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Brunau Park: the rate Of return driven

The misunderstanding is big: The brunau Park, for the most part good, way for a new building. "Apartments in good condition and will be demolished? We spin," writes a TA reader as a representative for others who wonder about the actions of the property owner Credit Suisse .

The pension Fund of Credit Suisse opted for the most radical option: the so-called empty termination – mass termination, which allows for the demolition of the old building and a complete redesign with a new tenancy. 400 tenants to lose their housing. Also affected are traders who complain to be too late by the management company Wincasa (TA from Tuesday).

blank terminations to rise to

mass terminations are as controversial as häufendes phenomenon that is currently in a particularly large property management companies in the Trend. In the city of Zurich, for example, has doubled the proportion of empty redundancies in the case of the renovation or new construction since 2008, more than. In 2017, it came in 48 percent of the tags to redundancies on a large scale.

Behind it an economic logic is: renovation in inhabited state, the interest premium rental limited, in the case of a re-letting, the market can be irritating, however.

"The pension funds economies for its own balance sheet," said SP national councillor Jacqueline Badran. "The value of the balance sheet is dependent on the rents." Credit Suisse sees your employees in the duty. You will be insured with the funds of the pension Fund 18'500 CS-workers and workers and 11'300 retirees and pensioners. In 2018, there were approximately 17 billion Swiss francs.

SP national councillor Jacqueline Badran. Photo: Sabina Bobst

One of the drivers of the Rent, the yield is pressure, the pension funds are subject to. An important Foundation stone for this development, the Federal office for social insurance increased in the year 2005: It is the accounting rules to fit. The had income, an accounting revaluation of the real estate stocks and, consequently, a reduction of the rate of return with the same Tenant. "That's the main increases in driver for Rent," says Badran. The national Council gives the following example: If the property price of a property doubled in the case of a revaluation, you need to double the Rent. "Otherwise, the yield decreases," says Badran. This is also the reason why sometimes a lot of early total will be renovated. "Because the rent can not be increased in the case of existing tenants just to new tenants. It comes to the empty notice."

experts are not recommended demolition

In the brunau Park, Credit Suisse was the sole reason why there was a mass termination. The Bank writes on their Website that you can build the originally intended, and additional buildings in the existing Area. The previous residential houses were, accordingly, has not been demolished.

at the Latest after a Meeting with the city of Zurich's buildings Committee, a panel of experts, employed by the city, changed CS to your opinion. "The buildings Committee suggested a holistic view to in the longer term, good urban design," writes the CS. In other words, The city favored a total renovation – probably a better compaction.

Urs Spinner, the Department of the Secretary of the Zurich civil engineering Department, rejected the suggestion, however: "The Credit Suisse had a free choice. It was only a recommendation of our experts."

Against the new construction plans has been formed in the meantime, resistance from the neighborhood. The interest in community life in brunau Park wants to prevent the demolition of the settlement. To do this, they launched a Petition that calls for, among other things, the right to remain for current Residents, as well as affordable housing. The early redundancies to be reversed. Almost 1000 people have signed so far. On request, Credit Suisse writes: "The cancellations are still valid."

Sure is: The ambitious plan for the redesign of the brunau Park is unable to comply with the CS. So far, the big Bank demolition and construction of new properties by the end of 2026, a total of 497 new apartments and 10,000 square feet of retail space planned. The second phase of construction starting in 2023, in the 230 apartments are to be created, will be delayed now: In the worst case for the CS of the construction of the second Phase until the end of 2026 shifts.

A crossed Deal

are existing contracts between the city and the CS. Of these, up to 2026, a total of 84 apartments the cost of rent under a rent control through the city, which leads to significantly lower Rents. From the current contract to withdraw, proposed to the CS the city a Deal: The number of dwellings in the cost of rent should be lowered to 16. In order to compensate for, is to be extended for the duration.

In March, the big Bank, and the building construction Department by André Odermatt (SP) had been on this course of action agreed. The CS had given the green light and the dismissals. A day later, the Total intervened in the city Council. He decided in the original contract, the cost of rent. The decision thwarted the building plans of the CS. "We are currently evaluating how we organize ourselves in time," said CS spokesman Andreas Kern.


Created: 30.04.2019, 21:32 PM

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