Investment real estate under construction as at 31 December 2020
| Location | Property | Acquisition/ project start | Area of property in m2 | Register of suspected contaminated sites | Minergie | Market value CHF million [1] | Estimated investment volume CHF million [2] | Target rental income on completion p.a. CHF million | Expected completion |
|---|---|---|---|---|---|---|---|---|---|
| Zürich | Grünhof site | 2002/2018 | 7 088 | yes | yes | 96.8 | 80.2 | 4.3 | 2021 |
| Total investment real estate under construction | 96.8 | 80.2 | 4.3 |
[1] As per 31.12.2020 valuation
[2] Building and land costs
Investment real estate under construction as at 31 December 2020
| Zürich | |
| Property | Grünhof site |
| Acquisition/project start | 2002/2018 |
| Area of property in m2 | 7 088 |
| Register of suspected contaminated sites | yes |
| Minergie | yes |
| Market value CHF million [1] | 96.8 |
| Estimated investment volume CHF million [2] | 80.2 |
| Target rental income on completion p.a. CHF million | 4.3 |
| Expected completion | 2021 |
| Total investment real estate under construction | |
| Market value CHF million [1] | 96.8 |
| Estimated investment volume CHF million [2] | 80.2 |
| Target rental income on completion p.a. CHF million | 4.3 |
[1] As per 31.12.2020 valuation
[2] Building and land costs
Grünhof site, Zurich
Allreal is developing and realising a project on the Grünhof site in Zurich Aussersihl, including a new build in the courtyard formerly used for commercial purposes and a replacement building consisting of eight rental apartments and commercial space at Badenerstrasse 131. With the construction work on the replacement building having been completed in the fourth quarter of 2020, it has been contributing to earnings since December 2020 after being transferred to the yield-producing property portfolio. The keys to the new build comprising 80 residential units will be handed over to the tenants in the spring of 2021. For the market valuation as at the balance sheet cut-off date, nominal discount and capitalisation rates of 3.20% and 2.70%, respectively, were applied (31.12.2019: 3.50% and 3.00%).
The investment real estate property under construction is 100% solely owned by Allreal.