22 October 2018 – Eje Prime
Madrid Nuevo Norte, the focus of the recently announced new homes, is also going to be home to a business centre. Offices are going to be built in the financial epicentre of the Spanish capital to house 125,472 employees in total. Moreover, the district is going to be home to the tallest building in Spain, with up to seventy floors.
The project is going to house the Chamartín Business Centre, where almost all of the properties for businesses are going to be located. They will house two thirds of the 1.5 million m2 that are going to be dedicated to offices in Madrid Nuevo Norte, according to reports from Cinco Días.
The volume of business in terms of office development will exceed €10 billion; in the case of house building, that figure will reach €3.0 billion. The project’s economic report shows a range of profitability from the real estate business in the new district of between 11.2% and 16.4%.
After several adjustments, Madrid Nuevo Norte has decreased its total buildability by 21%, down from 3.37 million m2 per the initial plan to 2.66 million m2. Similarly, the district has been divided into four areas: Chamartín station, the business district, Fuencarral-San Roque-Tres Olivos and Fuencarral-Las Tablas. Each one will have its own timetable and urbanisation costs.
The project is going to be financed almost in its entirety by the landowners, which will disburse an average of €1.2 billion. With the aim of covering the urbanisation costs, the Town Hall of Madrid will spend €307.89 million, which will be added to €24.78 million from the Community of Madrid and €220.49 million from Adif, the concessionaire of the rights.
Original story: Eje Prime
Translation: Carmel Drake