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Spanish Energy Office Disposes of Derelict Headquarters

3/10/2014 – El Mundo

Segipsa, Spanish Public Real Estate Management Company, sold the ghost premises of the old National Energy Office. The building was bought in 2008 for €19 million. After years of disuse, its value dropped by 40% to €11.3 million.

The property is situated at number 13 of the Barquillo street in Madrid and it was supposed to house the Energy Office as its extension. Built in 19th century, the four-storey building disposes of 3.174 square meters destined for residency. In total, there are five dwellings up and five retails on the ground floor.

Disuse and lack of maintenance over the last years led to dereliction of the property whose state was described as ‘poor’ at the latest  Building Technical Inspection (BTI) carried out by the City Council of Madrid. The bad note has been given due to ‘general state of the building structure, foundations and facades (both outside and dividing walls), as well as maintenance of the inclined and flat rooves and of the plumbing and sewerage systems’.

Apart from the building in ruin, yesterday’s auction held in Madrid included also five other property packages embraced by the State Real Estate Asset Value-Adding programme, set in motion by the Ministry of Finance. However, biddings for three of these lots were unattended. The other lot that was sold encompassed an office and 19 garage spaces on the Miguel Angel street in Madrid.

Original article: El Mundo (by Víctor Martínez)

Translation: AURA REE

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