The geographical area called the Neue Welt (new world) evolved in the 17th century as the industry started establishing itself around the upper end of the "St. Alban-Teich".
The Neue Welt is the northernmost district of Münchenstein and lies along the western bank of the River Birs.
The hammer mill (Hammerschmiede), built in 1660 by Ludwig Krug, is the oldest building situated on the banks of the canal.
The hammer mill was restored and completely refurbished in 1970 by the Christof Merian Foundation, known by its German aconym CMS, and was placed under monument conservation a year later.
At the beginning of the 20th century, the fast-expanding company André Klein, who specialise in the production of "Basler Läckerli", relocated their bakery into the former cotton-spinning mill "Sarasin & Heusler".
The estate was developed by the architect Wilhelm Eduard Brodtbeck from Liestal (canton Basel-Country, Switzerland), concluding the original plans drawn by Prof. Hans Benno Bernoulli, Basel (1876–1959).
Due to the unique archetype nature and the prototypical neighbourhood, the Wasserhaus estate was taken up in the Swiss Inventory of Cultural Property of National and Regional Significance.