Tag: buildable area

Ministry of Defence Puts 2 Plots in Madrid & Málaga Up for Auction for €30M

19 February 2018 – Eje Prime

The Ministry of Defence is continuing to divest land in Spain. The government agency has decided to put two more plots up for auction, one in Madrid and one in Málaga, for €30 million. The operation has been published on Addmeet and the auction will take place in April.

The first of the assets is located at number 82 Calle Arturo Soria, in Ciudad Lineal (Madrid). That plot has a surface area of 6,438 m2 and a buildable area of 23,861 m2. The typology of the land, which will go on the market for a price of approximately €25 million, is for equipment, according to explanations provided by sources at the platform for real estate auctions.

The second plot is located in Málaga, in the Hacienda Cabello neighbourhood, and will go up for auction for €4.4 million. The future owner of that land, which has a surface area of 6,270m2, may construct a residential building on the site, measuring more than 8,750 m2.

Last October, the Ministry of Defence sold two residential plots in Madrid. The auction of that land, located in Vicálvaro and Alcalá de Henares, generated revenues of €43 million for the Ministry.

Original story: Eje Prime

Translation: Carmel Drake

Half Of Cruzcampo’s Former Site In Sevilla Goes Up For Sale

13 June 2016 – Andalucía Información

Investors and governments alike are trying to take advantage of the improvement in the economic environment to reactivate the real estate market in Sevilla. Whilst on Thursday, the Town Planning department put 19 plots of land in Sevilla, on which 1,440 homes may be built, up for forced sale through public auction, now comes the mandate for the confidential sale of half of the urban development rights over the large site of the former Cruzcampo factory, where the PGOU has authorised the construction of 1,963 homes, in addition to tertiary uses.

The site of the historical brewery on Avenida de Andalucía had gone from being a star project to a failing project. The Basque real estate company Urvasco, which acquired the plot during the golden years of the real estate boom, commissioned the design of a “high standing” neighbourhood to four of the star-architects at the time: Norman Foster, Jean Nouvel, Arata Isozaki and Guillermo Vázquez Consuegra, who…even had their photo taken together with Monteserín, the then mayor, on the balcony of the Town Hall, in 2006. At the time, sourcecs spoke about an investment of €750 million in the construction of a luxury neighbourhood that was going to boast a high category hotel with around 150 rooms.

Nevertheless, with the burst of the (real estate) bubble just two years later, the project ended up foundering, along with its developer, Urvasco, which was unable to meet its obligations with the banks that had lent it €330 million and so it had to hand over the land to a pool of financial entities and companies linked to them (around a dozen in total).

The ‘Compañía para los Desarrollos Inmobiliarios de la Ciudad de Híspalis’ is the owner of half of the urban development rights of this land (49.91% to be exact). The Company was constituted by Banco Popular, CajaSur, Caja Granada, Caja España, Caixa Catalunya, Cajastur, Caja Laboral, Bancaja and Caja de Ahorros de Extremadura.

This company, which had accumulated debt amounting to €294 million and losses of €200 million, filed for voluntary bankruptcy in January 2016 in the Commercial Court of Madrid, and its application was approved on 22 February. However, that has not represented an obstacle to the process to sell its urban development rights, entrusted to an intermediary company, which is looking for potential investors in a restricted process that will run until Friday (17 June), the deadline for the acceptance of offers.

The sales brochure highlights that the plot has a surface area of 18,286 sqm and is located just 400m from El Corte Inglés on Nervión Plaza (presented as the main shopping centre in Sevilla), as well as from Sevilla F.C.’s stadium and the Santa Justa train station.

The Interior Reform Plan definitively approved the development of 1,963 homes, of which 890 will be allocated for social housing, as part of a total constructible area for residential use of 225,823 sqm, as well as a further 29,345 sqm for tertiary use. Therefore, the gross buildable area amounts to 255,168 sqm.

All of this will be constructed on wide blocks located in the Southern area of the plot. The Northern section will be a green area covering more than 70,000 sqm. According to the sales brochure, “the proposed plans seeks to achieve a maximum liberation of space, of around 35% in total, for the enjoyment of citizens. To achieve this, the plans propose the construction of tall buildings, which in the case of the residential units will be 15-storeys high”.

