Metrovacesa Adds to Luxury in Torre de Madrid

6/02/2014 – ExpansionPro

The company, listed since May 2013 and run by five banks, has launched this project after obtaining a licence for a mixed-use of the building. With that document in hand, Metrovacesa has got a green light for housing development between the 10th and the 14th floor, while the ground floor and the 9th floor could be occupied by a hotel. (…)

The building is 142 meter tall and has belonged to Metrovacesa practically since its construction. (…) For last decade Torre de Madrid hosted premises and houses for rent.

In 2005, then managing director of the real estate, Joaquín Rivero, put the building on sale (…) and was expecting revenues of between €250 and €300 million for it.

Five years later, Metrovacesa decided to vacate it completely and transform the highest floors into 127 luxury apartments. Two floors on the top remained vacant.

The flats have been released on the market at the end of 2010 at an average price of €7.500 per square meter. By now, 118 dwellings have been commercialized, consuming an €50,7 million investment. (…).

Now, the new houses will be sold for  5.800 €/m2. “They are twofold trimmed lofts: some of industrial aesthetics type, with exposed brick and a poured-in-place surfacing. The other represent more modern approach, with white lacquering and parquet flooring” – explains Metrovacesa.

The houses will cover between 77m2 and 138m2, and their prices will range from €400.000 to €825.000. “Some of them are already reserved (…)”.

Together with the 50 flats, Metrovacesa sells the eight dwellings from the first stage and three duplex apartments on the top floor of the building.

Original article: ExpansiónPro (Rocío Ruiz)

Translation: AURA REE