Zurich: City buys residential property in the Hirslanden district

The City of Zurich is acquiring the property at Forchstrasse 114-120 near Hegibachplatz in the Hirslanden district. The four buildings with a total of 20 apartments date back to 1914 and are in good condition, according to the city. A number of targeted renovations have been carried out in recent years, meaning that no comprehensive repairs are necessary for the time being. The apartments are all rented out at reasonable rents.

The city has been awarded the purchase following a public, two-stage bidding process. Including transaction costs, the purchase price amounts to CHF 28.96 million, the city writes in a press release.

The seller of the properties is the Huber-Graf- und Billeter-Graf-Stiftung, which commissioned Haupt Immobilien AG with the sale in February of this year, according to local media reports. The tenants affected had previously submitted a petition to the city council. They had feared that the houses would be demolished or renovated for luxury after a sale. (ah)