​ ⁤ ⁤ An unassuming apartment block dating back to the ⁢1960s has been ‌put up for⁣ sale in Zurich-witikon for an impressive​ 18 ⁤million Swiss ​francs (approximately‌ €18.6⁢ million). The meaningful price tag isn’t ​reflective⁣ of the building’s current state, but rather the‍ ample value ‌of the land it occupies and its potential for redevelopment.
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‍ Redevelopment Potential: Demolition and Rebuild⁤ Anticipated
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⁢ ⁤ ‌ The ⁢1,562 square meter ‍property is the ‍key asset. Industry expectations point towards a swift demolition of the existing⁢ structure to make way for a high-end residential development.⁢ Ginesta, a luxury ⁤real estate agent based in ⁢Küsnacht‍ ZH, highlights the opportunity in their listing, noting the potential for over 1,700 square meters of new living space. The​ advertisement explicitly states the property’s condition “suggests a new replacement building,” and‍ confirms the‌ absence of any heritage protections or architectural merit​ warranting preservation.
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⁣ ‍ Prime Location and ⁤Zoning Regulations
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​ ⁢ The property’s desirability ‌is ⁣further enhanced by‌ favorable zoning regulations. A 90% utilization rate is permitted, allowing for ⁣the construction of three full floors plus an​ attic. Furthermore, the site borders⁢ a clearing zone, ‌guaranteeing unobstructed views. Potential buyers coudl ⁤enjoy views of Lake Zurich from the⁣ first floor upwards.
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‍ ⁢ ⁢ ​ The‍ Zurich real estate market continues ⁣to demonstrate its strength, with land value increasingly becoming the dominant factor in property pricing, especially ​in desirable locations ​like Witikon