New concept for city center property Altstadt 1
The VK Immobilien Group is planning a comprehensive renovation of its Altstadt 1 property in Hof (formerly the H&M building). The plans have now been presented to the Mayor of Hof, Eva Döhla, and Building Director Dr. Stephan Gleim. The currently vacant building, which was built in 2001, offers a rentable area of around 2,300 m². Previously, the basement to the second floor were used exclusively for retail, while the upper floors were used as staff, storage and technical rooms.
Mayor Eva Döhla: "It is great to see that the vacancy rate in Hof is being further reduced. Many thanks to the persistent work of our business development department, which has led us to this positive result. Such projects can only succeed through ongoing close coordination between owners and the local authority. This has resulted in extremely effective cooperation for both sides."
The concept designed by local architects Wittig envisages reducing retail use to the basement and first floor. Modern and attractive office space is to be created on the first and second floors, which will be accessible via the side foyer on Oberes Tor Platz. VK Immobilien is already in concrete negotiations with potential tenants. "We are looking forward to supporting the repositioning of this prestigious property at the entrance to Hof's city center as an architectural office," says Marie-Theres Wittig from WITTIG architekten. "Preparations are currently in full swing and the building application will be submitted to the city of Hof in the next few weeks. In order to meet the tight schedule by mid-2025, we will start dismantling the existing interior fittings in the near future."
The City of Hof's business development department has provided the owner, VK Immobilien, with intensive support over the last two years. With funding from the "React-EU" program for Bavarian city centres, a study was carried out on future usage options for this property and the owner was involved from the outset and also provided with intensive support in the subsequent period. The VK Immobilien Group is now planning to invest several million euros in the property. In addition to dismantling the escalator system to the second floor, the façade will be completely refurbished. The building technology will also be renewed and an internal atrium will provide additional daylight in the office spaces in future.
"After around two years of planning and many discussions in Hof, it is now time to see some activity on the building," commented Frank Helm, Managing Director of the VK Immobilien Group from Dortmund. "We are pleased that we have always received friendly support from the city of Hof and our regional partners, and we are confident that we will be able to successfully complete the upcoming, complex renovation phase together," continued Helm. The VK Immobilien Group is being advised on the letting of the office space by the estate agents Dietel, Steinel & Kollegen from Hof.
The VK Immobilien Group has been successfully active in the national commercial real estate market for around 20 years as a subsidiary of two pension funds. The focus is on the acquisition and value-optimized management of office and commercial buildings, retail parks, hypermarkets and logistics properties with an investment volume of between 10 and 30 million euros.