The Treasury to Auction 5 Madrid Properties in October

9/07/2014 – El País

“High ceilling and spacious rooms are the most recognizable features of the best quality architecture created at the end of the 19th century”. This is one of the descriptions with which the Treasury Ministry of Spain advertises the five properties in Madrid to be put up for sale in October.

The Authority launched an “asset awarding program” in 2012, aiming at improving fragile situation of public administrations through sales of over 15.000 properties so at this auction the Public Finance hopes to receive at least €20 million, according to the prices listed in the specifications.

The aforementioned ceilings are found inside an “outstanding building among its residential surroundings of the Justicia neighbourhood in downtown Madrid.” The 3.174 square meter property rising six stories up is of residential type and presently it remains empty.

On selling the building standing in the Barquillo neighbourhood, the Ministry believes it may obtain the minimum of €11.3 million. However, except for the bidding expenses, the potential buyers must assume the cost of an inevitable technical inspection.

When it comes to the rest of the properties to be auctioned, another unit is a one-floor office located on the Miguel Ángel street in Madrid, nearby the Paseo de la Castellana avenue, sold together with 19 garage spaces. It is also vacant. The third, the fourth and the fifth lot encompasses several dwellings in a luxury residential building at the junction of the Cea Bermúdez and the Islas Filipinas streets.

In order to take part in the bidding, an acreditation from the National Company for the Management of the Real Estate Properties (or SEGIPSA by its acronym in Spanish) will be mandatory. Also, a deposit shall be done for each of the auctioned units as they will be sold one by one.


Original article: El País

Translation: AURA REE