Original story: Andalucía Información (by M. J. Florencino)

Translation: Carmel Drake

Ministry Of Defence Sells Plot In Palma For €6.3M

9 October 2015 – Addmeet

The Ministry of Defence has completed the sale of a residential plot of land in Santa Catalina, Palma de Mallorca for €6.31M, equivalent to €1,361/buildable square metre.

The plot, located on Calle Simo Ballester, 6, has a surface area of 1,098 m2 and a buildable area of 4,637 m2. It currently houses a residential building, but may be expanded into a larger residential development or a hotel, given its strategic location.

Original story: Addmeet

Translation: Carmel Drake

Sareb Puts More Than 150 Plots Of Land Up For Sale

7 October 2015 – El Boletin

Sareb has launched a land campaign for investors and property developers, which includes more than 150 plots, according to a statement issued yesterday by the so-called ‘bad bank’. The plots have a total buildable area of over 1,500,000 m2 for the development of homes, offices, shops, hotels and industrial warehouses.

Around one third of the land is located on the coast and is aimed at secondary residence developments. The campaign is being conducted online, through the microsite http://suelossareb.es, which contains information about all of the assets for sale. It also includes plots for tertiary use in the provinces of Guadalajara, Madrid, Málaga, Murcia and Valencia, intended for the development of approximately 250,000 m2 of offices and industrial warehouses. Sareb is outsourcing the marketing of these plots to its managers and servicers (Altamira, Haya, Servihabitat, Solvia).

“Sareb has identified that there is demand for developable land in several parts of Spain where it has assets, and so we think that now is the right time to launch this campaign”, explains Alfredo Guitart, General Manager at Sareb.

Almost 30% of the land included in this campaign is located in the Community of Madrid, with a buildable area of approximately 367,000 m2. Highlights include plots in Alcalá de Henares, Arroyomolinos, Madrid city, Torrelodones, Valdemoro, Leganés and San Fernando de Henares.

Sareb has also put 20 plots of land up for sale in Andalucia (with a buildable area of around 231,000 m2). These assets are mainly located in the province of Málaga, but there are also plots in Granada, Córdoba and Cadiz. All of these sites are intended for residential use, with the exception of two sites in Marbella and Vélez-Málaga, which have been allocated for hotel and retail use, respectively.

There are 39 plots in the Community of Valencia, with a combined buildability of approximately 215,000 m2, mainly residential. Two thirds of this supply is located in the towns of Moncofa (Castellón), and Gandía and Sagunto (Valencia). The latter is home to a plot of industrial land for warehouses, with a surface area of almost 16,000 m2. Meanwhile, in Cataluña, there are 17 plots with a buildability of 70,000 m2. The majority of those are located in the city of Barcelona, but the supply also includes other sites in, for example, Terrassa, Sabadell and Llinars del Vallés (Barcelona) and Ametlla de Mar and Ruidoms (Tarragona).

Finally, there are sizeable plots in Palma de Mallorca (Balearic Islands) and Zaragoza (Aragón). The first plot has been allocated for social, industrial and commercial use and is located in Estadi Balear, with a buildability of more than 10,000 m2. In the case of Zaragoza, nine plots have been selected with a combined buildability of more than 62,000 m2, both in the old town and in new developments.

Original story: El Boletin

Translation: Carmel Drake

Funds And Developers Compete To Buy Land In North Madrid

9 June 2015 – El Confidencial

Land is no longer the most toxic asset in the market, rather it has become one of the most sought after by investors. Although, not all plots or all locations are of interest, it is clear that the number of transactions, especially in Madrid, has reached “cruising speed” during the last few months. But, what are investment funds and property developers looking for exactly?

“Land has to be ready to build on (‘suelo finalista’); it is imperative that we can begin to build on it within a period of six months”, says Roberto Roca, Investment Director, Head of Spain at Orion Capital Managers, a fund that has closed two of the largest shopping centre transactions centres in Spain in the last year: the sale of Puerto Venecia (Zaragoza), the largest shopping centre in Europe, for €451 million and the sale of Plenilunio (Madrid), for a record figure of €375 million.

(…)

The market for land in Madrid is in full swing, to the extent that some experts agree that there is “overheating” in certain specific areas.

