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Gladsaxevej 22 - 26, 2860 Søborg
 

We have built 18 new apartments in the area known as Dyssegård north of Copenhagen, located at Gladsaxevej 22 - 26.  The total size of the building is 1645m2 residential and 540m2 basement. The building quality is very high.

VID-20231007-WA0019

VID-20231007-WA0019

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Financials

Year                     2024                                     2034

Rents:                  3.400.000                            4.796.000 

Costs:                  400.000                               800.000

Profit:                   3.000.000                            3.996.000

Value:                  75.000.000                          99.900.000

All amounts in DKK.

Currently 8 apartments have been let out, with contracts beeing signed on another 7 shortly. 3 apartments will remain free for a future owner of the building. These 3 apartments can even be used for short-term letting, as there is no obligation to use these 3 apartments for permanent residence. Currently apartments at let out at DKK 2.100 pr m2. We estimate, based on demand, that re-lettings can be done at DKK 2.400 pr m2.

All 18 apartments in the building can be let out at market rates; the rental agreement made between owner and tenant is legally  binding, no current danish legislation can overrule the rent level agreed on these apartments. Less than 5% of all rental units in the greater Copenhagen area is covered by this legislation. The remaining 95% of rental housing is covered by very strict and complicated legislation with regards to rent levels and tenant rights.

Rental income 2034 is based on 3,50% yearly increase in rents. This is a VERY low estimate. 

The average increase in free rents over the last 60 years in Copenhagen is 7,00% yearly. Free rental levels for apartments have only existed since 1992, so the calculations are based on rental of 1 single room in Copenhagen in a large apartment, a market that has always been "free".

Costs are expected to double over the next 10 years, not because of maintenance, but tax increases.

Value is based on a 4.00% yield, this can of course be higher or lower, depending on interest rates.

Currently, tenants are not beeing charged for parking spaces, but upon renewal of rental contracts (when somebody vacates an apartment) it will be possible to charge a fee for parking space, something that should generate significant income in the future, as Copenhagen City is increasingly cancelling parking space, and as the number of cars is expected to rise sharply over the next 10 years.

Each of the tenants have access to a very large storage room free of charge. In future tenant agreements, it should be possible to charge for storage space, and/or, this storage space can be let out to persons not residing in the building. Price for storage space is app. 400 DKK pr m2.

Other information:

Parking spaces:  30

Storage rooms: 18

Energy class:  A

Contractors:

Foundation Work: Tscherning A/S

Concrete: Gandrup Elementfabrik A/S

Plumbing: Kentho VVS

Electric: City El-Anlæg

Ventilation: Dantherm

Windows: Krone Vinduer

Bricks: Petersen Tegl D71

Bathrooms: Modulbad

Balconys: Søgård Stål

Engineer: Allan Almbjerg, Horsens

Architect: Jesper Martin, NB4.dk

Roof: Hetag 

Rooftop windows: Velux

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