Novavest: Acquisitions in Frauenfeld and Zurich
Novavest Real Estate AG has acquired two properties in Frauenfeld (TG) and Zurich-Altstetten, thus expanding its portfolio.
The residential and commercial property at Schaffhauserstrasse 17/19 is centrally located in Frauenfeld and comprises two apartment buildings with 18 rental apartments (residential rental area: approx. 1,330 sqm) and commercial space of around 920 sqm. The property is fully leased; Coop has leased the commercial space on the first floor with a long-term lease until 2025.
The investment for the purchase of the property amounts to CHF 9.3 million; the target rental income is CHF 0.43 million. The notarization of the property has already taken place, the transfer of ownership is scheduled for January 3, 2017.
In Zurich-Altstetten, Novavest Real Estate has acquired a conversion project into a residential property. The property at Badenerstrasse 701 is currently around 97 percent commercial, and Novavest plans to demolish the existing property and build a new residential property with 60 residential units (over 3,300 sqm of rental space).
The planning and approval phase is expected to span 2017 and the first half of 2018, with the construction phase scheduled for 2018/2019, Novavest says. First occupancy of the apartments is planned for the end of 2019. In total, Novavest expects investment costs of just over CHF 32 million for this project. The notarization of the property has taken place and the transfer of ownership is planned for the end of October 2016. (ah)
