Les Rivages to Invest €12M in 55 Luxury Homes in Almuñécar

10 April 2019 – Eje Prime

The French property developer Les Rivages is planning to invest €12 million in the construction of 55 beachfront homes in Almuñécar (Granada). The building work will begin after the summer and the homes, which will each have between 2 and 3 bedrooms (one will have 4 bedrooms) and a terrace spanning between 30m2 and 40m2, are expected to be ready within less than a year.

This represents Les Rivages’s first venture outside of Estepona (Málaga) and the company specialising in luxury coastal second homes is reportedly planning more projects in the area.

The French firm made its Spanish debut in Estepona in 2015 with the construction of 12 luxury beachfront apartments in the Guadalobón area, which had sales prices of between €1 million and €1.3 million.

Original story: Eje Prime (by Marta Casado Pla)

Translation/Summary: Carmel Drake

ASG to Invest €30M+ in Luxury Residential Project in Salamanca

9 April 2018 – Inmodiario

ASG Homes has started to build Residencial España, an exclusive residential development containing 24 luxury homes located in the heart of Salamanca, in whose construction it is going to invest more than €30 million.

Following the demolition of the iconic Edificio España, ASG Homes is breathing new life into the plot overlooking the central Plaza de España to build what is going to be the most exclusive residential complex in Salamanca. A total of 24 luxury homes, all with a storeroom and 2 parking spaces included, will comprise 2-, 3- or 4-bedrooms with surface areas ranging from 100 m2 to 260 m2 for the largest penthouses, which will also have terraces spanning up to 75m2.

The development, which has been designed by the Architecture Studio owned by Chus Manzanares, will be equipped with the highest quality finishes and the latest home automation technology. Thus, it will offer owners the possibility of controlling their homes from a distance using their smartphones (…).

Homes supplied by 100% renewable energy

Residential España is also going to be the first development in the city to be supplied with 100% renewable energy through vertical geothermal energy, with heat pumps and PEX tubes to supply water and heating, obtaining high energy yields from its energy sources through a new system that uses the heat from the earth to warm homes. The system will use the heat source that is generated below the surface of the Earth and direct it to the building, whereby resolving 100% of the heating and hot water needs.

Similarly, Residential España will be revered for its high-quality common areas, which will include a 150 m2 spa-gym with a heated indoor pool on the ground floor, as well as a sensory shower, sauna and steam room and a fully-equipped gym (…).

Original story: Inmodiario 

Translation: Carmel Drake

Caleido’s Makers to Create a Brand New Neighbourhood Around the Cuatro Torres

24 February 2018 – El Economista

The plans involve the creation of a street that will link the area surrounding the La Paz Hospital with Plaza de Castilla and which will have retail units, squares and terraces along it.

In two years time, the barren concourse that currently welcomes the employees that work in Madrid’s Cuatro Torres will be converted into the antechamber of a new retail and leisure space, which is going to be built in the north of Madrid with the arrival of the fifth tower, known as Caleido.

This project from Inmobiliaria Espacio and the Philippine firm Megaworld Corporation will result in the construction of a fifth iconic tower.  The latest addition to Madrid’s skyline will not for known for its height, given that at 160 m2 tall, it will be the shortest of its neighbours, but it will be recognised for the services and life that it is going to bring to the area.

The designs involve the creation of a high street, which will run from the La Paz Hospital area towards Plaza de Castilla, passing through the Madrid Business Area complex, where the Cuatro Torres are located, generating a neighbourhood vibe with several squares and terraces, as well as restaurants and areas for events. In this way, Caleido will not contain a shopping centre, but rather will offer different retail units, which will be opened opposite the new building and which will represent an addition to the businesses integrated into the property.

Specifically, the retail area, which is going to occupy a space of around 13,000 m2, will be distributed over the first level of the four-storey rectangular base on which the tower is going to be built.

