Investment real estate under construction
Investment real estate under construction as at 31 December 2015
Location | Property | Acquisition/ | Area of | Register of | Minergie | Market value | Estimated | Target rental | Expected |
|
|
|
|
|
|
|
|
|
|
Zurich | Schiffbaustrasse | 2010 | 1 610 | no | yes | 19.5 | 23.0 | 1.3 | 2016 |
Zurich | Schiffbauplatz | 2002/2014 | 11 180 | yes | yes | 30.4 | 73.0 | 4.7 | 2017 |
Total investment real estate |
|
|
|
|
|
| |||
[1]According to valuation as at 31.12.2015
[2]Building and land costs
Schiffbaustrasse, Zurich
New-build seven-floor residential and commercial building to Minergie standard with lettable floor space of 3397 square metres. The project comprises 450 square metres of commercial space on the ground floor, 590 square metres of office space on the first floor, 23 2½ to 5½-room rental apartments on the second to sixth floors and 15 parking spaces in the underground car park. The project is being built by the Projects & Development division and, upon completion in the first half of 2016, will be reported under the portfolio of yield-producing properties. For the market valuation as at the balance sheet cut-off date, nominal discount and capitalisation rates of 4.50% and 4.00% were applied (31.12.2015: 4.50%).
Schiffbauplatz, Zurich
New-build five to six-floor commercial building to Minergie standard with lettable floor space of 13 100 square metres. The project comprises 10 700 square metres of office space on the first to fifth floors, 1800 square metres of space for catering and commercial businesses on the ground floor, 600 square metres of storage space and 36 parking spaces in the underground car park. Two ten-year rental agreements have been concluded for the whole of the office space and part of the storage space. The project is being built by the Projects & Development division and, upon completion in the second half of 2017, will be reported under the portfolio of yield-producing properties. For the first-time market valuation as at the balance sheet cut-off date, nominal discount and capitalisation rates of 5.00% and 4.50%, respectively, were applied.
All investment real estate properties under construction are solely owned by Allreal.
Recognised at fair value as at 31 December 2015, yield-producing properties (CHF 3475.3 million) and investment real estate under construction (CHF 49.9 million) qualify as category 3 fair values. No adjustments were made to valuation techniques or processes during the period under review.