Tag: Partial Plan

Dragados is Asking for c. €180M for 88,000 m2 Buildable Plot in Tetuán (Madrid)

6 August 2018 – El Confidencial

A new and powerful land operation is taking shape in the centre of the Spanish capital. The star is Dragados, one of the heavyweights in the construction sector in Spain. The subsidiary of ACS has been trying to sell several plots, which together span a buildable surface area of just over 80,000 m2, on Paseo de la Dirección in the Tetuán district in the north of Madrid and just 2 km from the Cuatro Torres, for almost a year. And this area has just received the green light from the Town Hall of Madrid, which approved a Partial Plan on Tuesday that will undoubtedly favour land transactions since it means the urban planning risk has disappeared.

According to the sources consulted, the plots have been on the market for a year, but the high price expectations of Dragados – which amount to around €180 million – have prevented the sale from being closed, until now. Large property developers, investment funds and family offices have all expressed their interest. The construction company is being advised by Colliers International, which declined to comment on the deal.

On the table is a real gem, given that the plots are all finalist, in other words, ready to be built on. Such assets are in very short supply inside the M-30. Specifically, the site comprises two plots for the construction of private housing and two other plots for the construction of social housing properties (VPPL) and mixed-use assets (offices and tertiary).

For the former, which have a buildability of around 40,000 m2, Dragados is asking for around €2,500/m2 (…), in other words, around €100 million, which would make it one of the largest land operations in the capital in recent months. “That price would mean selling the future homes at prices of around €5,000/m2, which is way above current market prices in the area”, say the same sources. House prices in the area amount to around €2,400/m2 – €3,000/m2, depending on the types of homes.

For the plots to be used for social housing and offices – which also have a buildability of approximately 40,000 0m2 – the vendor’s price expectations amount to around €80 million. Despite the boom in the capital, these figures exceed the prices that the potentially interested parties are willing to pay.

Ten years in the making

With the approval this Tuesday from the Town Hall of the new planning order for the area, it seems that finally, and after more than a decade, work is going to begin on this ambitious urban remodelling project. It will involve the construction of around 2,000 new homes, most of which will be protected in some way (VPPB and VPPL), including two rehousing buildings and several 25-storey towers. To put that into context, the Cuatro Torres have between 45 and 58 floors (…).

Historically, Paseo de la Dirección has been a downtrodden area in the north of Madrid with numerous substandard homes that would benefit greatly from the definitive launch of Madrid Nuevo Norte – formerly Operación Chamartín – just 2km away. What’s more, the site is very close to the capital’s financial district par excellence, Azca, as well as to Plaza Castilla, the hub for much of Madrid’s land transport network (…).

Original story: El Confidencial (by E. Sanz & R. Ugalde)

Translation: Carmel Drake

Xunta de Galicia to Build 1,600 Social Housing Properties in Vigo

6 February 2018 – Inmodiario

The Councillor for Infrastructure and Housing at the Xunta de Galicia, Ethel Vázquez, has revealed that the Xunta de Galicia is going to finalise the reurbanisation and repair work that it is carrying out in the Vigo neighbourhood of San Paio de Navia before the summer with a regional investment of €750,000.

Today, Vázquez paid a visit to the site to supervise the on-going work, accompanied by the Xunta’s regional delegate in Vigo, Ignacio López-Chaves. Whilst there, Vázquez reported that, in parallel, the Galician Government is pushing ahead with the process to acquire the land needed for the second phase of that estate, which will allow for the construction of 1,600 social housing properties in Vigo.

In comments to the media, Vázquez confirmed that, through an investment of €10 million already made, the Xunta has obtained almost all of the 130,000 m2 of land needed for the second phase of San Paio de Navia.

Once the Town Hall of Vigo has granted the initial approval for the modification of the partial plan for the expansion of San Paio de Navia, the Xunta will immediately begin the land exchange process with the interested owners. The Councillor added that, once definitive approval has been obtained for that partial plan, it will be possible to begin the tender for the urbanisation work.

According to her comments, the planned expansion of San Paio de Navia is an “integrated action” that, as well as facilitating the construction of almost 1,600 social housing properties, will also allow for improvements to be made to access routes, as well as the creation of more parking spaces and increases in public services.

In terms of the reurbanisation and repair works visited today, Ethel Vázquez stressed that they are necessary due to the growth in the population and the activity in this area. They extend to four streets: Poza Cabalo, Limpiño, Lamelas and Pedra Seixa and span a total of 1,300 m2 (…).

Original story: Inmodiario

Translation: Carmel Drake

Carmena Commits To Studying Operación Chamartín

25 June 2015 – Expansión

The mayoress of Madrid, Manuela Carmena, has confirmed to the Chairman of the Distrito Castellana Norte (DCN), Antonio Béjar, that she is committed to studying the draft plans for the extension of the Paseo de la Castellana, according to sources close to the company.

Carmena met with the project’s leaders on Wednesday, for around an hour, in an atmosphere characterised by the “utmost cordiality”.

During the meeting, Béjar described the planned development to the mayoress of Ahora Madrid. He explained that the project aims to promote the DCN through its Partial Plan and that it will be one of the most important city projects in Europe.

At the end of the meeting, Béjar seemed optimistic and said that he hopes that the Partial Plan will be approved at an upcoming plenary session, once the Town Hall’s new government has analysed it in detail.

The project will extend the Paseo de la Castellana north by 3.7 km and involve the redesign of an area covering 311 hectares. It will also include the construction of 17,700 homes, 56 hectares of green space – half the size of the Retiro park – and several skyscrapers.

Original story: Expansión

Translation: Carmel Drake