The design of this project has been carried out by the architecture firm Fenwick Iribarren and represents that studio’s second piece of work in this office complex, given that it was also the brains behind Torre Espacio, which was also built by the Villar Mir Group (Espacio) back in the day (…).

According to Mark Fenwick, who founded the firm with Javier Iribarren in 1990, “Our objective with this project was to create a service area for the 24,000 people who work in the Cuatro Torres and whereby create urban spaces and meetings areas, such as squares and terraces, which are going to occupy around 7,000 m2, and which will join together the office complex with the neighbourhoods that surround it, to extend the use of this space to the whole community”, said the architect.

The construction of this project also includes the creation of a public park spanning more than 3 hectares, which is going to be located on the adjoining plot and which is also going to be managed by the property developer behind the tower. That space will house facilities for sports, culture and open-air concerts.

Madrid as a destination

In the academic year 2020-2021, Caleido is going to become the first vertical campus in Madrid, given that its main tenant is the Instituto de Empresa (IE), which will occupy all of the 36-storey tower and half of the horizontal building, leasing 50,000 m2 of space in total. The other part of the lower building is going to house an advanced medical centre to be operated by the Quirón-Salud Group (…).

The complex, whose development is expected to involve an investment of around €300 million, will also have a 1,250 space parking lot, 630 of which will be for public use. (…).

Espacio Caleido has already started to market the project, which hopes to attract trendy brands in fashion, technology, sports and restaurants. It is targeting international firms that do not have a presence yet in Spain and the plan is to start signing agreements after the summer. The complex is also considering the creation of leisure area that may house a cinema with an exclusivity concept, as well as a Gaming (videogames) and eSports (electronic sports) area.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

Brits Are Buying Homes On The Costa Del Sol Once Again

13 October 2017 – Inmodiario

The latest figures from the property developer Taylor Wimpey España relating to the sale of homes in urbanisations on the Costa del Sol to British citizens are encouraging. During the third quarter of the year, the number of citizens from the United Kingdom buying homes in developments such as Botanic, in the Reserva del Alcucruz, and Horizon Golf, in La Cala de Mijas, increased considerably, to make Brits the top-ranking nationality in terms of the sales made by Taylor Wimpey España.

Brits accounted for 19% of the buyers of Taylor Wimpey residential homes on the Costa del Sol, followed by Belgian citizens in second place and Swedes in third place.

For the Director of Sales and Marketing at the company in Spain, Marc Pritchard, “this data is a clear sign that citizens from the UK are continuing to choose the residential areas that Taylor Wimpey is creating when it comes to acquiring holiday homes”.

Moreover, adds Pritchard, another piece of data is noteworthy: the Brits who are buying holiday homes on the Spanish coast are very aware of sustainability and the environment and so prefer to invest a bit more in homes that fulfil those requirements (…).

This means that homes are being conceived to ensure minimum energy consumption and maximum environmental protection, through the use of solar panels, thermal insulation and maximum acoustic-protecting materials. As such, these homes have the highest energy rating in the market (“B”). In the same way, green spaces are becoming particularly important in the Botanic development, and the ecological environment of the Mediterranean pine tree wood is being further strengthened by the creation of a botanical garden for the enjoyment of all the neighbours.

These credentials that are respectful of the environment increase ownership values to 38%, according to CBRE Residencial, a company that also says that 82% of citizens from the United Kingdom are willing to pay more for a sustainable home.

The Botanic urbanisation on the Costa del Sol comprises 92 bright and spacious 3-bedroom homes, featuring large south-facing terraces. The 4-storey buildings have spacious penthouses with modern designs and spectacular solariums from where residents can enjoy the sunrise and sunset, with panoramic views over Los Arqueros Golf course, the sea and Gibraltar. The asking prices for these homes start at €365,000 (…).

