30 December 2017 – Sevilla ABC
With the economic recovery, the Sevillan real estate market is enjoying a sweet moment once again with the signing of numerous operations on the city’s main streets. The latest deal has been closed this week and has seen the iconic building that houses the Oriza restaurant, on the corner of Calle San Fernando and Jardines de Murillo, change hands. An Andalucían family office – an instrument used by wealthy families to invest in different sectors – has purchased the property from the company SF 41, owned by a Basque investor based in Madrid, in an operation advised by the real estate consultancy firm CBRE.
The property has a total surface area of 1,100 m2 distributed over four storeys. The Oriza restaurant will continue to operate in the building as a rental tenant. Although the amount of the sale has not been disclosed officially, based on the recent operations undertaken in the area, the figure is thought to range between €3.5 million and €4 million.
In 2012, the company Mares Consultores de Negocios, owned by the Extremeñan Antonio Ignacio Martínez de Azcona, purchased the building that is now leased to Hard Rock Café from the Rodríguez de Quesada family for €6 million. In 2013, Mares Consultores de Negocios sold that same building, which dates back to the 18th century, to an investor group from Bilbao for less than the €6 million that it had paid for the property nine months earlier.
The main feature of this building is its location, at the start of the High Street area in Sevilla, where the city centre’s pedestrian area begins. Moreover, it has historical value given that it shares a wall with the Andalucían capital’s ‘Reales Alcázares’, according to sources at CBRE.
According to Rosa Madrid, Regional Director of CBRE in Andalucía, “this operation is an example of the great appeal that the Andalucían capital has for investors, especially when it comes to assets in strategic locations. In this case, the thoroughfare of Calle San Fernando is a key part of the Sevillan High Street aimed at Food & Beverage, an increasingly more popular trend in the city, which has been boosted by the recent opening of the Hard Rock Café”.
CBRE’s investment team in Andalucía – which comprises Rosa Madrid, Ramiro Moreno and Rafael González- has closed several important operations in recent times, including the sale of a building in Plaza Nueva to the British fund Shaftesbury for more than €20 million, which constituted one of the most high-profile transactions of last year (2016) in the city of Sevilla.
Original story: Sevilla ABC (by M. J. Pereira)
Translation: Carmel Drake