Zurich: Swiss Life presents plans for Manor House
Swiss Life has unveiled redevelopment plans for the property at 77 Bahnhofstrasse in Zurich, where Manor operates a department store until the end of January 2020.
As various media, including Cash and the daily advertiserSwiss Life plans to invest around CHF 100 million in the refurbishment of its property on Zurich's Bahnhofstrasse.
The new utilization concept will be implemented, when the Manor department store closes its doors next year after 35 years. This was preceded by a dispute that lasted for years because Swiss Life and Manor could not agree on a new lease.
The new utilization concept provides for according to the reports from the first basement to the first floor - a total of around 4,500 square meters. The first floor is expected to be divided into ten store units. The retail areas will be divided into sub-areas of 40 sqm to 300 sqm; the rents per square meter are to vary depending on the tenant. From the second to the fifth floor, 5,000 sqm of offices are planned.
Swiss Life is convinced that rental income will triple as reported in the media - also because the previous retail space has been reduced in favor of offices. Swiss Life continues to see rising demand and willingness to pay for office space in good locations.
According to plans, the conversion work will take two to three years. By the end of construction, 70% to 80% of the space should be leased. Since it became known that Manor would be moving out, many interested parties have contacted Swiss Life. No contracts have been signed yet.
Swiss Life holds 1,250 properties in Switzerland, around 20 of which are in Zurich - and ten on Bahnhofstrasse alone. (ah)
