Real Estate SPS receives building permits for Jelmoli building and "Yond Campus"

The real estate group SPS Swiss Prime Site can start work on the conversion of the Jelmoli building.

SPS has received the legally binding building permit for the repositioning of the property, the group announced on Thursday. Construction work is set to begin immediately after the department store closes in March 2025.

The aim is to adapt the sales areas in the "iconic" Jelmoli building on Zurich's Bahnhofstrasse to market requirements and to reposition the building with new uses geared towards the public, the statement continued. The building will be extensively renovated, the original atriums will be reactivated and a sustainable energy concept will be implemented.

According to the plans, the 33,000 square meters spread over six floors will be available for use from the end of 2027. They are suitable for office and retail space and are in demand in Zurich's city center. In the summer, SPS concluded a long-term lease agreement with the Manor department store group for three floors covering around 13,000 square meters. This means that around half of the total space has been let.

"Yond Campus" also receives building permit

SPS has also received planning permission for the "Yond Campus" project in Zurich-Albisrieden. According to the information provided, two new buildings with a total of around 35,000 square meters of rental space are being built on the former industrial site, where companies from the service and manufacturing sectors in particular will settle.

Talks on the future letting of the "Yond Campus" are also in full swing. SPS assumes that around half of the space will be pre-let when construction begins in 2025.

Money for the construction of the two Zurich projects is flowing into SPS's coffers through real estate sales, among other things. In the current year, the real estate group expects total sales proceeds of between CHF 275 million and CHF 300 million, according to the statement.

SDA