Tag: urban planning project

Two Sought-After Plots in Pamplona Awarded to ACR & Allegra Holding

26 December 2017 – Observatorio Inmobiliario

ACR Grupo and Allegra Holding are continuing to strengthen their alliance after they were awarded two sought-after plots of land known as “Salesianos” in Pamplona.

The plots, which span a surface area of more than 15,000 m2, are going to be home to the tallest two towers in the area. More than €40 million is expected to be invested in the development of between 120 and 140 two-, three- and four-bedroom homes.

The plots, located in Salesianos, one of the best locations in the city, just a stone’s throw from the Plaza de Toros and close to the Carlos III shopping area, were owned until now by the Salesianos religious order. Their public auction has sparked a great deal of interest as it represents one of the most high-profile and important projects in Pamplona in recent years.

This ambitious urban planning project will allow access to housing in an area of scarce supply and which until now did not have any new build developments. Moreover, it will incorporate services such as a civic centre, a large open square and retail premises.

Residencial Nature, consolidating a successful alliance

This development is the product of the alliance between ACR Grupo and Allegra Holding, two prestigious and solvent companies in the Spanish real estate sector, through Residencial Nature, a concept that is continuing to grow following the experience it has accumulated through the more than 750 homes managed primarily in the Community of Madrid.

“This is the first project that we have undertaken together with Allegra Holding outside of Madrid, which reflects the solidity of the concept that both companies are backing with the development of unique projects in different cities”, said the Director of Property Development at ACR Grupo, David Botín.

The success of the Residencial Nature developments allows the alliance to evaluate new investments in Madrid, as well as in other locations such as Barcelona, Málaga and Levante, with the aim of expanding its activity to other regions.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake

Castellana Norte Wants To Become The New “City” Post-Brexit

20 October 2016 – Expansión

BBVA and the San José group are refusing to throw in the towel on their plans to construct the Castellana Norte urban development (previously known as Operación Chamartín). To this end, the heads of the company Distrito Castellana Norte have engaged the real estate consultancy firm Colliers to perform a study, which will delve into the need for Madrid to have a new supply of offices and high quality residential properties.

“Madrid is a very attractive business centre, with good infrastructure and security, but there is clearly a lack of high quality products on the market at the moment, because the market has grown in a heterogeneous way and the stock of available offices is extremely poor compared to the centres of other European cities”, explained Antonio Pan de Soraluce, the Director General at Colliers International España.

Sources at the consultancy firm highlight the opportunity that exists to turn Madrid into a international destination of choice and to become the new “City” in Europe. “Projects such as Castellana Norte are very attractive because companies are becoming increasingly demanding about where they locate their offices. We have an opportunity not only because of Brexit, but also because we are a very attractive location for companies from Latin America looking to open offices in Europe”, said Pan de Soraluce”.

20% of the total surface area (more than 3 million m2) in Distrito Castellana Norte will be allocated to offices, homes and businesses, whilst the remainder will be used for infrastructure and communal space.

International comparisons

The project has very low buildability ratios when compared with other similar urban planning projects around the world. “We have studied 200 projects, of which 14 are similar, given that they also involve the regeneration of obsolete railway and port infrastructures, and we have identified that Castellana Norte has the third lowest buildability coefficient of them all”.

Projects assessed included La Défense in París, Canary Wharf in London and Postdamper Pl. in Berlín. All of those projects received institutional support and some even benefitted from public financing. That is something that is not happening with the Town Hall of Madrid, against whom the property developer company has filed an appeal for cancelling the project that was planned initially. The Community of Madrid and the Ministry of Development have supported DCN’s appeal, given that they own most of the land where the project was due to be constructed.

To date, the company owned by BBVA and San José has invested more than €120 million on the Castellana Norte development.

Original story: Expansión

Translation: Carmel Drake