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German Firm Buys Building In Valencia To Convert Into Hotel

10 November 2016 – Real Estate Press

Realzia, the real estate consultancy firm, has advised on the sale of a building on Calle María Cristina, 8 in Valencia, located between the Central Market and the Plaza del Ayuntamiento, which has been acquired by a German property developer.

The property has a surface area of 1,723 m2, distributed over nine above ground floors and one basement level. It overlooks both Calle María Cristina, as well as the pedestrianised Calle San Fernando. The asset used to belong to Unicaja, but because of the complex urban planning rules associated with it, has been in disuse since 2008.

Following several months of urban planning work, the Town Hall of Valencia recently granted permission for the building to be used as a hotel, which has resulted in this purchase by the German property development company.

As such, within the next 18 months, Valencia will have a new and exclusive 35-room boutique hotel and restaurant, with a terrace on the ground floor, right in the heart of the city.

Realzia specialises in the sale of tertiary-commercial assets and urban land, for both residential and tertiary use. The company currently owns one of the most important portfolios in the city containing buildable land and buildings that need to be renovated, with almost a hundred assets in total in Valencia capital alone.

Original story: Real Estate Press

Translation: Carmel Drake