Richterswil: Insurance company buys ten apartment buildings

GVZ Gebäudeversicherung Kanton Zürich acquires a residential complex on Reidholzstrasse in Richterswil. The property, built between 1976 and 1978, comprises ten buildings with a rental area of 11,274 square meters, divided into 96 apartments, 46 craft rooms and an underground car park with 138 parking spaces. «The existing tenancies will be taken over by GVZ in full and unchanged,» the insurance company announced.

The Sophie and Karl Binding Foundation, Basel, a charitable foundation, has reportedly sold the development for strategic reasons. The transaction was structured and executed by JLL on behalf of the foundation.

«Investment in the future»

The properties on Reidholzstrasse with the odd house numbers 25-43 cover a plot area of 29,869 square meters. The apartment types range from 2- to 5.5-room units. The property is currently «almost fully» let, according to GVZ. Major investments in building maintenance will not be necessary in the foreseeable future. «We are continuing to manage the property in the spirit of the previous owner,» says Lars Mülli, Director of GVZ. «In addition to the variety of apartments on offer, the special thing about the development is its quiet location, which also makes this property attractive for young families.» The residential development is «an investment in the future of GVZ», particularly due to the size of the contiguous site in an attractive location.