30 April 2015 – Expansión
Through his real estate subsidiary Espacio, the businessman Juan Miguel Villar Mir has been awarded the plot of land behind the Cuatro Torres complex in Madrid, where he will build a private hospital and a shopping area.
There will soon been a fifth skyscraper in the complex known, until now, as the Cuatro Torres Business Area, on the Paseo de la Castellana, in Madrid. Yesterday, the Town Hall of Madrid announced that it was awarding the plot of land located behind the complex, to the real estate company Espacio, owned by the businessman Juan Miguel Villar Mir.
Espacio will construct a private hospital with a shopping area on this land. The businessman, who also owns the construction company OHL and who is the primary shareholder of Colonial, has won the award process for this plot of land, where the Town Hall of Madrid was originally going to build the International Convention Centre, before it was forced to suspend its plans in 2010, due to a lack of funding.
At the end of 2014, Ana Botella’s Government decided to seek an alternative plan for this plot of land and it organised a bid in which it asked for participants to offer an annual fee of €1.935 million for the right to use the plot of land. Four bids were submitted but only two were admitted since one did not exceed the (minimum) required fee and the other was ruled out for formal reasons.
One of the two projects that made the cut was led by the property company Hispania, which presented its bid jointly with Ferrovial, and committed itself to paying €2.6 million (per year). Villar Mir, meanwhile, offered to pay €4 million per year for the next 75 years.
The land situated just behind the existing Cuatro Torres has a surface area of 33,325 square metres and a buildable area of 70,000 square metres. In this space, to which a green area measuring 33,647 square metres will be added, the winning bidder will have to allocate 53,500 square metres for public use; the remaining 16,500 square metres may be destined for commercial use.
Villar Mir’s proposal is to construct a skyscraper, which will be similar to the other towers in terms of height and which will house a hospital. “The building will be as tall as the neighbouring towers and will house health services, and the top floors will be occupied by scientific companies linked to the health sector”.
Moreover, next to the skyscrapers, Espacio will create another, low-level building, which will be used to provide recreational and commercial services for the new skyscraper and the four existing ones, which mainly house offices. “Most of the construction will be horizontal, built in a north-south direction, over the entire floor of the structure that has already been constructed and designed based on landscaped terraces, which will descend from the high public square down to the pedestrian access, which is reached from the plot classified as a green area”, said (a representative from) the project.
In addition, the new skyscraper will be connected to the four that have already been constructed – which all have direct access from the Castellana – through a landscaped pedestrian zone.
In total, Villar Mir will invest €500 million in the project, including both the full (canon) payment and the construction work. Of this amount, €134.06 million will be spent on the building and development of the plot.
Original story: Expansión (by Rocío Ruiz)
Translation: Carmel Drake
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Source:: AURA Real Estate Experts