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