• Transaction / Assets
    Emuvyssa's former HQ (Granada)
  • Seller
    Town Hall of Granada
  • Buyer
  • € MM
    1.5

Town Hall of Granada Sells Former Housing Dep’t HQ for €1.5M

2 February 2018 – La Vanguardia

The Town Hall of Granada has sold the historic building that used to house the headquarters of the now defunct municipal housing company, together with three parking spaces that form part of its estate, for around €1.5 million. Approximately €1 million of the proceeds received will be allocated to the renovation works that are currently underway in the neighbourhood of Santa Adela.

At a press conference following the local government meeting on Friday, the councillor for Urban Planning in Granada, Miguel Ángel Fernández Madrid, confirmed the sale of the property located on Calle Lepanto, behind the headquarters of the Town Hall of Granada, together with three parking spaces in Plaza Gamboa, nearby in the centre of the city.

According to legislation, the proceeds obtained from the sale of the municipal land asset must be allocated to investments in the city. “As we have an extended budget and the beans have been accounted for, the bulk of the money, almost €1 million, will go towards paying the costs” that the Town Hall is currently facing on the Santa Adela project, explained Fernández Madrid. He added that this will serve to “justify” the municipal investment with a view to the receipt of European Edusi funds for this project.

The future of the half a million euros that will be left over from the sale of the former headquarters of Emuvyssa and the three parking spaces is yet to be decided, but it is expected that that amount will also be invested in projects with Edusi funds, for which the Town Hall has to justify that “it is going to spend around 30% of the money”, that it will receive from Europe, in other words around €3 million.

For this reason, investing most of the proceeds resulting from the sale in the Santa Adela construction work is “the best option”, said the councillor for Town Planning. He recalled that the plenary approved the disposals of municipal land property and that belonging to the now defunct Emuvyssa “by sufficient majority”. They mostly comprise social housing developments that “carry a municipal mortgage”, representing a “substantial amount”, which the Town Hall has to pay each month.

The building on Calle Lepanto has a total constructed surface area of more than 600 m2 – according to information available on the website of the Town Hall of Granada. According to the information provided by Miguel Ángel Fernández Madrid to the media, a tender was held to dispose of the property but no one participated, and so the asset has been sold to the first bidder willing to offer the asking price.

Original story: La Vanguardia

Translation: Carmel Drake

71