CHS Properties

Avenue Floréal 3, Lausanne

This 6-floor apartment building was bought from the architect/developer in 1957.

It was brand new at the time and the reason Paps bought it was to establish a permanent residence for tax reasons (Arrangement Forfaitaire or Pauschalabkommen in German).

I don't know the exact purchase price but it must have been less than CHF1 million.  The US$ was very strong in those days and Paps (actually the US Trust Company) only put up $50'000 (CHF210'000 at the time).

The parents lived on the 6th floor where there were 2 apartments.  Paps hated Lausanne (“I'm so terribly bored, I don't know what to do” he complained) and stayed as little as possible.

It was originally bought in the name of Air Soleil A SA of which Paps held 80% of the shares with Boy and I owning 10% each.

When Paps died in 1988, he left me his part with the request that I buy Boy out.  Which I did.

The building has since been modernized over the years and is always fully occupied due to its good location.

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