PropertyTimisoara (Romania)

Price :

$2,560,700

USD

Euro € EURAmerican Dollar ($ USD)British Pound (£ GBP)

Surface796 m²bedrooms16 bathrooms11 land1,203 m²

In order for the Hat Factory of South Hungary S.A. to come into existence, it required private capital and support from the state and the city of Timișoara, where it operated on the banks of the Bega River. Archives attest that in 1899 the municipality granted, free of charge, to Phillipp Lustein and Wilhelm Keller a plot of land measuring 2 'cadastral acres' near the then-road viaduct and the current central park. The factory was exempt from paying municipal taxes for a decade but committed to providing annual subsidies for each employee.
Built in 1899-1900, the building structures bear the signature of the architect Ede Reiter, who was a neighbor to the property. The Hat Factory produced felt and wool hats, felt, and rabbit fur hats, with about 500 employees, two-thirds of whom were women, all assisted by steam-powered machines. Not only were the hats produced modern, but also the facilities provided to the workers – a bath, a dining hall, and relaxation spaces.
After the union with Romania, the factory was named the Timișoara Hat Factor y , and then came the communist nationalization. Between 1991-1995, it was privatized through the MEBO method and known as PALTIM SA. After a period of intense cultural activity, the factory's land is now undergoing a modern urban development project with residential and office spaces.
The former administrative building, currently a historical monument, is part of this complex built to the highest standards, bringing stories, history, and pedigree to its owner and future generations. Additionally, thanks to architect Ede Reiter, the property presents itself elegantly in the style that was fashionable at the time, Secession. The recent impeccable architectural and structural renovation highlights the beauty of this style and how it has remained relevant and attractive to this day. The ground floor is suitable for a restaurant – perhaps one that showcases the rich and flavorful gastronomy of the city, while the upper floor and attic are spacious and bright spaces, optimal for office activities, private residence, or even a spa. Located on the banks of the Bega River, with boats peacefully floating on the water and a promenade nearby, the property will undoubtedly become a landmark in the city.