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A Modern Penthouse Atop A Historic Vienna Building

Located in the posh First District, this is a rare rentable property

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Listing of the Day

Location: First District, Vienna Price: €5.69 million(US$6.3 million)

Despite being situated in a historic building right in the middle of Vienna’s First District, this penthouse is as modern as can be. (The penthouse was erected in 2004, but the historic building below dates from the late 1800s.)

The entrance— which has a two-story waterfall fountain— leads to an open-plan living room, circular bar area and dining area that can seat as many as 10. There is a lot of glass: Floor-to-ceiling windows and skylights offer great views and sunshine, while the feature staircase curves to the upper floor with bedrooms, a sauna and solarium, second small terrace, walk-in closet and home office.

More:One-time Venetian Home of Friedrich Nietzsche is Up for Sale for €2.5M

The kitchen is definitely of-the-moment, designed in marble with stainless steel appliances. For warmer weather and dining al fresco, there’s also an outdoor summer kitchen on the terrace.

Stats

The rooftop apartment is 390.15 square meters, with three bedrooms, three reception rooms and two bathrooms. Unusual for central Vienna, it also has a generous 90-square meter outside terrace (which is where you can host those aforementioned barbecues).

Design pedigree

Traditionally, all of the beautiful old buildings in the First District were occupied by private companies for commercial use. This changed about five years ago when the government started to allow people to redevelop and place modern penthouses on top.

Therefore, there is an increasing number of contemporary style homes, like this one, full of light, space and height, "slap bang on top of a historic building, slap bang in the middle of town," says agent Alexander Koch de Gooreynd from Knight Frank.

Talking point

Local laws in Vienna mean that if you develop a historic building to rent out, you are limited on what rent you can charge. This has kept a lid on investment purchases. This law does not, however, apply to penthouses created on top of a period building such as this, because they are considered "new." That means you could rent it at market rates. "As a result there is particular interest in these sorts of apartments," said Mr. Koch de Gooreynd.

"In the last 12 months we have seen a rise in the number of people looking at Vienna as an investment purchase, especially from the U.S., Middle East and wider Europe," Mr. Koch de Gooreynd said. "There is a shortfall of available property for people looking to buy, and a demand from young Austrians looking to move into the city. People are seeing it as another safe haven and slightly cheaper than markets such as Berlin."

More:Pied-a-Terre Buyers Flocking to Vienna

Neighborhood Notes

The apartment could not be more convenient for the famous sites and culture of one of Europe’s most historic cities. The First District, or Innere Stadt, has the biggest collection of old, beautiful buildings in Vienna, all within walking distance of each other, and of the center of the Austrian capital. There’s the 12th century St. Stephen’s cathedral, Hofburg Imperial Palace, neo-gothic Rathaus, and Vienna State Opera. "It's where everything you want to see in Vienna is located," said Mr. Koch de Gooreynd.

Agent: Alexander Koch de Gooreynd, Knight Frank.

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