30 September 2016 – Real Estate Press
Vorsevi invested more than €12 million in the construction of one of the most sophisticated corporate headquarters on the former site of Expo 92, however, the company’s entry into liquidation has forced the sale of that property for €3.6 million.
The property, located on Calle Leonardo Da Vinci, has a surface area of more than 7,000 sqm spread over five floors, as well as two basements measuring 2,000 sqm, one of which has been fitted out as a car park for 70 vehicles.
The law firm Adalte Abogados has finally managed to sell Vorsevi’s former headquarters to the Cordobés businessman Antonio Carrillo, the telecommunications operator through the company PTV Telecom.
Carrillo made an initial offer for €3.6 million, an amount that no other serious contender had been able to exceed. This meant that the price per square metre amounted to just €515, bringing the value of Vorsevi’s headquarters below even its replacement cost.
Although several investors have analysed this operation, the fact is that the current competition from the Torre Sevilla skyscraper is too strong to risk backing a single building, and as such, it has become clear that, even today, real estate values in la Cartuja remain a historical lows.
Original story: Real Estate Press
Translation: Carmel Drake