Grand-Saconnex: Realstone plans partial conversion
In a commercial property, 2,400 square meters of managed residential units are being created, which should increase the occupancy rate of the property.
The Realstone RSF fund has received a building permit for a project in Grand-Saconnex (GE). The "Octagon" fund property will be home to 70 furnished serviced rooms. The rental units will be marketed from June 2025.
The property at Chemin du Pavillon 2 is now used by more than 100 companies, Realstone writes in a press release. The range of services in the complex, which can be used on a modular basis, includes a restaurant, a fitness area, a physiotherapy practice and an auditorium.
Investment of 7.5 million francs
The residential conversions now announced relate to two floors with a total of 2,400 square meters. "This transaction will increase the occupancy rate of the property by 12% and significantly improve the performance of the fund," writes Realstone. By March 2026, the occupancy rate of the complex is expected to increase from the current 34TP3T to 62% thanks to several commercial leases already signed, and then to a further 74% through the conversion to the aforementioned residential space. The fund estimates the planned investment at CHF 7.50 million. The additional expected rental income amounts to around CHF 600,000. This corresponds to a return on investment of 8%. "Ultimately, the property will become a contributor to the fund with a return on equity (ROE) above the fund's strategic target of 3%." (aw)
