First stage of the Papieri in Cham nears completion
In the Papieri in Cham, the first apartments and commercial spaces of the new quarter are ready for occupancy. Demand for the space is "extraordinarily high," according to the Cham Group.
Milestone for the Papieri site development in Cham: The first construction phase has been completed, and the owners of the southernmost high-rise building L will take possession of their new apartments by the end of October. As of November, 163 rental apartments in Maschinengasse and 14 commercial spaces in Building A can be occupied. According to the Cham Group, all apartments and commercial spaces have been rented shortly after the start of marketing. Loft apartments and studios are being built in the former paper machine halls PM1-4 on the Lorze; transfer of ownership is expected to take place from January 2023.
Work on the second stage is proceeding according to plan
The second construction phase will see the construction of two high-rise residential buildings with around 100 apartments and 50 micro-apartments, a daycare center and office and commercial space on the first floors. A sports boarding school of the OYM will be realized on a sold parcel, the shell construction starts these days. Of the 61 condominium apartments, 60 units have been reserved so far, according to Cham Group. The rental apartments will not be marketed until the end of 2023. Occupancy is planned for the second half of 2024.
A use has been found for the listed boiler house. According to the Cham Group, the east section and an upper part of the west section will be used for gastronomy. Event facilities are planned for the upper floors of the east section and commercial space for the west section. Completion is scheduled for winter 2024/25. A commercial building is being constructed in Werkstattgasse where the former central warehouse was located. It is scheduled for completion at the end of 2023.
The third construction phase between Knonauerstrasse and the new Ringstrasse is intended to create buildings with mixed commercial and residential use. According to the Cham Group, the building applications will be submitted in winter 2022/23. Preliminary contracts have already been concluded for the retail outlets on the first floors.
Black figures thanks to land sale
In the first half of 2022, Cham Group posted a consolidated profit of CHF 2.6 million, compared with a loss of CHF 0.9 million in the same period of the previous year. The difference is due in particular to the sale of the plot on which the sports boarding school will be built, which was completed in the spring, the company says. The total value of the real estate portfolio increased by CHF 37.1 million to CHF 400.5 million as a result of the construction activity and less the sale of the plot.
For the year as a whole, the Group expects a good operating result, as the second half of the year will see the success from the transfer of ownership of the apartments in high-rise building L. From the beginning of 2023, rental income will increase to around CHF 6 million per year, the real estate company forecasts. (ah)
