BBVA and Merlin Get the Final Go-Ahead for Madrid Nuevo Norte

On Wednesday, the Community of Madrid definitively approved the largest urban project currently in the pipeline in Europe at its meeting, which was held by videoconference.

The project now called Madrid Nuevo Norte, which started out as Operation Chamartín and which was later known as Distrito Castellana Norte, is the largest urban development currently in the pipeline in all of Europe. On Wednesday, it was given the green light, 26 years after it was first conceived, in a plenary session of the Community of Madrid’s Government. The meeting was held electronically due to the restrictions imposed by the coronavirus pandemic.

With this final administrative procedure, the definitive approval was granted for an urban project that will involve the transformation of the northern area of ​​Madrid along 5.6 kilometres and across 2.67 million square metres of buildable land. It comes almost three decades after the original idea was conceived since it was in 1994 when Renfe awarded the company Desarrollo Urbanístico de Chamartín (Duch), which was owned by Banco Argentaria –now integrated into BBVA – and the construction company San José, the land rights that the railway operator owned next to the station of the same name.

A Ruling from the TSJCV Forces Elche to Modify its PGOU to Allow Building Work 50 Metres from the Road

Elche City Council is going to have to modify its General Urban Development Plan after the ruling issued by the Supreme Court of Justice in the Community of Valencia.

In light of the ruling from the Supreme Court of Justice in the Community of Valencia following an appeal submitted by the property developer Picolet SL in 2016, the General Plan in Elche is going to have to be modified to allow for building to take place 50 meters from the road, instead of 100 metres as established by local regulations, reports Alicante Plaza.

Picolet requested that Article 85 of the General Plan be modified, since it considered that it was being affected by it since it had to repair a warehouse on a plot that it owned affected by the future South Roundabout in a section that has yet to be built. The City Council dismissed the claim with administrative silence, and so the company filed an appeal with the TSJCV, which has now ruled in its favour.


Altamira Offers Discounts of 20% on More than 2,800 Properties

The campaign spans all of the segments in the sector and includes new and second-hand homes, offices, premises, industrial warehouses, parking spaces and plots of land ready to be built on.

The financial and real estate asset management company Altamira has launched a new campaign with an average discount of 20% on more than 2,800 assets distributed all over Spain. This promotion will be active until the 31st of this month.

The campaign covers all segments of the real estate sector and includes new and second-hand homes, offices, premises, warehouses, parking spaces and plots of land ready to be built on. Thus, the servicer is maintaining its commitment to diversification.

La Generalitat Approves the Purchase and Subsequent Sale to Hard Rock of the BCN World Plots

La Generalitat has authorised the public company Incasòl to purchase, from La Caixa for €120 million, the land where Hard Rock is going to build the hotel and leisure macro-complex BCN World.

The Generalitat of Catalonia has authorised the public company Incasòl to buy, from La Caixa for €120 million, the land where Hard Rock is planning to build the hotel and leisure macro-complex BCN World. Likewise, the Government has agreed to allow Incasòl to sell the plots for the same amount to the multinational Hard Rock, which will lead the development of the Hard Rock Entertainment World project, located in Tarragona.

After months of stagnation and more than two years after the planned start date, the Generalitat has finally made the €120 million advance to unlock the BCN World project. The Generalitat assures that it will not be taking on any risk with its acquisition of these plots, since they will be automatically sold onto the US  company Hard Rock. Last week, the company that represents Hard Rock submitted a letter in which it promises to acquire the land in Salou by no later than 5 May 2020.


The Ministry of Defence Convenes New Auctions to Sell 24 Properties in Ten Provinces

The Ministry of Defence, through its own Institute of Housing, Infrastructure and Facilities (Invied), has announced the public auction of 24 buildings located in ten provinces through which it plans to raise around €13.5 million euros, according to information published in the Official State Gazette (BOE) on 3 March.

The properties, which include flats and plots of land, are located in Santiago de Compostela (Coruña), San Fernando (Cádiz), Alicante, Lorca (Murcia), Mislata (Valencia), Oviedo (Asturias), León, Mérida (Badajoz), Cartagena (Murcia), Lucillos (Toledo), Granada and Sevilla.

