Novavest buys conversion project in Olten
Novavest Real Estate AG has expanded its real estate portfolio and purchased a conversion project at Bifangplatz in Olten for around CHF 35 million.
The listed real estate corporation invests a portion of the liquid funds of its capital increase in the purchase of the property in Olten in the canton of Solothurn. The property is located at Bifangplatz, in the center of the city. The former office building is to be totally renovated and converted into a residential and commercial property.
On the second to ninth floors, 43 town apartments will be built, each with 2.5 to 6.5 rooms. On the first floor and the second floor, commercial space for retail, gastronomy, offices and medical practices is planned. A basement garage provides 51 parking spaces. According to Novavest, the leasable space for residential is around 3,800 sqm and for the commercial space just over 1,500 sqm.
The conversion project will be realized by the Priora Group as general contractor, Novavest further announces. Completion is scheduled for the end of October 2018. Novavest is acquiring the residential and commercial property on a turnkey basis at a total price of around CHF 35 million and is making a secured down payment of two million. The remaining amount will be due upon transfer of ownership. The notarization of the purchase has reportedly already taken place.
