Who’s Buying A Home In The Exclusive Lagasca 99 Building?

7 April 2017 – ABC

The structure has not even been erected yet (it is due to be finalised at the end of the month) and yet half of the 44 homes, distributed over eight floors plus the penthouse level, have already been sold. The smallest properties have a surface area of 330 m2 and the largest span 700 m2. They are the most expensive new build homes on the market and their asking prices range between €10 million for the smallest and more than €16 million for the largest, such as the case of one of the six duplex penthouses located on the eighth floor, which has already been sold, exceeding all expectations. That sale significantly beat the record in terms of the price per m2, paid 7 years ago for a home on Calle Serrano (€15,000/m2). Nevertheless, the average asking price for homes in this property ranges between €10,000/m2 to €14,000/m2).

The building, measuring 26,203 m2, belongs to the Lagasca 99 development and is located in the heart of the Golden Mile, on the only available plot, which makes it the most sought-after in the neighbourhood of Salamanca. It is located between Calles Juan Bravo, Maldonado, Claudio Coello and Lagasca. And 51% of the total volume has already been sold, including the two commercial premises, to domestic firms: Banca March and Actiu, a company that specialises in designer furniture.

On the one hand, the buyers are wealthy Latin American families from Venezuela, Colombia and Mexico, in line with the trend in the luxury real estate market in Spain (…). The remainder are Spaniards. The percentage varies, but on average the split is around 50-50%, said Antonio Pan de Soraluce yesterday, Director at Colliers Internacional in Spain, the entity responsible for marketing the development.

Freedom in terms of design

“Now is a great time to invest. Lagasca 99 is incredibly appealing and so the development is attracting interest from buyers at home and overseas, as well as from business people and firms interested in living in Madrid”, he added.

Word of mouth has played an important role amongst the potential buyers of these luxury homes and the hope is that when the construction work is completed and these homes are handed over, in August 2018, they will have all been sold. For the time being, the commitment is to high quality rather than to worry about the rate of sales, concluded the Director of Colliers. (…).

Original story: ABC (by M. J. Álvarez)

Translation: Carmel Drake

Lar España Comes To The Rescue At Juan Bravo 3

2 February 2015 – Cinco Días

The largest luxury residential project in the neighbourhood of Salamanca had previously filed for bankruptcy.

The Spanish Socimi Lar has teamed up with the Luxembourg fund LVS II LUX XIII to re-launch the luxury housing project on Calle Juan Bravo, 3. After its acquisition of the developer’s shares , construction at Juan Bravo Plaza will commence within days.

On Friday, the real estate company reported to the CNMV that it has invested €120 million in the acquisition of this building and another one on Calle Claudio Coello. As a result of the deal, Juan Bravo Plaza will exit from its bankruptcy proceedings, in light of its commitment to pay all of its creditors. The developer Eurosazor will also emerge from its state of insolvency, according to the agency EFR.

Juan Bravo Plaza was led by the developer Eurosazor (owned by Rafael Ortiz) and owned by Fernando Fernández-Tapias and Paloma Mateo. The real estate project in the neighbourhood of Salamanca was destined to be a landmark development in the European luxury housing market, inspired by the British skyscraper One Hyde Park, in London.

Located on a plot of land on Calle Juan Bravo, on the corner with Calle Lagasca, the complex was to due to comprise 60 luxury homes (flats worth more than €2.5 million). The plans were developed during the “boom” years (2006) but were paralysed by the burst of the housing crisis.

The initial project included 19,400 square metres of constructible surface area, spread across two-, three- and four-bedroom flats.

It was being led by the prestigious architect Rafael de la Hoz and the best interior designers. To carry out the Juan Bravo Plaza project, better known as Juan Bravo 3, the real estate company spent €131 million in 2002 to acquire the two buildings that were located on the site: Juan Bravo B and Juan Bravo C.

In 2009, the initiative was resumed following the presentation of a special plan for the change of the use of the property, but it was paralysed again in mid-2012. Eurosazor has been advised through the process by Bazarra Abogados and Cuatrecasas, whilst Lar España has been advised by Freshfields.

Original story: Cinco Días

Translation: Carmel Drake

Lar España & Pimco Buy Plot On c/Juan Bravo For €120m

2 February 2015 – Expansión

The Socimi Lar España and the fund Pimco have purchased a plot of land on Calle Juan Bravo in Madrid for €120 million. The land has a buildable area of 26,203 square metres and has been earmarked for the construction of new homes.

Original story: Expansión

Translation: Carmel Drake