9 March 2018 – Eje Prime
Oaktree is successfully completing its luxury development on Madrid’s Gran Vía. The US fund has managed to sell the 49 homes that comprise the project, whose keys will be handed over at the end of 2018.
The good health of the residential sector in Spain, accompanied by the country’s period of economic boom, has allowed the fund to take full advantage of this promotion. Not in vain, the commercialisation of the building, located at number 68 Gran Vía, has reached prices of up to €10,000 per square metre, according to El Economista.
The consultancy firm Magnum&Partners has operated as the delegated promoter for this residential project, which first went on the market in September 2016, with prices as low as €6,000 per square metre, for properties without a parking space.
Due to demand, that figure has increased by 10%. The new homes in the renovated property will have surface areas of between 79 m2 and 247 m2. Moreover, the building will have a panoramic roof terrace with a swimming pool, as well as a gym.
The most expensive home in the building has been sold for an approximate price of €3 million. The tenants of the development, designed by the architecture studio Fenwick Iribarren, will be mostly Spanish, given that 87% of the buyers are nationals, and half of them are resident in Madrid.
Original story: Eje Prime
Translation: Carmel Drake