20 April 2015 – Expansión
Project / The owner of OHL and Espacio is going to invest €500 million on the construction of a building behind the Castellana complex in Madrid, which will house a hospital and a shopping centre.
The businessman Juan Miguel Villar Mir (pictured above) is going to promote a new large real estate project in Madrid. The business man, who is in the middle of the construction of a hotel, residential and commercial complex in Canalejas, in the centre of the capital, through his group Villar Mir, has submitted the best offer for the plot of land located just behind the Cuatro Torres Business Area complex.
The land, which has a surface area of 33,325 square metres and a buildable surface area of 70,000 square meters, was originally going house a convention centre. However, in 2010, the Town Hall of Madrid halted the project, despite having already commenced the construction work, due to a lack of funds and, at the end of 2014, it decided to seek an alternative plan. In March, the Government of Ana Botella received several offers – four to be specific.
Villar Mir made the highest bid, since the group that owns the construction company OHL and the real estate firm Espacio will pay an annual fee of €4 million for the concession, which grants the right to use the plot of land for a period of 75 years. The town hall requested that the winning bidder pay an annual fee of at least €1.935 million. The other bid that was accepted, led by Hispania, offered to pay €2.6 million per year for the plot of land. A third proposal, submitted by Axa, was declared inadmissable due to formal defects and a fourth bid did not meet the minimum fee demanded by the Town Hall, according to sources close to the process.
Villar Mir’s proposal includes a hospital and a shopping centre. The Town Hall of Madrid demanded that around 53,000 square metres of the 70,000 square metres available would be allocated for public use, which will be the hospital area. The remainder, around 17,500 square meters will be turned into a shopping cenetre to provide services for the area.
Villar Mir will place the entire buildable area in a single building, which may have up to 35 floors, similar to Torre Picasso, which is 156 metres tall, compared with the 250 metre high Torre Foster and Torre de Cristal, located next to the future property. “It will be an iconic building”, say sources close to the process.
The company expects to invest €500 million the project, including construction costs, which will amount to around €200 million and the payment of the concession, which will amount to €300 million in total. Villar Mir is negotiating with several hospital groups that already operate in Madrid to become their landlord, although its negotiations with one player in particular are more advanced than with others, explain the same sources.
Currently, the Cuatro Torres complex, located at number 259 Paseo de la Castellana in Madrid, has four skyscrapers: Torre Foster, owned by Bankia and leased to Cepsa; Torre PwC, owned by Testa; Torre de Cristal, owned by Mutua Madrileña; and Torre Espacio, owned by the real estate arm of the Villar Mir group.
Original story: Expansión (by Rocío Ruiz)
Translation: Carmel Drake
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Source:: AURA Real Estate Experts