- Mews & Gardens project boosted by support for removal from inventory and Reidbach diversion
- Aquatica project required to preserve two existing buildings
- Appeal to the Tribunal’s decision under consideration
- First revenues from the Aquatica project still expected from late 2015 at the earliest
Zurich, 26 March 2012 – The Construction Appeal Tribunal (Baurekursgericht) of Canton Zurich has appraised appeals filed by the Heritage Society concerning projects on the Giessen peninsula in Wädenswil. The approval granted for the diversion of the Reidbach watercourse and the removal of former lodging houses from the inventory has been upheld. This brings Peach Property Group a major step closer to realising its Mews & Gardens project. The Group is being required to incorporate two existing buildings into its Aquatica project. During preparatory planning for this project, Peach Property Group had already developed preliminary scenarios that would meet the requirements of the tribunal in every respect. The Group is confident of being able to ensure the profitability of the Aquatica project even with an eventual change of the construction volume, but reserves the right to appeal against the Construction Appeal Tribunal’s decision to the Administrative Tribunal (Verwaltungsgericht).
Peach Property Group AG is a leading developer of high-quality residential properties in German-speaking Europe. It is planning to build premier residential dwellings on the Giessen peninsula in Wädenswil with an investment volume in excess of CHF 200 million. Preparatory construction work for the first project – the Peninsula Beach House, for which approval has been obtained – is underway.
Mews & Gardens a step closer
Peach Property Group is planning to build 22 apartments in the centre of the site: this is the Mews & Gardens development. Its realisation has received a boost as a result of the Construction Appeal Tribunal’s decision which supports the necessary diversion of the Reidbach watercourse and the removal from the inventory of the existing former lodging houses. This leaves open a further appeal by the Heritage Society against the already granted building permit for the Mews & Gardens development.
Profitable options for Aquatica
The Construction Appeal Tribunal’s decision affects the Aquatica project in the northern part of the Giessen peninsula. Here, the tribunal is requiring the Group to preserve two existing buildings; the granted construction permit is not being supported in its current form. During preparatory planning, Peach Property Group had already developed options that would meet the current requirements in every respect. Even so, Peach Property Group is reserving the right to appeal against the tribunal’s decision to a tribunal of second instance: the Administrative Tribunal (Verwaltungsgericht). An amendment to the project would reduce the sales volume from around 7600 m2 to around 5400 m2, which would represent a sub-optimal utilisation in terms of land use. Peach Property Group assumes that the profitability of the Aquatica project would be assured even in a re-dimensioned scenario, which would envisage attractive apartments in the existing buildings. First revenues from the Aquatica project are still expected from late 2015 at the earliest.
To meet the interests of the town of Wädenswil in the Giessen site, Canton Zurich has added the historic buildings of architects Albert Kölla and Robert Maillart as well as the former factory owner’s villa to its inventory of protected monuments. Still outstanding is an additional appeal filed by the Heritage Society against this decision of the Canton: the Heritage Society is demanding more far-reaching protection.
Peach Property Group CEO Thomas Wolfensberger comments: “The latest decisions of the Construction Appeal Tribunal confirm to us that we should move forward with our projects on the Giessen peninsula in Wädenswil in a timely manner, preceded by the Peninsula Beach House, the construction of which is scheduled to begin in the first half of 2012. In terms of conditions for the following projects and the overall development of the Giessen site, we have taken a major step forward.”
Administrative Tribunal as possible next instance
Appeals against the Construction Appeal Tribunal’s decisions may be filed with the Administrative Tribunal of Canton Zurich within thirty days. Peach Property Group AG will analyse in detail the decisions of the lower tribunal with respect to the building approvals for the Aquatica project and reserves the right to appeal to the Administrative Tribunal.
Investors and analysts:
Dr. Thomas Wolfensberger, Chief Executive Officer
Bruno Birrer, Chief Operating Officer
+41 44 485 50 00
Siro Barino, Barino Consulting
+41 79 335 24 24
About Peach Property Group
Peach Property Group AG is a leading developer in the field of top-quality residential property in the German-speaking part of Europe. Activities cover the entire top-quality property development value chain from site surveying to project planning, implementation and marketing. Properties developed by Peach Property Group AG are located on exceptional sites in or near city centres and holiday resorts. Premier amenities meet the requirements of a demanding clientele.
Peach Property Group AG currently employs 35 real estate and finance specialists at its Zurich head office and at its Cologne branch. The Group is currently planning and implementing 14 projects with a total target marketing volume of approximately CHF 800 million. Peach Property Group AG is listed on the SIX Swiss Exchange (PEAN, ISIN CH0118530366).
Visit www.peachproperty.com for more information.