Original story: Inmodiario (by Carmen Durán)

Translation: Carmel Drake

Buyers Willing To Pay 30%-50% More For Homes With A View In Barcelona

19 December 2016 – Inmodiario

Good views are a key component of the appraisal value of luxury homes in Barcelona. They account for between 30% and 50% of a property’s value, depending on the type of skyline on offer, in such a way that south-facing homes with views of the sea are worth up to twice as much as properties with similar characteristics without any views.

In this sense, of the 600 properties in Barcelona that are worth more than €2 million, 301 are located in the neighbourhood of Sarrià-Sant Gervasi, i.e. 50.1% of the total. That district is followed by El Eixample (with 103 properties or 17.2% of the total), Les Corts (with 102 or 17%), Ciutat Vella (with 42 or 7%), Sant Martí (with 14 or 2.3%), Sants-Montjüic (with 9 or 1.5%) and Horta Guinardó (with 2 or 0.5%). None of the properties in Nos Barris and Sant Andreu are worth more than €2 million, given the low price per square metre of homes in those neighbourhoods, and the limited supply and demand for luxury properties there.

“Our buyers want to make their idealistic visions of Barcelona a reality. For them, the city is all about beauty, art, sun and sea. They come here for those reasons and they want their homes to fulfil those criteria of exclusivity”, said Emmanuel Virgoulay, Partner at Barnes International, the master franchise network in Spain.

Besides good views, other important factors that influence a property’s appraisal value are: its location, its size, its condition and its layout (whether or not it needs to be renovated), the monthly maintenance charge and the circumstances in the real estate market at the specific time when the sale is completed.

The apartments that cost more than €2 million range between 150 m2 and 350 m2 in terms of size, whilst the houses in the same price bracket range between 400 m2 and 1,000 m2 in terms of constructed surface area, plus any land. These types of properties tend to have large lounge-dining areas, 4 or 5 bedrooms, three bathrooms, lifts, high ceilings, large terraces, good sound proofing, a lot of light, a concierge/porter service and parking spaces. They also have special security systems and some offer a 24-hour security service.

Original story: Inmodiario

Translation: Carmel Drake

Drago Capital Enters Residential Development Segment

29 December 2015 – Cinco Días

Property development is becoming a business opportunity for companies in the real estate sector once  again, following the severe crisis that began in 2008. Even for the least conventional players, such as Drago Capital, an investment fund that normally acquires other kinds of assets like office buildings and commercial premises.

The fund has started to develop a new urbanisation, dubbed Ocean Hills, in the vicinity of Estepona (Málaga) on the Costa del Sol. It represents its first major project targeted at the second home market and the development comprises 62 apartments.

Drago Capital identified the business opportunity in an unfinished development, which it acquired in December 2014, and which it has completely redesigned.

In total, the initial investment amounted to €8 million, which was sourced mainly from a number of family offices, according to the managers of the fund.

Type of apartments

The managers ruled out a development on the beachfront and instead, consider that more value can be obtained inland. The homes are located next to the Monte Selwo park, in a natural environment and with views of the Mediterranean Sea.

62 modern homes will be constructed with a maximum of two bedrooms and all with spacious terraces. Construction will centred around four, three-storey blocks of flats. The marketing of Ocean Hills will be targeted primarily at overseas buyers, mainly in the North of Europe and in the UK. The first part of this urbanisation has already been sold in its entirety to a group of Norwegian citizens.

Project details

The development is being constructed on a plot of land measuring 7,000 m2 and there may be an opportunity to construct new buildings on two adjoining plots, which would add another 7,000 m2.

The contract for the construction work has already been awarded to Avintia, which will complete the construction of the homes and resume the work that was suspended before Drago Capital’s purchase. The homes are expected to be finished by the end of 2016.

Drago Capital considers that the market for second homes, with the characteristics found in this development, has returned and it regards this investment as a good opportunity. Moreover, its managers consider that the Costa del Sol area in general, and both Marbella and Estepona specifically, represent places with significant demand.