Haya Puts More than 550 Commercial Premises and Plots up for Sale in Andalucia and Extremadura

The selected properties are mainly located in provincial capitals, commuter towns and small villages.

Haya Real Estate has put more than 550 commercial premises and plots of land up for sale through its ‘Plan Locales Sur’, aimed at investors. The selected buildings are mainly located in provincial capitals, commuter towns and small villages.

The deadline for interested parties to submit their tenders to the notary is 22 October. The portfolio includes commercial premises from €15,000 and plots of land from €41,100, according to the firm.

The Intempo Tower’s Owner Invests in the 22@ District Despite the Suspension of Construction Licences

The fund SVP Global has debuted in Barcelona with the purchase of a 7,000 m2 plot in the 22@ financial district, even though the local Town Hall has suspended all new construction licenses for 4 months.

The owner of the Intempo building, the iconic skyscraper in Benidorm, was in the middle of expanding its business when the Town Hall of Barcelona decided to declare a 4-month moratorium on construction licenses in the 22@ district so as to give it time to upgrade its roadmap.

Despite this, the fund SVP Global has acquired a 7,000 square metre plot of land in the 22@ financial district, on the site of two former factories, according to El Confidencial. The North American company teamed up with Uniq Residencial to acquire the Intempo building from Sareb two years ago.

The fund plans to build 75 luxury loft-style homes on the land in the Catalan financial district. In theory, the recent measure adopted by the Town Hall should not affect these plans, given that Ada Colau’s objective is to promote the construction of homes in the 22@ district.

Valdebebas Sells its Commercial Land to Tomás Olivo to Build North Madrid’s Largest Shopping Centre

General de Galerías Comerciales has acquired the buildable commercial land spanning 145,794 square metres for €55M.

The Valdebebas Compensation Board has signed an agreement with the Socimi ‘General de Galerías Comerciales’ to sell it the commercial land in Valdebebas, where the largest shopping centre in the north of the Spanish capital is going to be built.

Project Ágora in Valdebebas groups together three plots with a commercial surface area of 145,794 m2 and an office surface area of 36,448 m2 with the option for alternative uses, such as healthcare, education, hotel and sports facilities. The space is completed with green areas and parks spanning 24,500 m2. General de Galerías Comerciales has acquired the buildable commercial land spanning 145,794 square metres for €55 million in total, although the Valdebebas Compensation Board was hoping to receive between €80 million and €90 million for the sale of the rest of its assets. At present, the 36,448 m2 of office space that completes the so-called “commercial block” has yet to be sold.

Acciona Sells a 395-Rental Home Development in Madrid to Hines

Hines has signed a forward purchase agreement with Acciona to acquire a 395-rental home development currently under construction in Valdebebas – a fast-rising residential area to the North-east of Madrid. Acciona owns the land and will take charge of building the turnkey project.

This is one of the largest ‘build to rent’ projects that Acciona has embarked on to date and the two companies have agreed that the work will be finished by 2022.

Last year, Madrid accounted for 80% of all of the ‘build to rent’ projects in Spain, which together amounted to around €1 billion.

The Town Hall of Madrid to Put 3.3 million m2 of Public Land up for Sale

The local Executive is going to offer 300,000 m2 of tertiary and office land and 3 million m2 of industrial use land, for purchase or exchange. The first lot will be located in Valdebebas.

The Town Hall of Madrid has announced an ambitious land transfer program to encourage business activity in the Spanish capital. The local government is going to put 3.3 million m2 of public land on the market. Most of the land will be for industrial use, but some will be for offices. The aim is that the plots will be developed through private initiatives.

The proposal, launched this morning by the vice-mayor, Begoña Villacís, and later expanded upon by the Councillor for Urban Development, Mariano Fuentes, will involve the commercialisation, either through the sale, exchange or transfer of rights, of a surface area spanning 300,000 m2 for office use and 3 million m2 for industrial use.  

The first lot, which will go up for tender in a few months time, will involve two plots spanning 69,000 m2 in total in the PAU de Valdebebas, to the northwest of Madrid, reports Efe.