Zurich: City buys two apartment buildings
The purchase price for the two apartment buildings is over CHF 10 million, according to the city.
The City of Zurich acquires two properties to increase its share of non-profit rental apartments.
The first building, a residential building in Zurich-Wiedikon, is changing hands for CHF 5.12 million (including transaction costs), according to the city. It is adjacent to a residential building already owned by the city and comprises ten apartments. The owners have approached the city with their plans to sell and have accepted its offer to purchase.
The rents are favorable and the building, which dates back to 1930, could be rented out for a few more years in its current condition. It is currently fully let. A comprehensive refurbishment is planned in the medium term.
The city is acquiring the second building, an apartment building at Winterthurerstrasse 164 next to Irchelpark, from the canton of Zurich for CHF 5.51 million, exercising its right of first refusal. The property, which dates back to 1909, comprises four five-room apartments and can continue to be rented out in its current condition without the need for urgent investment, according to the City of Zurich.