“Most activity is concentrated within the M-30 and on buildable land. Also, outside of the M-30, to the North of Madrid, from the A-6 to the A-1, i.e. the area comprising the urban developments of Arroyo del Fresno, Sanchinarro, Montecarmelo and Las Tablas”, says Ernesto Tarazona, Director of Residential Property and Land at Knight Frank.

However, in the South of Madrid, “despite the decreases, prices have not dropped enough…to reflect the real demand in the area”, concludes Tarazona.

(…)

One of the most active players in the market is Neinor Homes – the result of Lone Star’s purchase of the real estate arm of Kutxabank – which has €1,000 million to spend on land in Spain, and which regards Madrid as one of its main targets. The company led by Juan Velayos has just bought four plots in Alcobendas and another one in San Sebastián de los Reyes – both towns to the North of Madrid – for almost €65 million. This has been the largest land transaction so far in 2015, both in terms of square metres acquired, as well as surface area purchased. The plots are completely established and ready for construction, with a total surface area of 70,000 m2 and a buildable area for the construction of almost 600 (unsubsidised) homes. The vendor was a private group, i.e. the land did not used to belong to the Public Administration.

This transaction comes after the recent purchase of three other plots of land, one in Madrid and two in País Vasco for €22 million. According to a statement from BNP Paribas Real Estate, which advised on the deal, the first plot – with a buildable area of 6,400 m2 – is in the Legazpi neighbourhood and has been granted a special plan, approved by Madrid’s Local Council, to build a 20-storey tower block. The other two plots are located in Gexto and Urduliz.

Meanwhile, the cooperative manager Ibosa is finalising an agreement with an investment fund, which will allow it to pay €70 million to buy 40,000 m2 of land from the Valdebebas Compensation Board, which will allow the construction of 1,000 homes (of which 100 will be social housing).

Nevertheless, the largest land-related deal in Madrid is undoubtedly the possible future auction – maybe after the summer – of the Ministry of Finance’s plot of land on Calle Padre Damián, which already has 4,000 individuals calling at its door.

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake

Metrovacesa To Build Homes & Hotels In Clesa Factory

28 May 2015 – Expansión

The real estate company and the College of Architects are holding a competition for ideas to renovate the main building of the complex in Madrid and develop homes, hotels and retail spaces.

Recover an industrial area that was abandoned years ago, and integrate it into the new urban plan for Madrid. That is the ambitious project that the real estate company Metrovacesa finds itself immersed in.

The company has decided to convert the Clesa factory – the former dairy brand of the Ruiz Mateos group – in Madrid, into a residential area with all sorts of amenities, as well as hotels and retail spaces. The project includes the demolition of 16 industrial warehouses that make up the complex, but one building, created by the architect Alejandro de la Sota, will be maintained. “The disused building was neglected by the former tenants, which constructed adjoining properties. We have been working on (this project) for months and in the end, last Friday, we got the green light from the Town Hall of Madrid for the classification (of the property) as a protected building”, explained Carlos García León yesterday, Director General at Metrovacesa.

The area, located on Avenida Cardenal Herrara Oria in Madrid, next to the Ramón y Cajal hospital and with 90,000 square metres of buildable area, has been empty for the last six years, when the business conglomerate owned by the Ruiz Mateos families ran into financial difficulties. Metrovacesa has been the joint owner of the factory since 2006 and in 2013, it became the sole owner of the property.

Now, and with an investment of more than €30 million, Metrovacesa will reduce the buildable surface area to 70,000 square metres, of which 9,000 m2 relate to De La Sota’s protected building; the remainder will be split as follows: 60% for homes, both unsubsidised (free homes) and subsidised social housing; and 40% for tertiary properties.

“We have listened to the requests made by people in the area, such as the families of patients at the hospital, who do not have retail areas or hotel rooms to stay in”, explains José Antonio Granero, Dean of Madrid’s Official College of Architects (el Colegio Oficial de Arquitectos de Madrid or COAM).

Competition for ideas

The first phase of this new urban development will feature the protected building. To this end, Metrovacesa has teamed up with COAM to hold a competition for ideas to renovate the property, designed in 1959 and completed in 1961, to find a new use for it. “The competition will be announced next week once the Town Hall’s approval of the change to the general plan has been published in the BOE”, explain sources at COAM. The decision to award the project will evaluate both the proposals for the provision of services in the area, as well as their technical and economic feasibility. Interested architects may submit their proposals to a panel comprising directors from Metrovacesa, architects from COAM and members of Madrid’s Town Hall.

