swiss
major bank
examination
function and financial sustainability
branch monaco
situation
a swiss major bank contacted mühlemann + partner for he examination of their branch in manco. the aim to achieve was to find a background for decisions to optimize the branch where exclusively top customers are received. for that purpose the function and the financial sustainability of the existing building ought to be analyzed. this especially in consideration of the aspired and expected distinctive growth of the economic activity in monaco. already there is not enough area available today.
the branch is situated in the “carre d`or” of monaco build in the typical monegascan “confectioner style” and later on increased by two floors in a less costly way. along with a basement a garden- and a ground floor as well as six upper floors are in use at this time. there is no car park neither for customers nor for the stuff.
the bank has developed its own standards for both customer- and working zones. the rooms do not accord with the actual parameters in monaco anymore. a modification as well as a sale even a sale connected to a lease back has been discussed intern. the analysis by mühlemann + partner (m+p) should serve here as a help to decide.
the solution
due to the service package “reduction of fix costs on existing buildings” by mühlemann + partner the analysis team went on methodically and step by step. the actual and conceivable future needs and requirements were determined by a specifically elaborated questionnaire. this in two turns: first at the headquarter with the executives of the foreign real estates afterwards on location with the appropriates for the buildings. although the documents and plans needed for the analysis were assembled. the result was an already detailed specification sheet which served as basis for all further operations.
In the similar phase a detailed walkabout of the building was carried out together with the executives on location. although the current situation could be affiliated in details. in a individual discussion with the appropriate authorities the team checked out the building codes and the connected possibilities for modifications of the building. the old mansion is included in the monaco register of the buildings to be preserved what makes modifications of the façade basically difficult. however possible are subterranean enhancements in the space of the allotment which for example could be used for central technical rooms.
based on the specification sheet, the clarifications with the authorities as well as the own frames on location the analysis team worked out layout studies for the utilization as a front office with customers reception rooms and workplaces for the customers advisers. thereby was audited how far the expected growth of the economic activity in the existing building could be absorbed. furthermore the team analysed as if and how far the actual standards for customers reception rooms as well as work places could be implemented. Thereby a basic module and 5 additional modules were worked out which can be combined optional to the needs. parallel to this mühlemann + partner developed a layout study for a conversion of the building as a apartment house with apartments in different dimensions ( 2 ½ to 4 ½ rooms) which can serve as a basis for a sale documentary.
these layout studies were certificated again on location in the building and in meetings with the authorities. together with established specialists from manaco m+p checked the price of sale of the real estate to be expected as well as an office- or an apartment house. further the rental price was determined for office spaces together with several specialists in the “carre d’or” in case the bank is going to liquidate the real estate.
based
on the results of the intermediate examination
the analysis team completed the study with the costs for the execution
of the
constructional adaptations per module. after overall three month the
examination of the function and financial sustainability of the monaco
branch
was completed und ready to be introduced.
the result
in a extensive dossier the results were summarized. On the one hand the possibilities for optimizing as an office building inclusive scheduling and cost estimation (+/-20%) for the constructional adaptations were shown. on the other hand a variation for the use as an apartment house was presented.
together with the expected sales
prices (+/-20%) as
well as the chart of lease rental charges in the “carre
d’or” further reference
magnitudes are available to determine the further proceeding from a
commercial
point of view in an optimal way.
as a matter of discretion no further details can be shown about the results.
