9 June 2016 – Expansión
Vertix is about to start to build what will become the largest real estate development in Stiges (Garraf). The Catalan property developer has dusted off a project that has spent years in the waiting and whose first phase will involve the development of 23 hectares.
The property developer chaired by Félix Massot, which last year recorded turnover of €50 million, bought the land twenty years ago and is the owner of 60% of the site that it plans to develop. The rest belongs to small owners of a land owners’ consortium.
The project includes 400 VPO flats, an aparthotel and 80 plots for family homes, of which sixty belong to Vertix. It also includes several facilities. Originally, the plan involved the construction of apartment blocks, with communal gardens. “But Stiges is a town where buyers demand homes with their own gardens, so that caused us to rethink the project and propose separate plots”, explained the Group’s CEO and the founder’s daughter, Elena Massot.
The plots will be sold as they come (unconstructed) or with homes already built on them, depending on the clients’ preference. The homes will have a surface area of 300 sqm, will be surrounded by a garden with a swimming pool, and will be sold for €900,000.
The first phase of the project also includes the construction of an aparthotel, which will have 90 apartments in total and a small shopping centre, measuring 4,000 m2. In this case, Vertix will retain ownership of the building, as a family asset, and will lease it to an external company specialising in short-stay apartment rental. It is not Vertix’s first property of this type, given that the company’s portfolio already contains other assets, such as AC Hotel Sants, in Barcelona, and AC Hotel Gavà Mar (Baix Llobregat).
The land has already been developed, at a cost of €6 million, and is ready to be built on. Vertix has owned this land for two decades, but the urban development plan was not approved until 2007, at the same time the real estate bubble burst, which meant that no construction work was started until now. (…).
In Stiges, demand for housing is high, which means that the Catalan town has the most expensive second-hand house prices in Cataluña, with an average price of €3,779/sqm, ahead of Barcelona and Sant Cugat. It is also the third most expensive town in Spain, exceeded only by Zarautz and San Sebastián, according to a report from Fotocasa.
Vertix currently has property developments underway in Cerdanyola (Vallès Occidental) and in El Prat and Viladecans (Baix Llobregat), where it has identified genuine demand for new build homes. Its other projects are located in Barcelona, on streets such as Lepanto and Marina. (…).
Original story: Expansión (by Marisa Ángles)
Translation: Carmel Drake