Kruthuset 17

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Obligo

Real Estate

Kruthuset 17 - Former industrial asset converted into highly modern and flexible office asset

Sector: Office/industrial

Location: Gothenburg, Sweden

Opportunity & Background

The asset is a former PostNord terminal building, centrally located in Gothenburg

Over time PostNord has reduced their areas in the building, leaving us with a significant leasing opportunity

Business Plan & Execution

Convert industrial areas with low rent potential, to higher value office areas

Utilize the high ceiling heights of the industrial areas of the building to create unique premises and mezzanine space

Modernize existing office space, as well as the entrance and common areas

Results

Converted ~3k sqm vacant industrial space to office

Created an additional ~2k sqm new mezzanine space

Investment: SEK ~75m (on budget and on time)

Yield on cost at ~15%

Executed a new 6Y lease (10k sqm) with government tenant with 15% increase in rent level

Sector: Office/industrial

Location: Gothenburg, Sweden

Opportunity & Background

The asset is a former PostNord terminal building, centrally located in Gothenburg

Over time PostNord has reduced their areas in the building, leaving us with a significant leasing opportunity

Business Plan & Execution

Convert industrial areas with low rent potential, to higher value office areas

Utilize the high ceiling heights of the industrial areas of the building to create unique premises and mezzanine space

Modernize existing office space, as well as the entrance and common areas

Results

Converted ~3k sqm vacant industrial space to office

Created an additional ~2k sqm new mezzanine space

Investment: SEK ~75m (on budget and on time)

Yield on cost at ~15%

Executed a new 6Y lease (10k sqm) with government tenant with 15% increase in rent level

Opportunity & Background

The asset is a former PostNord terminal building, centrally located in Gothenburg

Over time PostNord has reduced their areas in the building, leaving us with a significant leasing opportunity

Business Plan & Execution

Convert industrial areas with low rent potential, to higher value office areas

Utilize the high ceiling heights of the industrial areas of the building to create unique premises and mezzanine space

Modernize existing office space, as well as the entrance and common areas

Results

Converted ~3k sqm vacant industrial space to office

Created an additional ~2k sqm new mezzanine space

Investment: SEK ~75m (on budget and on time)

Yield on cost at ~15%

Executed a new 6Y lease (10k sqm) with government tenant with 15% increase in rent level

No items found.

More case studies from

Obligo

Real Estate

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Triangelgården

Gjerpensgate

Sågen 4

Obligo

Real Estate

Kruthuset 17 - Former industrial asset converted into highly modern and flexible office asset

Sector: Office/industrial

Location: Gothenburg, Sweden

Opportunity & Background

The asset is a former PostNord terminal building, centrally located in Gothenburg

Over time PostNord has reduced their areas in the building, leaving us with a significant leasing opportunity

Business Plan & Execution

Convert industrial areas with low rent potential, to higher value office areas

Utilize the high ceiling heights of the industrial areas of the building to create unique premises and mezzanine space

Modernize existing office space, as well as the entrance and common areas

Results

Converted ~3k sqm vacant industrial space to office

Created an additional ~2k sqm new mezzanine space

Investment: SEK ~75m (on budget and on time)

Yield on cost at ~15%

Executed a new 6Y lease (10k sqm) with government tenant with 15% increase in rent level

No items found.

More case studies from

Obligo

Real Estate

See all case studies

14.1.2025

Triangelgården

14.1.2025

Gjerpensgate

14.1.2025

Sågen 4

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