Madrid´s Metro Cheers the Property Market Up

14/04/2014 – Cinco Dias

In the upcoming two years, Madrid´s Metro is going to play one of the main roles on the capital´s property market. Its newly-drawn plan assumes activity on six fields with the Cuatro Caminos as the most important in terms of the occupied area.

In October, Metro foresees putting up for sale a four-hectare piece of land limited by the Cuatro Caminos, the Avenida Pablo Iglesias and the Bravo Murillo streets, in front of the Canal de Isabel II park. The plot has got an over 62.000 square meter development potential. Currently, Metro de Madrid, that is entirely controlled by the Community of Madrid, occupies the land with its practically unused garage for the line number one.

In the second half of July, the terms and conditions for the bidding will be made public with an expected asking price of €80 million. Possibly, the old garages will be undergrounded.

The companies that would sign up for the auction shall grant 27.560 square meters for a state building and 16.026 square meters for green areas.

A 25-Storey Tower

Through creation of a 700-member co-op, developer firm Ibosa is going to participate in the bidding. On Friday, the company presented its “Metropolitan” project, foreseeing construction of over 450 dwellings.

The firm proposes raising a more than 25-floor tower with three terraces and “hanging gardens”. Apart from the skyscraper, two 8-storey buildings and an office structure would be built.

Later this year, Madrid´s Metro also wants to sell a 19.831 square meter plot situated between the Cavanilles, the Avenida de Doctor Esquerdo, the Granada and the Sánchez Barcaíztegui streets, assigned for residential and office use.

Metro will inevitably obtain permission for reorganization of the Plaza de Castilla square. Thus, a 18.000 warehouse will be substituted by three buldings, two for the Metro and one for the Community of Madrid. Furthermore, in the Ventas area of 20.000 square meters, there will stand a shopping mall.

Revenues: Madrid´s Metro expects to earn €120 million from the project, €40 million still this year.

Area: 95.000 square meters will be developed and presently occupied by facilities and garages of Metro.

Term: Yet this year some of the plots will be sold. The process will end up in 2017.

 

Original article: Cinco Días (by Alberto Ortín Ramón)

Translation: AURA REE

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