Immersive virtual reality learning environments are considered to have a high media-didactic potential. Yet this potential is not exploited in current educational practice. Insufficient empirical research hinders the development of sound guidelines for managers, coordinators and teachers concerning the sustainable implementation of such environments in educational institutions and companies. This particularly concerns facets of didactic conception and practical application, for which elaborate concepts are largely lacking to date. The present paper aims to address this issue by describing and discussing the development of an innovative learning scenario that uses an immersive virtual environment to train real estate managers. At the heart of its highly flexible didactic concept is a virtual reality-enhanced role play designed to encourage a situated, constructivist and social learning process, which aims to sustainably build and strengthen learnersʼ professional skills. The development of the learning scenario follows an iterative design process, accompanied by a multi-level mixed-methods evaluation. The scenario can be implemented in various forms in vocational schools, vocational training centres and companies. Pilots to date show promising results but also highlight important challenges to the further development process.