Flughafen Zürich AG and Swiss Life AG have given the CHF1bn ‘The Circle’ complex, the green light with work due to begin in January 2015.

 

In September, TRBusiness attended a press conference held at the Swatch Lab in downtown Zürich, when high-end luxury watch brand, Omega, announced that it would open a high-concept branding environment at Zürich Airport’s new trading and lifestyle complex.

 

Omega – which was the first retail tenant to publicly confirm its agreement with the airport – has secured just one of 25 units on offer to brands/companies.

 

TRBusiness understands that the units measure up to 800sq m each and the tenants’ fees/rent agreements will be similar to those at Zürich Airport; somewhere between landside and airside.

 

Bird’s eye view: Artist’s impression of The Circle.

 

Following the conclusion of the building project phase in September 2014, a comprehensive examination showed that the project meets the quality requirements in terms of economic viability, construction costs and planning.

 

Another criterion was the achievement of an appropriate pre-letting rate. Rental agreements have been signed for the “Brands & Dialogue” module with Caviar House & Prunier, and fashion company Grieder, joining the Swatch Group.

 

Other tenants include the Hyatt Group, will operate the two hotels Hyatt Regency and Hyatt Place plus the congress centre, Flughafen Zürich AG, which will cover its own office space demand on the site, and University Hospital Zurich with the health centre.

 

Flughafen Zürich AG and Swiss Life AG have decided to go ahead definitively with implementing the first stage. The decision means that the initial preparations for dismantling the existing buildings and car parks can begin in January 2015, the excavation work can commence in autumn 2015, and the first sections of the new buildings will be visible as of spring 2016. The first phase is expected to be completed in 2018.