Zurich: Allreal finds anchor tenant for refurbished commercial building
Allreal has submitted the building application for the refurbishment of the commercial building at Bellerivestrasse 36 in Zurich Riesbach. An anchor tenant for the refurbished property has already been found, the company said.
A 10-year lease has been signed for around 5,800 sqm of office space at the property, Allreal says. The lease agreement runs from July 2023 and secures more than 60% of the property's future annual rental income of CHF 6.8 million, it said. In total, the building has 11,610 sqm of leasable space, including 9,335 sqm for offices and 2,275 sqm for warehouses.
Until the new tenant moves in, the commercial building will be extensively renovated. According to Allreal, the building application was submitted at the beginning of July 2020, and the approximately two-year refurbishment is scheduled to begin in the summer of 2021 - the investment volume amounts to around CHF 50 million. Completion and commissioning of the refurbished commercial building are planned for summer 2023.
The seven-story commercial building in the Seefeld district of Zurich was built in 1974 and has been part of Allreal's portfolio of investment properties since 2004. The leases for the building expire at the beginning of 2021, when it is to be comprehensively modernized. Once the work is completed, the property will meet "the highest standards in terms of sustainability," Allreal said. In spring 2019, the real estate company conducted a study commission, and in September 2019, the jury recommended the project by Danish architectural firm C.F. Møller for further work. The winning project is visually characterized by a contemporary and representative appearance with an opening and orientation toward the lake, Allreal said. (ah)
