Allreal starts on construction work to modernise Bellerivestrassse 36 in Zurich Riesbach
Glattpark, 30 July 2021: In July 2021, Allreal made a start on construction work to comprehensively modernise its own yield-producing property at Bellerivestrasse 36 in Zurich Riesbach. After around two years of construction work, the office building will be given a new lease of life and become a reference project in a lakeside location in Zurich. Allreal is investing over CHF 50 million into the property renovation.
This office building in Zurich’s Seefeld district was built in 1974 and has been part of the company’s portfolio of yield-producing properties since 2004. The opportunity to fully modernise the property came about when rental agreements came up for renewal and anchor tenant PartnerRe moved to an Allreal commercial new build in Zurich-West.
Danish architecture firm C.F. Møller is behind the plans for the renovation and modernisation project, having come out on top in a study contract involving a total of six competitors in 2019. The winning project impressed with its contemporary design and prestigious look with an open facade looking out onto the lake. The building will meet high energy and environmental standards, which will be undderlined with the planned LEED Platinum label. With an extensive photovoltaic system with a maximum output of over 600 kWp being integrated into the façade and roof, this property is set to become a reference project promoting sustainable building within the Allreal portfolio of yield-producing properties. The construction work is being realised by the company’s own Projects & Development division.
Once the work is finished, luxury skincare brand La Prairie Group will be moving into this excellent location as the anchor tenant in summer 2023, occupying an office space of around 5800 square metres under a ten-year rental agreement. Thus, more than 60% of the property’s future annual rental income of CHF 6.8 million has already been secured.
The office building is scheduled to be completed and ready for business in the second half of 2023.
Facts and figures
|Building owner||Allreal Office AG, Glattpark|
|Project development||Allreal Generalunternehmung AG, Glattpark|
|Architecture||C.F. Møller, Copenhagen|
|Project||Extensive renovation and modernisation of office building|
|Address||Bellerivestrasse 36, 8008 Zurich|
|Land area||10,494 m²|
|Rentable space||12,037 m3|
|Investment volume||> CHF 50 million|
Allreal combines a stable-income property portfolio with the activities of a general contractor (development and realisation). The company’s property portfolio is worth over CHF 5.1 billion. During the 2021 financial year, the volume of projects completed by the Projects & Development division amounted to CHF 343 million. The property company employs more than 250 members of staff across Zurich, Basel, Bern and Geneva. With its registered office on Glattpark, Allreal operates exclusively in Switzerland. Shares in Allreal Holding AG are listed on the SIX Swiss Exchange.