“Am Goldeck” real estate project in the city of Salzburg goes bankrupt

The main shareholder is the Upper Austrian real estate developer vonree, which holds 94 percent of the shares in “Am Goldeck GmbH” and over which bankruptcy proceedings were opened at the Steyr regional court at the end of July. The company had become insolvent with a construction site on Steyr’s town square; the plan was to convert three historic town houses. The Goldeck managing director holds the remaining six percent of the shares; the tax office filed for bankruptcy proceedings against her at the Wels regional court in May.

Construction site apparently nearing completion

The project on the town hall arch at the Salzburg State Bridge also aimed to revitalize three listed old town houses. In addition to a boutique hotel with 44 beds, offices, apartments and shops – including the French bakery chain “Paul” – were to move in.

“Am Goldeck” should actually have been completed at the end of 2024. But since then the work has been on hold, apparently because of outstanding demands. The major construction work is likely to have already been completed.

In the spring, vonree project manager Kenny Lugsteiner said in an interview with the Salzburg News admitted that finding investors was “a challenge in times like these”, but at the same time mentioned “final discussions” with a financier. Nothing seems to have come of this now. The vonree Group bought the three houses from the Wüstenrot Group in 2022 for a reported 14.7 million euros. There was then talk of an investment sum of 25 to 30 million euros for the project.

In the “Wirtschafts-Compass” commercial register, the balance sheet of “Am Goldeck GmbH” as of December 31, 2024 showed assets of around 28 million euros – the majority of which were fixed assets amounting to 23.5 million euros.