Zurich: City buys properties at Sihlporte
The City of Zurich has exercised its pre-emptive right to acquire three properties on Sihlporte. This makes it the sole owner of the properties.
Since 1980, the City of Zurich had been co-owner of half of the three properties at Sihlstrasse 99 and Selnaustrasse 29a and 31. One of the aims of the acquisition at the time was to prevent new buildings from being constructed there.
Now the co-owner, a private individual, planned to sell his shares to a private real estate developer. This enabled the city to exercise its statutory right of first refusal. The city council acquired these shares for CHF 5.5 million by means of an emergency purchase, the city announced. The buildings contain offices, a restaurant and seven apartments.
The adjacent properties at Selnaustrasse 25, 25a and 27 are already owned by the city. According to the City of Zurich, the purchase will therefore enable the city to consolidate its real estate holdings on Sihlporte, and it will also be solely responsible for managing the buildings and making decisions on repairs or investments. The site is suitable for the promotion of affordable apartments and commercial premises. (ah)
