Villar Mir: Canalejas Homes Will Cost c. €12,000/m2

15 October 2015 – Expansión

Juan Miguel Villar Mir says that “although the prices of the homes have not yet been determined”, “they are set to be the most expensive in Madrid” and amount to around €12,000/m2.

The luxury homes that the Villar Mir Group will construct as part of Project Canalejas, the commercial, hotel and residential complex that it is developing in some of the historical buildings in the centre of Madrid, will be the “most expensive” in the capital, since they will cost around €12,000/m2. At least, that is according to Juan Miguel Villar Mir, the President and owner of the business corporation that bears his name. (…).

“Currently, the most expensive apartments in the capital are being sold for more than €6,000/m2, but in Canalejas, we will be talking about figures close to double that amount”, said the businessman in comments made to the Cadena Cope radio station.

By virtue of Project Canalejas, Villar Mir is developing a large residential, commercial and hotel complex in a group of seven century-old buildings that it acquired from Santander, a stones throw away from Puerta del Sol in the capital. The project will involve an estimated investment of around €400 million. (…).

The plans for the project involve carrying out construction work inside the buildings and whereby preserving their designs and century-old structures. Features will include a luxury hotel, to be operated by the American chain Four Seasons, a shopping arcade and around twenty luxury apartments, occupants of which will have access to the hotel’s services.

These apartments will be the most expensive in the capital, according to Villar Mir. The price per square metre mentioned by the businessman would result in a final price of €1.2 million for a home with an average surface area of 100 m2.

Similar project in London

Villar Mir added that his company is currently carrying out a similar project in London, in a former Ministry of Defence building, and he said that the future homes in the British capital will be much more expensive.

He said that apartments located near to that project “are being sold for €100,000/m2”. “We are not going to reach those levels in Madrid, but Canalejas will be the most expensive development in the city”.

The businessman’s company is also working on another major project in the capital, namely, the construction of a fifth tower on the plot of land next to the four skyscrapers at the northern end of the Paseo de la Castellana in Madrid. Villar Mir currently owns one of those towers, but has now put it up for sale.

Original story: Expansión

Translation: Carmel Drake