Ixelles cemetery: rare and exceptional acquisition

For this new acquisition, BuyerSide helped a « bon père de famille » type of client who was introduced to us by a private bank. He was looking for a good investment property on a premium location in order to increase his real estate assets.

BuyerSide quickly identified an exceptional building on a triple A location with a concrete structure in the Ixelles cemetery neighborhood, with seven nearly identical two-bedroom units (105m2), a garage and maid's rooms on the top floor.

All the apartments, except the one on the 6th floor, which was occupied by the seller, were rented. Our strategy was to duplex the flat on the 6th floor with the maids' rooms. It is generally easy to obtain this kind of permit, as it does not affect the number of flats or the volume built.

After our visit, we managed to assess the urbanistic compliance, the technical equipment and the budget for the renovation of all the flats. We noticed that a new gas condensation boiler had been installed, without the old oil tank having been neutralized or removed. As the seller did not want to remove it himself before the notarial deed, we included this cost in our negotiation.  Based on the visit and our analysis, we concluded, through several valuation methods, that the seller's desired price exceeded the market price by a significant amount.

As we were convinced that this was an interesting opportunity, we engaged in a firm discussion with the seller. After several days of negotiation, the parties reached a final agreement €400k below the asking price.

Following the acquisition, the client decided to work with OwnerSide for the management and refurbishment of the building.

For BuyerSide, this is a perfect example of a rare and successful real estate acquisition carried out in complete confidence with the client, extending to property management through our subsidiary, OwnerSide.

BuyerSide and OwnerSide are the one-stop shop for any investor wishing to have a single point of contact for all real estate services, from acquisition to management.

Trust us with your future real estate acquisition plans!


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