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Atxa Buys Podavines Building In Donostia For €10M

Posted by: In: Real Estate 10 Nov 2016 Comments: 0 Tags: , , , , , , , , , , ,
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10 November 2016 – Diario Vasco

The Podavines de Amara building in San Sebastián-Donostia was sold on Tuesday to a property developer who is going to convert the property into (unsubsidised) housing. The Department for Social Security organised an auction for the land…and just one bidder participated, Atxa, S.A., who will pay the starting price of €9,959,000. The proceeds will be paid to the Department for Social Security, which will use the funds to finance pensions payments, according to sources at the Government’s Sub-delegation in Guipúzcoa.

The Department for Social Security carried out the public auction of this property on Tuesday and the building was awarded to the company Atxa S.A., which, given that it was the only firm to submit a bid, logically offered the minimum tender price of €9,959,000. The State’s Central Administration will conduct checks over the next few day to ensure that the company does not have any debts with the Department for Social Security and will proceed to formalise the award of the property, according to sources at the Government’s Sub-delegation in Guipúzcoa.

This building, located at the intersection of Calle José María Salaberria, Paseo de Errondo and Avenida Carlos I, has been unoccupied for the last year and a half. Its previous tenant, the Department for Social Security, moved to new facilities in Riberas de Loiola at the beginning of February last year. The building is 43 years ago and the urban planning classification for the land is residential. The property comprises a ground floor plus four other above ground floors and three basement floors. Its total above ground surface area amounts to 9,534m2 (it has a useful constructed surface area of 8,351 m2, according to registry and cadastral data) and a further 1,560 m2 under ground. In reality, the building has three entrances (on Podavina 1 and 3 and on Avenida de Carlos I, 34-36-38) (…).

The company that has purchased the plot clearly considers that the land has significant potential to be used for unsubsidised housing. Diario Vasco has made contact with the company but its spokesperson was not able to specify timeframes or clarify whether the property will be demolished or renovated for the new residential project. (…).

Original story: Diario Vasco

Translation: Carmel Drake

The post Atxa Buys Podavines Building In Donostia For €10M appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

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