Savills Advises Sale Of Retail Outlet Portfolio In Puerto Banús

13 July 2016 – Mis Locales

Savills has advised the sale of a portfolio of five retail outlets in Puerto Banús.

The purchaser is a vehicle owned by domestic private investors, managed by N+1 Real Estate, and the consideration paid has not been disclosed.

Located on the waters edge in the marina, the five retail outlets have a combined gross leasable area of 578 sqm in an area that has the highest concentration of luxury brands per square metre in Spain and one of the highest footfalls of high end consumers in the country, with more than 5 million visitors per year. The five retail outlets are currently leased to fashion companies, including brands such as Guess and La Martina, restaurants and other services.

Alejandro Sánchez-Marco, Director of Private Wealth at Savills, explained that “Puerto Banús is a market that is very much in demand by the main operators in the luxury segment in the country. The high number of people that visit the marina in Puerto Banús each year and in particular the average expenditure profile in this area, mean that it has an occupancy rate of almost 100% and a confluence of the main operators in this segment, which attracts investor interest from the main domestic and international groups”.

The yield on commercial premises in luxury High Street areas with high footfalls in Spain, amounts to around 3.75% on average in Madrid and Barcelona, however, those yields can contract even more in the best locations. The main provincial capitals represent a good alternative for those investors seeking a product profile of this kind with a more attractive yield.

Original story: Mis Locales

Translation: Carmel Drake

Bonavista & Europa Capital Invest €20M In Luxury Homes In Gavà

20 July 2015 – Expansión

The property developer Bonavista Developments and the British investment fund Europa Capital will invest around €20 million in the construction of 12 luxury homes on the beach front in Gavà (Baix Llobregat).

The two companies have acquired a plot measuring 11,500 m2 on the beach front, where they will build individual and semi-detached homes aimed at buyers with high purchasing power.

Homes in the development will come onto the market in December and will be designed by the architectural firm GCA, which is responsible for buildings such as the Hotel AC Diagonal Mar and the Gran Marina del World Trade Centre, both in the Catalan capital.

The houses will each have a surface area of between 300 m2 and 500 m2, with a private swimming pool and underground parking, as well as a communal garden area measuring 3,500 m2.

According to the Catalan property developer, Gavà Mar has become one of the most desirable areas for high-end international clients looking for a home next to the sea and a fast connection to the city of Barcelona.

With this development, Bonavista Developments expands its commitment to luxury real estate investment in Barcelona, following its acquisition of Casa Burés, a modernist building located in the Eixample district of Barcelona that the Generalitat sold a few months ago, and the development of a building on Calle Caspe, 33B.

Original story: Expansión

Translation: Carmel Drake