27 March 2017 – Expansión
A “unique” project, destined to become a “European and international architectural icon”. That is the ambitious challenge that the Socimi Lar España and the largest fund manager Pimco have set themselves in an unusual project for both partners, namely: the luxury residential building, Lagasca 99. Lar España and its largest shareholder purchased the company Juan Bravo 3 at the end of 2014. At the time, the company owned the plot of land at the address of its name, in the exclusive neighbourhood of Madrid.
The company had been created in December 2006 by the real estate company Eurosazor, controlled by the businessman Rafael Ortiz. Ortiz had wanted to construct the most exclusive development in the capital, inspired by the One Hyde skyscraper in London. Nevertheless, financial difficulties left Eurosazor and Juan Bravo 3 filing for bankruptcy and the project never got off the ground. Then, Lar and Pimco invested €120 million to acquire the plot of land (along with the loans linked to the company that owned that land) and, ten years later, and also with the support of the renowned architect Rafael de la Hoz, the development has now resumed with a novel concept.
The future property, which will have a constructed surface area of 26,203 m2, will contain 44 homes, compared with the 60 units that Eurosazor had planned, and the 55 that were initially proposed by the new owners. These homes, spread over nine floors plus penthouses, will be located at different heights, including duplexes with ceilings measuring more than five metres high and duplex penthouses measuring up to 700 m2, including terraces and private swimming pools.
The building, which will offer five different types of homes, will incorporate elements such as bevelled corners and shark fins on the windows, which will allow natural light to enter the homes whilst at the same time ensuring the privacy of residents. Each home will have a minimum surface area of 330 m2 and will be sold for around €12,00/m2, and up to €14,000/m2 for the most exclusive units, say sources in the sector. In addition, each property will include two or three parking spaces – Colliers International will be responsible for marketing the properties.
The buyers of these exclusive homes (pre-reservations already exist for 50%) will have access to a gym and indoor swimming pool, as well as a wellness centre and a rooftop garden with an outdoor pool and landscaped roof. The development is expected to be ready by the beginning of 2018.
Lagasca 99 will compete against homes in the Canalejas complex to become the most luxurious development in Madrid. Located next to Puerta del Sol, the project run by Villar Mir (which Mark Scheinberg has just acquired a stake in) will build around twenty luxury apartments. Their residents will have access to the services of the five-star hotel in the same building, which will be operated by the Four Seasons chain.
Original story: Expansión (by Rocío Ruiz)
Translation: Carmel Drake