Old factory in Altenburg: bankruptcy brings bargain chance!

Old factory in Altenburg: bankruptcy brings bargain chance!

In Altenburg there is a lot of hustle and bustle around the old factory at Friedrich-Ebert-Straße 33. In the past, a sewing machine factory is now home to the business park, including car workshops, insurance, alternative practitioners and even martial arts. However, all of this could change in the near future, because since July 2023 the insolvency proceedings have been running through the old factory and its real estate. The LVZ.

The bankruptcy proceedings were requested in May 2023, triggered by liquidity problems, and on May 17, 2023, lawyer Dr. Alexander Raab from the law firm Raab & Kollegen the role of the provisional insolvency administrator. In the past few months, work has been done intensively to analyze the economic conditions of the business park and prepare a possible sale. At a creditor meeting in June 2023 it was decided to offer the real estate, including the empty listed listed factory at Franz-Mehring-Straße 17, at a lower price.

attractive offers for buyers

If you are interested in real estate, you should now make your ears: The minimum sales price for the old factory now fell to tempting 1.1 million euros, while only 100,000 euros are now due for the empty factory. Fortunately, there are already potential interested parties for both objects. If you benefit from a bargain here, this could be an advantage for both buyers and the creditors. The new owners have four building complexes with a total area of ​​11,500 square meters on a 21,000 square meter property.

The old factory, which was built in 1937 and was most recently modernized in 2015, is not in the best condition. Least roofs, ailing electrical infrastructure and in view of the lack of thermal insulation as well as inadequate fire protection, also with moisture and mold problems, are on the list of challenges. In order to be able to renovate the business park, several million euros are required.

dare a fresh start?

The listed factory on Franz-Mehring-Straße, a building from 1911 with a living space of 7,700 square meters and 13,400 square meters of land, is also one of the objects that are currently waiting for new buyers. There were previously considerations for loft apartments in the room, but these plans were never realized.

It is particularly noteworthy that the preliminary insolvency administration has so far had no negative effects on the existing rental relationships - the lease continues to run unchanged. Dr. Raab and his team do everything possible to sell the area in the best possible way and thus bring new life to the business park, as the information from HP Silver shows.

The business park also represents a valuable part of the local landscape, which of the statistics from Destatis the economy describes. At a time when corporate insolvencies are steadily increasing, it will be important to find creative solutions and new approaches to successfully revitalize such properties.

Now it remains to be seen how the situation around the old factory business park will develop. However, one thing is certain: an exciting chapter is opened here in Altenburg's economic history. Stay on it!