New owner for country road horror house: renovation planned!

New owner for country road horror house: renovation planned!

There are new developments at Löwengasse 40 in Vienna: the apartment building has a new owner, Löwengasse 40 Immobilien GmbH, which is pursuing ambitious plans. In less than two years, the building will be renovated and converted into condominiums. The house was previously in a dilapidated condition and was neglected by MEK 2020 Immobilienprojekt Holding GmbH. Abuses such as dilapidation, rat infestation and piles of rubble in the inner courtyard required urgent action, reports meinkreis.at.

The purchase price paid to the bank by Löwengasse 40 Immobilien GmbH is significantly higher than the estimated market value of around 2.6 million euros. Since the cancellation of the auction proceedings at the Inner City District Court, which was originally scheduled for December 10, 2025, there has been a financial turnaround. The MEK's debts amounted to over 6 million euros, which ultimately led to the auction. It should be listed under file number 001 – 50 E 23/25x, as shown number1.at can be read.

Renovation is given top priority

Löwengasse 40 Immobilien GmbH plans to take over the previously approved renovation plans from the previous owner. First steps include removing dangerous cables and demolishing the rear wing of the building. The street-facing façade of the house will be retained while the interior will be modernized. Communication channels to permanent tenants have already been established. They should be offered temporary solutions if they have to move during construction work.

At Löwengasse 40 there are a total of 15 apartments with sizes ranging from around 25 m² to 210 m². The entire project covers a usable area of ​​around 1,200 m² and the house dates from around the turn of the century. The increasing pressure on owners to generate returns through well-located properties is not insignificant, as a study by the Vienna University of Technology shows. The median price for apartment buildings in Vienna has risen from 573,400 euros in 2000 to an impressive 3.5 million euros in 2022, which corresponds to an inflation-adjusted increase of 511%, informs Tenants Association.

The challenge for tenants

In the current market situation, long-term tenants are increasingly under pressure. Owners try to end long-term rental relationships through various measures. Tenants respond with strategies to secure their living space, such as organizing together or seeking legal advice. The pressure is increasing for politicians to strengthen the rights of financially weaker tenants and to agree to necessary reforms in tenancy law.

The coming months will show how the plans of Löwengasse 40 Immobilien GmbH develop and what impact they will have on the residents and the neighborhood. The project could not only change the look of Löwengasse, but also raise deeper questions about tenants' rights and the challenges in Vienna's real estate market.