Original story: Cinco Días (by A. Simón)

Translation: Carmel Drake

Work Begins At Pryconsa’s Luxury Housing Development In Madrid

14 December 2015 – El Mundo

The details of one of the most iconic, exclusive and eagerly-awaited residential projects in Madrid have finally been revealed: the development that Pryconsa is undertaking on the 15,000 m2 plot of land that previously housed RTVE’s Buñuel Studios and which the Madrilenian based property developer acquired in November last year for €35.27 million.

It is a prime location, at number 5 on Avenida de Burgos, next to Paseo de la Habana, the best area in the district of Chamartín, surrounded by parks and gardens and just a stone’s throw away from hot spots such as the Chamartín train station, Plaza de Castilla and the Cuatro Torres.

In tribute to the great Aragonese filmmaker, who has lent his name to the studios for decades, the project has been named, in part, after his home town: Calanda Homes. The property development will contain 89 three- to five-bedroom homes, and will measure between 163 m2 and 218 m2. It will include different types of properties, such as flats (all with large terraces), ground floor flats with gardens and penthouse apartments with terraces of between 117 m2 and 165 m2. The homes will be distributed across two four-storey buildings, 35 m apart and located within a huge urbanisation containing gardens, a (Munich style) swimming pool, padel court and gym, amongst other features.

The project will be developed in two phases. During the first phase, the marketing of which has just begun, prices will start at €808,000 and go up to €1.8 million. Work to demolish the old television studios began last Wednesday, and if construction proceeds according to plan, then the property developer will hand over the keys to the homes in the first phase in June 2018.

Sales success

“During the first few days, almost 50% of the first phase that we are currently marketing has been reserved”, said José León, CEO of the company. (…).

Original story: El Mundo (by Luis M. De Ciria)

Translation: Carmel Drake

Caja Madrid’s Former HQ Is Up For Sale

5 November 2015 – Cinco Días

The former headquarters of the Caja Madrid is up for sale. La Fundación Montemadrid has engaged Irea to search for a buyer for the historical building, located a short distance from the Puerta del Sol in Madrid.

La Fundación Montemadrid, formerly known as ‘Fundación Obra Social y Monte de Piedad de Madrid’, plans to sell the whole property, excluding the premises where Monte de Piedad undertakes its activity, which will be made independent from the rest of the building. In total, the property has a surface area of 25,000 m2, which maybe used as a hotel, retail or office space.

Sources in the market consider that it is likely that the building will be converted into a “luxury five-star” hotel, which may also include some retail space.

If the building is converted into a hotel, then it would be highly coveted by international operators, at a time when Spain is under the spotlight thanks to the decision by Four Seasons to operate the hotel in the Canalejas Complex, and the purchase of the Ritz by Mandarin and Olayan. Meanwhile, in the Plaza Mayor, the Portuguese group Pestana is planning to open a five-star hotel in the Casa de la Carnicería.

Domestic and international investors, both hotel chains and investment funds have already expressed their interest in the property, which could represent the gateway into Madrid for franchises such as Hyatt, Kempinski, Hilton, W and Shangri-La. The future hotel would have around 200 rooms, as well as terrace space measuring 3,000 m2, one of which would be on the roof, with panoramic views of the city. The price of the property could exceed €100 million, and the buyer would also have to factor in the cost of the refurbishment.

No architectural protection

One of the features of the property is the lack of architectural protection, with the exception of the baroque doorway that overlooks the Plaza de las Descalzas. This makes the building a unique opportunity in the centre of the capital, according to market sources, vis-à-vis the Canalejas project, which is being developed by Villar Mir, whose construction has been unblocked this week by the courts, and Edificio España, acquired by the Chinese group Wanda, which had requested permission to dismantle the protected façade of that building brick by brick, to then rebuild it. That request was rejected by the Local Historical Heritage Commission of Madrid. Market sources believe that the operation could be closed by the end of this year or the beginning of 2016, and that the property, if it does end up being converted into a hotel, would open its doors in 2018, after the Four Seasons.

Original story: Cinco Días

Translation: Carmel Drake