• Transaction / Assets
    28, 30 and 32 Calle del Mar (Valencia)
  • Seller
  • Buyer
    Civisa
  • € MM

Civisa’s Owner Buys 3 Buildings in Central Valencia to Convert into a Hotel

16 April 2018 – Eje Prime

Civisa doesn’t want to miss out on a business opportunity in the real estate sector in Valencia. The Mediterranean capital is one of the markets that is booming the most in the country, and so the new and, above all, the old players, in the local real estate sector, are bidding hard to undertake new projects. Such is the case of the driving force behind Civisa, Andrés Ballester, who has purchased three adjoining buildings in the centre of Valencia to convert into a new hotel.

The residential blocks are located at numbers 28, 30 and 32 Calle del Mar, very close to Plaza de los Patos and Plaza de la Reina. In this enclave, Ballester has acquired three properties with a combined surface area of almost 370 m2, which will allow it to construct a significant number of rooms, according to reports from Valencia Plaza.

The founder of Civisa has already requested a construction licence from the Town Hall for his hotel project. The measures that the businessman will have to take into account include respecting the façade of the central building, which has a commercial space on the ground floor, and the respecting the height of the property following the renovation, given that it may not exceed the limit for the area.

This new hotel in the centre of Valencia is not the only real estate project in which Ballester has been immersed in recent times. Recently, the businessman participated in another operation through which Inditex is going to open its first Zara megastore in Valencia. It is going to be located on Boulevard Austria and is being renovated in its entirety by the multinational textile company.

Original story: Eje Prime 

Translation: Carmel Drake

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