Real estate sale after fire: Financial expert analyzes opportunities and risks

Real estate sale after fire: Financial expert analyzes opportunities and risks

According to a report by www.soester-anzeiger.de,

Once the thirst was always quenched here, then in March 2021 there was a devastating fire - and now the owner's name will soon be in the land register. The owner of the former beverage store “Frucht-Center” on the corner of Bergstraßer Weg and Scheidinger Straße wants to sell the property. The contracts should be concluded in the short term and the negotiations are well advanced, said Hermann Kuypers.

There are “several interested parties”, including one from Werl, who is probably interested in completely demolishing the old buildings and building a larger residential complex on the 1,700 square meter area.

But a car dealer also expressed a willingness to buy. Nothing has been signed yet, says Kuypers. But for the beverage wholesaler from Witten, who acquired the property at a time when drinks were still sold there, it is clear that he wants to sell the complex.

There is a reason why work is currently being done in the adjacent shisha bar, which is part of the property: there is to be a successor for the “Deluxe Shisha Lounge”, which was not directly affected by the fire at the time but was closed for a long time.

Since the early 1970s, the store has shaped the image in the north of Werl as a “fruit center”. In March 2021, the commercial complex of the residential and commercial building burst into flames at night. Nothing remained of the “Rawad Market”. The damage caused by the fire was up to 500,000 euros. The adjacent apartments were also affected and were temporarily uninhabitable, partly due to smoke build-up. The police suspected the cause of the fire was a technical defect in the market, which, among other things, sold food.

The potential interest in buying the property suggests that the city of Werl may be looking to develop a new property, which could have a positive impact on the real estate market. A larger apartment complex or a new car dealership would increase the attractiveness of the area and potentially increase the value of other surrounding properties. However, demolishing the existing building would also entail losses as investments have already been made in the property. It remains to be seen which interested party will win the contract for the property and how the development will affect the real estate market in Werl.