9’200m2 mixed-use building on 14’145m2 of strategic land
The property was sub-optimally managed by Philips and required a complete overhaul of the leases. Philips had leased to “friends of the firm” and had assumed responsibility for a majority of the service charges, in some cases going as far as paying for the cleaning of the offices of its tenants as well as for their electricity and heat. Mike Wolfson and his Westcore team proceeded to streamline the operating costs and re-negotiate all the existing leases.
Today, the property boasts a new 10 year lease with the Swiss Post as its anchor tenant, and is actually recovering a majority of the service charges. The Net Operating Income has jumped from CHF 625’000 at acquisition to over CHF 950’000 today and the property is cash flowing nicely.
