Basel: Warteck Invest builds high-rise at Dreispitz
Warteck Invest has been awarded a building lease on a plot of land at Dreispitz in Basel. A residential and commercial building is to be built there.
According to Warteck Invest, the real estate company has won an investor competition to conclude a building lease agreement with the municipality of the city of Basel. A mixed-use high-rise building and a public square are to be built on the plot at the Münchensteinerstrasse/Walkeweg intersection.
The project is based on a development proposal by Bachelard Wagner Architekten and Berchtold Lenzin Landschaftsarchitekten from Basel, which won the open competition held by the city in 2009. The new building will have twelve floors and be 40 meters high. Four floors of office and retail space and 40 city apartments are planned on a total gross floor area of approximately 10,000 square meters. On the first floor, public-intensive uses such as gastronomy are planned. There will be 50 parking spaces in an underground parking garage.
The Grand Council of the Canton of Basel-Stadt has approved a development plan based on this project, Warteck Invest said. The project is currently being optimized and finalized, and the building application is expected to be submitted in the middle of this year. Construction is expected to begin by the end of 2019 or early 2020. Completion is scheduled for the second half of 2021.
Warteck Invest estimates the investment costs for the project at around CHF 44 million and expects new annual rental income of around 1.9 million.
The real estate company adds that the building lease plot is located in one of the most accessible areas of Basel. The city center, various recreational areas, the train station and the highway can be reached in just a few minutes by public or private transport.
Warteck Invest also announced that it had acquired three properties in the second half of 2018 for a total investment volume of 47.5 million: a residential and commercial building at Hauptstrasse 50 in Binningen (BL), a 24-apartment development in Islikon (TG) and a residential development in Suhr (AG) comprising 86 apartments and located on the border with the city of Aarau. The three properties reportedly generate annual rental income totaling around 1.9 million. (ah)
