 m 12.0-16.0 m 16.0+ m

Working with the spacial configuration of the plot in general, we aimed to keep the similarity with the original on-site and surrounding residential heights, applying some insignificant variations.

In order to create visual connection to the ICEOst project and create a noticeable landmark, we propose the increased height of newly developed area at the eastern edge of Thomaseck.

Solid & Void

Solid structures Flexible structures Shared road

Having a big variety of functions and target groups demands a certain level of flexiblity from the site. As far as most of the structures stay solid, we see the core of the Thomaseck area being flexible. Due to the transformative function of the structures in the center, the space inside can be changed according to the necessary purpose and also can sprawl or shrink according to the demand.

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GREEN

Green areas

The lack of green areas around can be partly compensated with inclusion of lawns and alleys inside the site. Creating a contrast for open, covered with stone square in front of trainstation, the new entrance to Thomaseck is furnished with the grass plot, while the additional entrance, stretched along the railroad, is complemented with an alley.

Green roofs work for improving ecology, asetethical qualities of the development and increase the value and cost of residencial items.

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Green on the ground

Green roofs

Pedestrian paths

Car paths Buildings

Main pedestrian flows

ON-SITE CONNECTIONS

Traffic structure. Shared space As it was already noticed above, we want to connect all the venues of the site with the pedestrian-, bicycle- and car-shared space.

Parking lots

Pedestrian paths

Car paths Buildings

Car entrance

Pedestrian entrance

The idea is to create a barrier-free environment, where pedestrians and cyclists feel safe to move, but which also accepts and understands the loyalty of Eastern-Germany citizens to their cars and allows easy access for maintenance and operation on the buildings.

Having a lot of entrances, some of which are for pedestrians only, the site keeps transparency and conncetivity with surrounding area, which has a beneficial effect on the public zone of the development.

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Land use

PRELIMINARY CONCEPT

MULTI-PURPOSE EXHIBITION HALLS

GREENOUSE

FRESH FOOD MARKET

LOFTS & ART STUDIOS

PARKING LOTS

ROOFTOP LIGHT INSTALLATIONS

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TEMPORARY & PERMANENT RESIDENCE

MIXED USE: HIGH INCOME RESIDENCE & COMMERCIAL BLOCKS

COMMERCIAL BLOCKS (SHOPS, SHOWROOMS, CAFES)

ART-SCHOOL

FITNESS CENTER

CANVAS ART-WALL BICYCLE SERVICE & PARKING

Preserved buildings New buildings Parking lots Roads Greenery

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Temporary & Permanent Residence modules

DETAILS DESCRIPTION

Flexible market modules Flexible market is a core of the site. Depending on the amount of free space and required square size, the amount of module items can be reduced or increased. It also depends on and adjusts to the number of shop owners.

For example, during the starting phase of the project realization the market square can start with several market modules and then sprawl and grow when new people will come.

According to the same principle the items can be easily removed, when some of them are leaving the area.

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STUDIO FLAT:

54 sq.m.

1+1 FLAT:

81 sq.m.

2+1 FLAT:

108 sq.m.

MASTERPLAN

Masterplan M 1:2000

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Masterplan M 1:1000

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SECTIONS

AA Section

32

BB Section

33

PERSPECTIVE VIEWS

Perspective view from coming train

34

35

36

Perspective view on the light installation

37

Bird-eye perspective view

38

39

Perspective view from the entrance at the side of the trainstation

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01. Location Analyses 02. Market Analyses 03. Idea/Concept

Impressions

Core ideas

Target groups

Schedule & availability

Functional guidelines

Spacial configuration

Volume configuration Green

On-site connections

Preliminary concept

Details description Masterplan Sections

Perspective views

04. Economical Reflection of the Concept

43

RATE OF RETURN

CALCULATIONS

total investment rent return p.a.

64,732,570.16 € 3,241,272.00 €

initial rate of return

5,01%

mulitplier

rent per annus

19. 97

A. land acquisition

real estate costs for real estate notarisation tax courtage additional costs for real estate

reference value basis of calc. site

costs for real estate costs for real estate costs for real estate

amount 51,735.00 m2

price 105.00 €/m2

1.00 % 3.50 % 5.50 %

costs 5,432,175.00 € 5,432,175.00 € 54,321.75 190,126.13 298,769.63 543,217.50

sum land acquisition costs

€ € € €

5,975,392.50 €

B. land preparation demolition decontamination infrastructure provision release from obligation other costs sum land preparation

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10996,1 m2

600,000.00 0.00 60,000.00 0.00 0.00

€ € € € €

660,000.00 €

C. building costs 1. direct building costs (KG 300+400+600 nach DIN 276)

m2 GBA

Green House+Market Art studios+Biking Workshop commercial use mixture of commercial and living Art-school Exhibition Sport-Center Temporary Living sum C1

parking space garage underground parking space release of parking space sum C2 exterior features provision of exterior features sum C3

price €/m2 GBA 785.00 1,148.00 1,559.00 977.00 1,603.00 1,777.00 1,562.00 1,455.00

