Realstone RSF: Two building permits in western Switzerland
The fund has received planning permission for the construction of two apartment buildings in Gland and for the conversion of further space into furnished rooms in a commercial property in Grand-Saconnex.
The Realstone RSS fund has announced that two building permits have recently become legally binding. The first concerns the construction of two properties with 78 apartments in Gland (VD). These will comprise a total of 4,846 square meters of living space and 473 square meters of commercial space. The projected market value will amount to CHF 35 million with a rental value of CHF 1.87 million. According to Realstone, construction of the property, which will be equipped with a 147 kWp photovoltaic system on the roof and connected to the municipality's district heating system, will begin in the coming weeks and is scheduled for completion in the second half of 2027. This is the third and final stage of a residential project comprising a total of 189 apartments. The site also includes a 600 sqm retail store, supplementary childcare with 60 places, a dental practice, a stationery store and a gym for Pilates. The projected market value of the entire project is over CHF 78 million, with a tenant value of over CHF 4 million. According to Realstone, the 111 apartments that have already been marketed were all let before handover.
In addition, the Realstone RSF fund has received planning permission for the conversion of a further 1,200 sqm of the Octagon property in Grand-Saconnex (GE) into 33 furnished serviced rooms. Together with the 70 rooms already under construction on an area of 2,400 square meters, 103 rooms on an area of 3,600 square meters will soon be available, according to the information provided. "With the rental agreements signed to date and the handover of this furnished residence on three floors, the occupancy rate will be over 85%," the fund management company wrote in a statement. At the same time, two rental agreements are currently being negotiated for a total area of 1,800 square meters, which should increase the occupancy rate to over 95%.
Realstone describes the two building permits as "important milestones in the fund's five-year plan". The aim is to increase the proportion of residential space and reduce the vacancy rate of commercial space in order to
to guarantee a distribution of 3% of the net asset value (NAV) in the long term. "In this way, the fund aims to position itself among the highest-distributing residential real estate funds in Switzerland within five years, with the portfolio consisting mainly of new or recently renovated properties." (aw)
