13 March 2018 – Levante EMV
Altamira has sold one of the best free plots in Valencia for a record price. An investor group formed by entrepreneurs from Valencia and Madrid is going to build 26 luxury homes and 6 studios alongside the Mestalla football stadium. Altamira and the buyers declined to specify the purchase price, but market sources place it close to €1,200/m2. That price exceeds the €800/m2 that the US fund Harbert Management Corporation (HMC) and its local partner Momentum Real Estate Investment Management (REIM) paid a few weeks ago for some plots in Campanar and Alfahuir.
The investor group in this deal is led by the businessmen José Luis Basterra Leseduarte, Ignacio Polo Portilla and Mauro Sanchis Cabanes. Those investors have constituted the company Edificios Mestalla with a share capital of €3.3 million. The name refers to its first project on the plot purchased from Altamira, which is to be called Edificio Mestalla.
Sources at the company indicated that the construction permit has already been requested from the Town Hall of Valencia and that they expect to start the building work in eight months. The plot, which used to belong to Banco Santander, is located at the junction of Calle Antonio Suárez and Calle Chile. The plot is located close to Avenida de Aragón and the Valencia Club de Fútbol’s stadium. In recent months, several property developers have bid for the plots, but in the end, the investor group has acquired them. Market sources insisted that it is “a very good plot” thanks to its strategic location.
Altamira, which is a manager of real estate assets and which is owned by Apollo and other funds (85%) and Banco Santander (15%) says that the plot spans 397 m2 and is equipped for 32 homes spread over seven storeys. The intermediary declined to provide more details about the price of the transaction on the grounds of confidentiality.
The investor group indicated that the building will comprise luxury homes containing between one and three bedrooms. The one-bedroom flats will measure 40 m2 and the three-bedroom properties will span 150 m2. In addition to the 26 homes and 6 studios, the property will also have retail premises. Edificios Mestalla expects to start marketing the homes soon, although it does not have a deadline yet for starting reservations. Olivares Consultores is going to exclusively market the development, according to a statement issued by the firm this morning.
Sources in the sector highlight that these types of luxury housing developments have “a market” in Valencia. These types of projects, located close to the centre, are being drip fed onto the market because there are no available plots left (…).
Original story: Levante EMV (by Ramón Ferrando)
Translation: Carmel Drake