3,432.00 3,767.10 2,257.32 3,385.98 8,586.40 5,469.50 1,350.00 3,888.00

reference value basis of calculation quantity quantity quantity quantity

(2.700-1.900)=

price

amount 62.00 95.00

2,500.00 € 4,200.00 € 17,500.00 €

sum additonal building costs sum building costs

€ € € € € € € € €

155,000.00 € 399,000.00

554,000.00 € 8,162.00 m2

75.00 €

612,150.00 € 612,150.00 € 46,261,205.84 €

Summe C4

46,261,205.84 €

3.00%

sum direct building costs 2. additonal building costs

2,694,120.00 4,324,630.80 3,519,161.88 3,308,102.46 13,763,999.20 9,719,301.50 2,108,700.00 5,657,040.00 45,095,055.84 costs

sum C4 (C1+C2+C3) unforeseen events sum C5

costs

1,387,836.18 € 1,387,836.18 € 47,649,042.02 €

reference value basis of calc. sum direct building costs

amount 47,649,042.02 €

price

costs 12.00%

5,717,885.04 € 53,366,927.06 €

D. project management fee

sum projekt management fee

referenz value basis of calc. sum building costs

amount 53,366,927.06 €

referenz value referenz value basis of calc. basis of calc. monthly rent monthly rent

amount amount 2,5 times 2,5 times

price

costs 1,067,338.54 €

2.00%

E. tenancy and marketing E. tenancy and marketing

tenancy tenancy marketing marketing sum E tenancy and marketing sum E tenancy and marketing F. financing costs F. financing costs financing of land acquistion financing of land acquistion preparation financing of of building land preparation financing (C+D) financing of building (C+D) Summe F1 Summe F1 financing of tenancy phase (A-F) financing of tenancy sum financing costsphase (A-F) sum financing costs I. rate of return I. rate of return

financed amount financed amount basis of calc. basis of calc.5,975,392.50 € 5,975,392.50 660,000.00 € 660,000.00 € € 53,366,927.06 53,366,927.06 € 60,002,319.56 € 60,002,319.56 €

total investment total investment rent return p.a. rent return initial rate p.a. of return initial rate of return mulitplier mulitplier

term term

price price

costs costs

lump sum lump sum

20 Mon. 20 15 Mon. 15 Mon. Mon. 12 12 Mon.

interest rate interest rate 7.00% 7.00% 7.00% 7.00% 7.00%

3 Mon. 3 Mon.

7.00% 7.00%

88,000.00 88,000.00 10,000.00 10,000.00 98,000.00 98,000.00

€ € € €

713,271.81 713,271.81 58,246.73 58,246.73 1,867,842.45 1,867,842.45 2,639,360.99 2,639,360.99 1,023,551.07 1,023,551.07 3,662,912.06 3,662,912.06

€ € € € € € € € €

costs costs

64,732,570.16 64,732,570.16 3,241,272.00 3,241,272.00 5.01 5.01 19.97 rent per annus 19.97 rent per annus

€ € € % %

71,215,114.16 71,215,114.16 -64,732,570.16 -64,732,570.16 6,482,544.00 6,482,544.00 10.01 10.01

€ € € € % %

J. trading profit J. trading profit rent return p.a. x multiplier rent p.a. x multiplier total return investment total investment trading profit trading profit

21.97 21.97 = =

G. total investment land acquistion land preparation building costs projekt management fee financing costs sum total investment

5,975,392.50 660,000.00 53,366,927.06 1,067,338.54 3,662,912.06 64,732,570.16

€ € € € € €

51,516.00 37,670.00 35,200.00 120,050.00 0.00 3,720.00 9,800.00 12,150.00

€ € € € € € € €

H. rent return educational space service space residential floor space retail space storage space parking space garage sports space

8586.00 3767.00 4400.00 8575.00 0.00 62.00 1400.00 1350.00

m2 m2 m2 rentable space m2 m2 unit m2 m2

6.00 10.00 8.00 14.00 6.00 60.00 7.00 9.00

€/m2 €/m2 €/m2 €/m2 €/m2 €/unit €/m2 €/m2

rent return per month

270,106.00 €

rent return per annus

270,106.00

12 Mon.

3,241,272.00 €

K. matrix of alternatives

variations of rent return

rent p.a.

10%

3,565,399.20 €

0%

3,241,272.00 €

-10%

2,917,144.80 €

multiplier

sales revenue/ trading rofit 20.97 74,771,226.37 € 15.51% 67,973,842.16 € 5.01% 61,176,457.94 € -5.49%

21.97 78,336,625.57 € 21.02% 71,215,114.16 € 10.01% 64,093,602.74 € -0.99%

22.97 81,902,024.77 € 26.52% 74,456,386.16 € 15.02% 67,010,747.54 € 3.52%

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