Nadal & Matutes Jr To Build Madrid’s Most Expensive Homes

9 June 2017 – El Confidencial

Another deal has just been signed in the luxury housing sector in Madrid, which will bring to the market some of the most expensive and most luxurious apartments in the capital. They will surpass even the homes that Pimco and Lar Real Estate are marketing a few metres away from Paseo de la Castellana on Calle Lagasca. The businessmen Abel Matutes Prats (…), Manuel Campos and their partners, including the tennis player Rafael Nadal, have just purchased a building opposite the Supreme Court, which is going to be converted into the most elitist residential property in the city. Even more so even than the Millenium Building opposite Puerta de Alcalá.

The building will house 11 homes, nine of which have already been sold at prices that take your breath away: between €15,000/m2 and €20,000/m2. To date, the record prices were held by Lagasca 99, the project being promoted by Pimco and Lar, where the average sales price to date amounts to €16,000/m2, and where the most expensive home ever sold in the capital is located: a duplex penthouse flat measuring 700 m2, which has been sold for €12.5 million, in other words, for a whopping €18,000/m2. Interestingly, the only two units still to be sold in this new luxury development are the two penthouses.

The acquired building is located on Calle General Castaños, in the Justicia neighbourhood and was constructed at the end of the nineteenth century. It has a surface area of almost 5,000 m2, distributed over five storeys. Sources consulted by El Confidencial said that the transaction price could amount to €25 million. (…).

The neighbourhood of Justicia has become fashionable in recent months amongst buyers with a high purchasing power. According to a study compiled by the luxury estate agency Engel & Völkers, the profile of buyers in this specific area of Madrid is cosmopolitan, middle-aged, looking for a pied-à-terre, as well as young couples with children and foreigners from the UK, Germany, China and Venezuela.

Moreover, according to data from the agency, Justicia is by far the most expensive neighbourhood in the Centro district, with maximum prices of around €7,800/m2 for the most exclusive, newly built homes (…).

Complete renovation

With a classic style and a protected façade dating back to 1895, the property is classified for residential use and currently comprises 36 homes and 12 warehouses spread over five floors and a basement. (…). According to the sources consulted, the new owners want to renovate the building and recover its past charm, to position it as the most exclusive building in Madrid.

The transaction has been completed, after a long year of delays, through Mabel Real Estate, a business whose registered administrators include Abel Matutes and Manuel Campos, but in which other partners participate, such as Rafael Nadal and his family. (…).

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake

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