The Dublin real estate investment consultants, Phelan Partnership, is seeking a buyer for a mixed-use investment property in Wiesbaden, Germany.

The asking price of €24.5 million would show a net initial yield of 5.4 per cent and almost 7 per cent when a rent increase comes through next year.

The property comprises a complex of four buildings completed between 1894 and 1960 at 8-10 Wilhelmstrasse and 4-6 Luisenstrasse in Wiesbaden.

The complex has 11,600sq m (124,861sq ft) of retail, office and residential space and 50 underground car-parking spaces. The buildings are partly listed.

There is a total of 11 retail units with 1,500sq m (16,145sq ft), 6,570sq m (70,719sq ft) of offices and 78 apartments (3,500sq m/37,674sq ft).

The properties are situated on Wilhelmstrasse which is the principal thoroughfare in Wiesbaden. The city has been described as the "Nice of the north" and is the capital city of the state of Hessen.

It is on the northern bank of the River Rhine and opposite the city of Mainz, about 30 minutes from Frankfurt Airport.

The city has a population of over 300,000.

The portfolio is producing a rent roll of €1.4 million, most of it coming from 5,700sq m (61,354sq ft) of offices leased to the Road Construction Authority of the state of Hessen. Once the lease is renewed late next year, the rent is expected to rise to €1.8 million.

Bill Phelan of The Phelan Partnership has also been instructed to sell three other German properties, including a shopping centre in Koblenz comprising 27 retail units producing €1.6 million. The asking price is €26.5 million.

The agent is seeking €31.2 million for a residential portfolio comprising 30 apartment buildings with 467 apartments and 22 commercial units in Leipzig and Chemitz producing over €2 million.

The third portfolio has an asking price of €23.7 million and includes 16 Sparkassen units (similar to the Post Office Savings Bank) in the Koblenz area with a rent roll of €1.66 million.