Zurich: Marketing for former Manor department store to start in autumn
Swiss Life has commissioned CBRE to market the property at Bahnhofstrasse 75-79 in Zurich. The former Manor department store is to be renovated and converted.
CBRE Switzerland has won the exclusive letting mandate for the retail property in a tender process, the real estate services provider says. The property at Bahnhofstrasse 75-79 is one of the best-known retail properties in Switzerland - Manor operated a department store here for more than 35 years.
At the beginning of this year, the department store chain gave up the location after protracted disputes with the landlord Swiss Life: Manor had a lease until 2014; Swiss Life wanted to significantly increase the rent from then on, which Manor sued against. The dispute over whether the rent sought by Swiss Life was "standard market contract terms for a department store" kept the courts busy. Then, in the fall of 2019, Manor announced plans to close its Bahnhofstrasse location.
Swiss Life now wants to renovate the property and realign its use, for which a building permit has already been issued: Ten shop and restaurant units are planned for the ground floor and the first basement and upper floors, covering around 5,000 sqm, with access to Bahnhofstrasse or Lintheschergasse. The upper floors are to be used as offices. There is talk of investments of CHF 100 million; the building is scheduled to reopen in 2023.
According to CBRE, the retail agency team led by Michael Dressen will prepare the retail concept with Swiss Life in the coming weeks and start international marketing of the prime location after the summer. (ah)
