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Oncisa Sells A Plot Of Land In Madrid To Ibosa For €30M

19 September 2016 – Real Estate Press

The land, which is located in the triangle between the M-11, the A-1 and Avenida de Manoteras, has a surface area of 7,000 sqm and a buildable area of 17,000 sqm. Ibosa is willing to pay €30 million for the plot.

Ibosa plans to construct a 75m tall 20-storey tower on this land, as well as two blocks of flats that will contain more than 130 homes.

In this way, Oncisa has liquidated all of its land on Isla Chamartín, where, in 2011, it sold another plot to Levitt for €27.5 million. That was subsequently acquired by Merlin Properties, which has recently started to construct an office block on the site, due to be completed during the first half of 2018.

The land is attractive due to its proximity to the city’s financial district as well as to the services in some very established neighbourhoods, such as Pinar del Rey and the PAUs of Sanchinarro and Las Tablas, where the supply of new homes and land is practically non-existent.

The operation, which according to market sources has been brokered by CBRE, is proof once more of the renewed investor and property developer appetite for well-appointed plots of land in areas where demand for housing is strong. In fact, it is one of the most important land transactions in the market in recent months and the most significant so far this year.

This project will represent a boost for the area, which is in the middle of a recovery in terms of both sales and prices. It is an area where there is a shortage of product and which is free from the urban planning and legal problems that are burdening its neighbour Valdebebas.

Original story: Real Estate Press

Translation: Carmel Drake

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