Vienna's imbalance of supply and demand has given extra confidence to the developers of a project that it can fetch a good price.
PlusEnergyQuartier21 has been described as a new milestone project in Austria.
Developer SÜBA is progressing the project at Pilzgasse 33 Engelhorngasse 2 for completion in Q4 2025, providing a total gross area of 28,489 m2 featuring 10,657 m2 of office and commercial space as well as 265 apartments, of which 225 will be residential and 40 assisted living.
It has appointed Savills and its Austrian associate, Modesta Real Estate.
Manfred Wachtler, who is in the managing board of SÜBA, said: 'The PlusEnergyQuartier21 is a paradigm of sustainable urban advancement, combining living, working and leisure in one location under the "Productive City" concept.'
The development is part of the "Future Quarter 2.0" research project funded by the Austrian Federal Ministry for Climate Protection, carried out and scientifically supported by the University of Applied Sciences Technikum Vienna, Urban Innovation Vienna as well as the Institute Building Research & Innovation.
Marcus Roberts, head of Savills European Operational Capital Markets, added: 'Given the significant supply and demand imbalance for BTR in the city of Vienna, this is a rare opportunity for an investor to establish a strong foothold, or further increase its allocation, to the traditionally restricted Austrian market. Featuring the latest amenities, the building will offer excellent transport links with close proximity to everything urban living has to offer.'
