Investment real estate under construction

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
   

[1] As per 31.12.2020 valuation
[2] Building and land costs

Investment real estate under construction as at 31 December 2020

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
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.

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