The TM Property Group from the German cities of Limburg and Wiesbaden has acquired another plot of land for a new construction project in the capital of the German federal state of Hesse. The property was marketed by a municipal company as part of a public bidding procedure won by TM Property, advised by Seil & Co. Investment. The purchase contract for the transaction has now been certified by a notary in Wiesbaden. The project involves a plot of land covering a ground area of more than 1,320m2. Planning permission has already been granted for the construction of a multi-storey residential building on the plot.

The planning permission acquired in the transaction allows for a living area of more than 840m2 divided up among eight flats plus 12 car parking spaces on the site of the “Walkmühle”, an industrial monument.

The Walkmühle, a former fulling mill located in Bornhofenweg, is around 270 years old and has an extremely diverse history of use. After being constructed as an orphanage in the 18th century, the site underwent many developments, for example as a manufacturing facility and restaurant location. It went on to be used as a brewery in the 19th century and then became the art and culture centre still in place in the present day. Plans are now in place for the main building, which is steeped in history and still used as a cultural and art facility, to be complemented by high-quality new residential buildings. These buildings will form a pleasant small neighbourhood connected to the fresh air corridor and parks in the mill’s immediate surroundings.

TM Property will begin construction work directly after the transfer of benefits and burdens. In its holding function, TM Property GmbH already contracted Seil & Co. Investment GmbH, which is also based in Wiesbaden, to provide continuous strategy consulting for the establishment of internal structures and the active monitoring of the acquisitions and continual optimisation of the processes required for their completion back in 2018. After a successful year in 2018, Seil & Co. was also granted appropriate powers of representation for comprehensive consulting for the project in 2019.

In April and May this year, the TM Property Group not only acquired a prime plot covering around 900m2 in the Kurpark in Wiesbaden, on which the company is now constructing four premium flats and parking spaces, but also a highly coveted plot of land in Bad Kreuznach for the construction of 24 flats spread over a living area of more than 2,000m2 and a multitude of parking spaces.

With its constant continued focus on the combination of attractive property developer measures and selective privatisation projects, the company aims to progress closer to its target of approx. 200–250 completed residential units this year.