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The Land for Spain’s Largest Commercial & Leisure Centre Goes on Sale

21 February 2019 – El Economista

The Madrilenian neighbourhood of Valdebebas is going to become home to the largest commercial and leisure complex in Spain. The first steps to make that possible have been taken today, as the Valdebebas Compensation Board has granted Savills Aguirre Newman the sales mandate for the land on which this new commercial and entertainment space is going to be built, to the north of the city, according to confirmation provided by sector sources speaking to El Economista.

The land has a buildability of 145,790 m2 for commercial space, in addition to a plot for offices measuring more than 35,400 m2 and green areas spanning another 24,500 m2.

The land that is going on sale now has historically been known as the Commercial Block of Valdebebas. Initially, a large shopping centre was planned for the site, but the Compensation Board designed a new plan to build more social housing units and a school. That new plan, approved by the Town Hall of Madrid in 2014, was subsequently appealed and overturned by the Supreme Court, and so the land has been returned to its original use.

According to explanations provided last year by the President of the Valdebebas Compensation Board, César Cort, in an interview with this newspaper, several investors have approached the Compensation Board interested in this plot, however, the Board wants “to carry out a transparent process that is completely secure legally”.

In terms of the price, Cort said that it will be “a high figure”. “When this same product was sold to Metrovacesa and Riofisa, the price amounted to more than €200 million, but it will not necessarily be the same figure”, explained Cort, who assured that “we plan to sell the land during the first half of 2019”.

Residential activity

Currently, around 18,000 people live in Valdebebas and the population is expected to double to around 35,000 inhabitants over the next three to four years.

Besides the launch of the commercial block, the Town Hall of Madrid has already started to grant building permits in the residential market. In this way, there are plans afoot for the construction of 48 residential developments, which will result in the construction of 3,800 homes in total, which represent one third of the 11,400 homes planned for the Valdebebas area.

During the first few months of the year alone, more than 20 developments will obtain licences to begin the construction of 2,000 homes.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake