Tag: reparcelation

‘Valencia Parque Central’ Reorganises City Centre Plots to the Benefit of Adif & Sareb

18 December 2017 – El Confidencial

The large urban planning operation to reorganise the railway access in the centre of Valencia has an aristocratic influence. The public company responsible for carrying out the project, Valencia Parque Central (VPC), and the city’s Town Hall have just finalised the reparceling of the land that has been released for the execution of the project’s first phase, which comprises the construction of a large park, the train access channel and the generation of residential building. Two aristocratic families have been included in the restricted group of owners of land susceptible to being built on – the Prat Dupuy de Lome y Puigmoltó family (…) and the Gómez Trénor Trénor family (…).

The Prat Dupuy de Lomes and the Gómez Trénors share plots with Juan Giner, a Valencian businessman, who has appealed the reparcelation (…).

Giner, the Prat Dupuy and the Gómez Trénor are among the few private owners that have held onto their plots on the site affected by the Parque Central PAI. In reality, the main beneficiary of the large urban reorganisation project is Adif, the Ministry of Development’s railway infrastructure company, to which almost 90,000 m2 of buildable space has been awarded, either directly or indirectly, with an estimated value of almost €40 million (…).

VPC and Adif have started to market the plots corresponding to phase 1A; they are located around the Joaquín Sorolla AVE train station and on the other side of the first stretch of the garden area, in accordance with Kathryn Gustavson’s plans. The idea is that the funds obtained from the profits resulting from the reclassification will help to finance the first round of work to adapt the railway access channel, as agreed by the Ministry of Development, Íñigo de la Serna, the councillor for infrastructure, María José Salvador, and the mayor Joan Ribó (…).

The VPC’s Board of Directors still needs to meet to agree the calendar for the plot auctions and the structure of the sale (whether the plots should be grouped together or sold individually). Meanwhile, Adif is already looking for buyers for the three plots that it has been awarded directly, initially worth just over €13 million and with a buildable surface area of 27,000 m2. Sources at the tripartite company admit that local investors and developers have expressed interest in the plots, which are all developable and which are located in the heart of the city centre. Lots of players are expected to participate in the bidding. The plans for this first phase involve the construction of 1,0000 homes and retail premises.

A hotel for Sareb?

Although Sareb has been given a lot less land than the Ministry of Development, it has also ended up winning from this first reparcelation (…). For the time being, it has been awarded a plot measuring just over 300 m2, but with a buildable surface area of 3,100 m2. The asset has an unbeatable location, right next to the Joaquín Sorolla AVE train station, and so it is likely that it will house a residential development, or a 70-room hotel, according to predictions from Sareb’s analysts.

The entity is open to receiving offers (it has already rejected some bids) for the plot, but it is also interested in developing the plot jointly with a partner in the property development or construction sectors (…). The public company VPC has valued Sareb’s plot at €1.57 million (…).

The local property developer Urbem and the firm Inmobiliaria Martínez Segura have also been awarded a residential plot measuring 219 m2, with a buildable surface area of 1,859 m2, which will likely house a residential development. Other players that have been awarded plots include the Planells Solers (Bronces Mestre) and the Giner Serras, who are related to the Ferrando family (Gesfesa).

Original story: El Confidencial (by Víctor Romero)

Translation: Carmel Drake

Valdebebas, Castellana Norte & Mahou-Calderón Try to Inject New Life into Madrid

2 December 2017 – Expansión

After years of paralysis in the real estate sector, the reactivation of house sales has come at a time when there are hardly any new build homes available in Madrid.

According to calculations by the real estate consultancy CBRE, the municipality of Madrid and its surrounding areas have an absorption rate of around 20,000 homes per year and yet, the output for the region barely reaches 10,000 units.

In this context, yesterday, the Valdebebas Compensation Board, the last major development area in the north of Madrid, approved the economic “reparcelation” of the whole area, which will be the largest process in the history of Spain, with the aim of reactivating the granting of licences in an area where there is still land available for the development of 3,794 homes.

The aim of the economic “reparcelation” is to put an end to the urban planning problems associated with this development, which relate to the commercial area that was initially planned. “The problems date back to 2013, when modifications were made to the general plan, which included the construction of the largest shopping centre in Europe. The plan was modified to make the shopping centre smaller and to add more homes, most of which were social housing properties”, explain sources at the Valdebebas Compensation Board.

The new plan was legally appealed and in May, a ruling overturned the changes. “The legal ruling caused the Town Hall of Madrid to stop granting licences for the whole area. In light of that paralysis, the only option has been this economic “reparcelation” process (…), which will cost more than €5 million, which the Compensation Board will bear in its entirety”(…). “The “reparcelation” will allow the development of the last major PAU in the north of Madrid, given that in the others, such as in Las Tablas, Sanchinarro and Montecarmelo, there are barely any plots left (…).

The lack of supply has already had an impact on prices. “In two years, land prices in Valdebebas have doubled and, that is inevitably reflected in prices. Whilst before you could find a home for €2,400/m2, now you can’t find anything for less than €3,000/m2”.

Operación Mahou-Calderón

Operación Mahou-Calderón represents the last large plot of land in the central district (…). In total, it comprises 147,050 m2 of buildable land, where around 1,200 homes may be built (…) with prices of around €2,950/m2 (…).

Madrid Nuevo Norte

Operación Chamartín is reinventing itself (…). It has been paralysed for more than 20 years, but the new project includes a reduction in the buildable surface area, which will amount to 2.68 million m2, where 11,000 homes will be built, of which 20% will be social housing properties. With an investment of around €6 billion, construction work is expected to begin in 2019.

Berrocales, Valdecarros and Cerros

Meanwhile, the development of the southeast of Madrid has been put on the back burner. The Compensation Boards responsible for the three urban developments there (Los Berrocales, Valdecarros and Los Cerros), have joined forces in a common platform to promote the construction of more than 100,000 affordable homes over the next 25 years in the southeast of Madrid. Meanwhile, the Town Hall of Madrid is proposing a change to its urban development plans, with a maximum of 27,700 homes between now and 2030, to which another 26,000 may be added by 2039, depending on demand (…).

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake