Tag: luxury home

Swedish Firm Quartiers Finalises the Opening of a Luxury Hotel in Marbella

16 April 2019 -Idealista

The Swedish property developer Quartiers Properties is developing a luxury hotel in Marbella. The company, which is listed on the Nasdaq First North stock market in Stockholm, purchased the hotel complex, which is located 200m from the beach, very close to Puerto Banús, in 2017.

Quartiers is going to invest around €8.6 million in the renovation and development of the 5-star hotel, which will be called Boho Club and which will have 50 rooms as well as a restaurant led by the Michelin-starred chef Diego del Río. The restaurant will be inaugurated this summer, whilst the hotel will open its doors at the end of the year.

This is not the only asset that Quartiers Properties owns in Spain. It also has the Hacienda del Señorío de Cifuentes, a complex located in Benahavís (also in Málaga), which comprises 99 rental apartments for vacation and residential use. Nearby it has built another 22 apartments (22 by Quartiers) and next door to that, it owns land for the development of another 60 homes. It is also working on the construction of two luxury villas, both on the Costa del Sol.

Original story: Idealista (by Ana P. Alarcos & P. Martínez-Almeida)

Translation/Summary: Carmel Drake

Nadal & Matutes Jr To Build Madrid’s Most Expensive Homes

9 June 2017 – El Confidencial

Another deal has just been signed in the luxury housing sector in Madrid, which will bring to the market some of the most expensive and most luxurious apartments in the capital. They will surpass even the homes that Pimco and Lar Real Estate are marketing a few metres away from Paseo de la Castellana on Calle Lagasca. The businessmen Abel Matutes Prats (…), Manuel Campos and their partners, including the tennis player Rafael Nadal, have just purchased a building opposite the Supreme Court, which is going to be converted into the most elitist residential property in the city. Even more so even than the Millenium Building opposite Puerta de Alcalá.

The building will house 11 homes, nine of which have already been sold at prices that take your breath away: between €15,000/m2 and €20,000/m2. To date, the record prices were held by Lagasca 99, the project being promoted by Pimco and Lar, where the average sales price to date amounts to €16,000/m2, and where the most expensive home ever sold in the capital is located: a duplex penthouse flat measuring 700 m2, which has been sold for €12.5 million, in other words, for a whopping €18,000/m2. Interestingly, the only two units still to be sold in this new luxury development are the two penthouses.

The acquired building is located on Calle General Castaños, in the Justicia neighbourhood and was constructed at the end of the nineteenth century. It has a surface area of almost 5,000 m2, distributed over five storeys. Sources consulted by El Confidencial said that the transaction price could amount to €25 million. (…).

The neighbourhood of Justicia has become fashionable in recent months amongst buyers with a high purchasing power. According to a study compiled by the luxury estate agency Engel & Völkers, the profile of buyers in this specific area of Madrid is cosmopolitan, middle-aged, looking for a pied-à-terre, as well as young couples with children and foreigners from the UK, Germany, China and Venezuela.

Moreover, according to data from the agency, Justicia is by far the most expensive neighbourhood in the Centro district, with maximum prices of around €7,800/m2 for the most exclusive, newly built homes (…).

Complete renovation

With a classic style and a protected façade dating back to 1895, the property is classified for residential use and currently comprises 36 homes and 12 warehouses spread over five floors and a basement. (…). According to the sources consulted, the new owners want to renovate the building and recover its past charm, to position it as the most exclusive building in Madrid.

The transaction has been completed, after a long year of delays, through Mabel Real Estate, a business whose registered administrators include Abel Matutes and Manuel Campos, but in which other partners participate, such as Rafael Nadal and his family. (…).

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake

‘La Zagaleta’ Tripled Its Profits In 2014 To €10M

15 June 2015 – Expansión

La Zagaleta is regarded as the most luxurious residential development in Europe / The complex in Marbella, which has 235 homes, tripled its profits in 2014 to €10 million.

In just 900 hectares of land nestled in a Mediterranean forest a few kilometres from Marbella, and guarded by the highest level of security, the residential development of La Zagaleta hides a real estate oasis to which only a few wealthy individuals can aspire.

The Chairman of the company, Oswald Grübel, estimates that the 235 mansions that comprise the residential development are worth €1,800 million at market prices, although that figure increases to €3,000 million if we include the golf courses and other facilities at the site, which is linked together by a 60km-long internal road.

Considered the most luxurious and exclusive urban development in Europe, La Zagaleta is located in the middle of the Golden Triangle – between Marbella, Benahavía and Estepona – the area where the real estate recovery has started in Spain, driven by the pull of international investors.

Grübel, a former CEO of the Swiss bank UBS, took over the reins in 2013, after the Chairman and founder, Enrique Pérez Flores, decided to stand down from his role, at the age of 90. Last year, the company reported record sales of €40 million and tripled its net profit to €10 million. One of the drivers (behind these results) was the sale of several plots of land to a US fund, whose identity has not been disclosed for confidentiality reasons.

An agreement has been made with that fund to manage its assets, i.e. to build villas (on the acquired plots) and then sell them. The contract provides for the construction of the first two (villas) through a joint venture, on which work will begin this year; and then to build several more (villas) over the next five years, although that figure may increase.

According to Jacobo Cestino, CEO of La Zagaleta, in 2006, a strategic decision was taken for the firm to develop the land, in order to generate higher margins and so it reserved all of the available land. “Homes may end up forming part of the stock for a year and a half. That is a risk we run, but the reality is that we have sold properties that have not even been completed”. Thus, this year, the company will invest €15 million in three new mansions, whose market price will be around €40 million.

Cestino also revealed that the company is considering corporate operations, “because our aim is to grow and export our brand. We are analysing operations to form partnerships overseas on a daily basis. We expect to finalise at least one purchase between now and the end of the year”.

In La Zagaleta, around 150,000 m2 of land is occupied, although the buildability ratio is reduced to 15%. Thus, there is still 200,000 m2 available, divided into 185 plots. In terms of rotation, Cestino indicates that “there is still quite a lot”. In recent years, there have been 8 or 9 re-sales per year on average.

Original story: Expansión (by Lidia Velasco)

Translation: Carmel Drake