Listed residential development company Instone Real Estate has completed its “Halle 17” project in Cologne-Nippes. The project’s 47 flats were all sold to owner-occupiers and investors prior to completion and are to be handed over in the coming weeks. The same goes for the project’s 77 underground parking spaces and a trio of commercial units. Instone has collected sales proceeds of around €30m by charging an average sales price per square metre of around €5,000. The company bought the listed industrial hall on the historical Clouth property in December 2014, gutted it and rebuilt the interior while maintaining the façade. The project is part of The Clouth Quartier scheme, which invovles the renewal of a 160,000 sqm site of the former Rheinische Gummiwarenfabrik. It’s intended to result in a new city quarter with around 1,200 apartments, 500 workplaces, artist studios, gastronomy and attractive open spaces.