For the renovation of this space alone, the real estate company will invest between €15 million and €20 million.

Furthermore, Metrovacesa has signed an agreement with Adif for the transfer of 1,000 square metres of space, which the railway manager will use to improve the station that is currently closest to the site. “Adif is going to build a footbridge to link the area with the Ramón y Cajal hospital, which is currently separated from the complex by the train tracks.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

MoD Sells A Plot Of Land In Mallorca For €5.5M

27 May 2015 – Expansión

The Ministry of Defence is continuing its real estate divestment plan to generate revenue. To this end, the body chaired by Pedro Morenés has closed the sale of a plot of land measuring 14,429 square metres, with more than 25,000 square metres of buildable area, in Cas Capiscol (Mallorca).

Given that the building is owned by the Administration, the Ministry of Defence organised a public auction, through the real estate portal addmeet. The plot of land that is up for sale houses former (army) barracks, spread over several buildings, which have been in disuse since the 1990s.

The Ministry of Defence put this land on the market for €5.318 million. In the end, it has been sold for a slightly higher price: €5.55 million. The winning bid was submitted by a subsidiary of the Catalan real estate company La Llave de Oro. The buildable plot measuring 25,131 square metres may be used for tertiary purposes, i.e. to build offices, hotels and retail buildings. Nevertheless, the general urban development plan where this land is located is currently in the process of being modified.

The Ministry of Defence also own other plots of land in Mallorca, including in Son Busquets, where it has a plot measuring more than 110,000 square metres.

Original story: Expansión (by R. Ruiz)

Madrid Gov’t Wants To Sell Its Land Next To The Cuatro Torres

24 March 2015 – Expansión

Plans / Tomorrow (Wednesday) is the deadline for bidders to submit alternative plans to the Town Hall for the land where a convention centre was initially proposed.

The Town Hall of Madrid has decided to take advantage of the momentum in the Spanish real estate sector and make a profit from the plot of land it owns next to the Cuatro Torres, land that was severely hit by the crisis.

The site, located just behind the four skyscrapers owned by Bankia, Sacyr, Mutua Madrileña and Grupo Villar Mir, was designed to house Madrid’s International Convention Centre. However, in 2010, once construction work had already begun, Madrid’s Government got into financial difficulties, which put a stop to the project that was going to cost €300 million.

Five years later, the Town Hall of Madrid has launched a tender for the development of this plot and the transfer of the right to use this land for a 75-year period. The deadline for the receipt of offers ends tomorrow, according to the initial plan. However, sources in the real estate sector believe that this date may be extended, since interested parties have barely had a month to evaluate the land’s characteristics and its possible uses.

The land measures 33,325 square metres, with a maximum buildable area of 70,000 square metres. Around 53,000 m2 of this space must be devoted to public use. The remainder, around 17,500 square metres, may be used as a commercial area, but not a large shopping centre. “The special plan classifies the land as a single premises and, as an alternative use, it includes the possibility of devoting the land to the public administrations. Moreover, it establishes a regime of compatible uses, such as recreation and leisure, small and medium sized shops and other tertiary uses besides offices”, say sources at the Town Hall.

The possibilities include the construction of a large educational centre or a hospital. To this end, several investment funds have made contact with companies, Spanish and international, to offer them a turn-key project. That is, they buy the land and construct a building for a company, which then commits to rent it under a long-term contract.

In its award of the land, the Town Hall will take into account not only the financial offer, but also the requirement for the buildings be energy efficient, both during their construction and their subsequent use, and that the architectural appearance contributes “a singular piece to the urban landscape”. The successful bidder will pay an annual fee of €1.935 million.

KPMG

KPMG’s recent move to the Cuatro Torres makes it the latest tenant to occupy offices in the complex. Opened between 2008 and 2009, the Madrid skyscrapers suffered when the (real estate) bubble burst, as its rate of uptake slowed down. Following KPMG’s move, Mutua’s property (Torre de Cristal), which until now had the most space available, will reach an occupancy rate of 70%. Torre Foster, owned by Bankia, is mostly occupied by Cepsa, although the bank itself also uses several floors. Sacyr’s skyscraper is entirely rented out to PwC and the Eurostars hotel, whilst the Torre Espacio has an occupancy rate of close to 90%.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake