Basel: Hess Investment acquires
The Hess Investment Group acquires the vacant property Rümelinsplatz 1 in Basel. The real estate consultancy CBRE accompanied the sale on behalf of the previous owner.
The Hess Investment Group, a family office from Amriswil (TG), is thus further expanding its real estate portfolio in Basel. The property, which has been vacant for a long time except for one apartment and was built in 1958, is located in the historic old town and close to the pedestrian zones.
The plan is to thoroughly modernize the former department store ("Rümelin La Mode"), which has a usable floor space of around 1,500 square meters. Commercial use is planned for the first floor and the second floor.
The former sales or practice areas on the second, third and fourth floors will be converted into residential space and marketed as rental apartments. The modernization work is expected to be completed by the end of 2017. (mr)
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