2023-06-26 12:34:47
Puerto Madero, the youngest neighborhood in the city and also the one that defends the highest sales values in the market, continues to generate investment opportunities due to its power to generate a “spillover effect”.
Located at 399 Eduardo Madero Avenue, it is sells for $40 million the last available piece of land in the area. It is the property where the historic headquarters of the Technological Institute of Buenos Aires (ITBA) operated until last year, the building where classes were given, the laboratories operated and was the seat of the university’s administrative offices.
The property located in front of the Madero Charter Terminal and diagonally to Luna Park consists of three plots totaling about 5,108 square meters with a building of 12,300 square meters, although the land has enabled a constructive capacity of up to 60,000 m², with a height limit of 38 meters high.
The land consists of three parcels that combined have 5,108 square meters
“The last piece of land sold by Corporación Puerto Madero went for approximately US$900 per square meter of incidence while some years they were sold in Catalinas II for between US$1,100 and US$1,200 per square meter”, says Domingo Speranza, CEO of Newmark Argentina. For its part, the land that has already aroused the interest of three different companies has an estimated salable area of 49,000 m² and an approximate incidence value of US$816 per square meter.
The lot is 200 meters from Alem Avenue, 1000 meters from 9 de Julio Avenue and 1000 meters from Retiro Train Station, a few meters from numerous bus lines (Metrobus), subway stations (Leandro N. Alem and Correo Central) of lines E and B, and to the Retiro train station.
Other data that show the potential of the earth is that It admits mixed-use projects combining residences, hotels, commercial base and offices.
Meanwhile, the ITBA -which no longer operates in that building- is in full development of its new university campus that it is building on the three lots acquired in the Innovation Park in the Núñez neighborhood, in the city of Buenos Aires with a Projected initial construction of more than 20,000 square meters.
Three companies have already shown interest in acquiring the landThe land is sold for US$40 million
Regarding the values, Speranza details that the value of the square meter finished by the area is sold “above US$3,000, US$3,500 in the case of homes and an average of US$5,500 in the case of offices”. In addition, it stands out that this area of the city does not have much vacancy because it is one of the most demanded.
In numbers, the area of the Catalinas-Plaza Roma submarket of class A offices perceives a slight increase in the average rental value requested (rental), which at the moment is US$28.7 per square meteraccording to Carolina Wundes, coordinator of the Cushman & Wakefield Market Research area based on the latest records from March 2023. “There is also a slight rise in vacancy located at 15.8%, due to some vacancy that occurred generated in the second quarter of the year”, he adds.
The property is located in a consolidated area with properties intended mainly for offices and housing. It is a “neighborhood” experiencing a real estate boom, since it went from being a truck area, heavy traffic and container walls to one of the most attractive areas of the city.
In fact, close to the land for sale, the State Assets Administration Agency auctioned 91,337 square meters in Catalinas II to finance 50% of the work of the walk of the bassfinished today.
The macrolot was subdivided into seven plots, which were sold at different times and tendered to different companies. 65% will go to space for public use and 35% to building developments, which promises a real change in this area of the city.
Consultatio, the developer of Eduardo Costantini, was the company that managed to acquire the most land. It invested a total of US$140.3 million on different occasions for three of the parcels located between Grierson and San Martín boulevard.
The original idea of the project consisted of the development of offices of more than 150,000 m² but the installation of the home office after the pandemic rethought the project in three mixed-use towers, mostly residential, which will have commercial, educational, gastronomic and recreational areas and cowork areas.
Other companies that won the auctions were the Techint group, which in 2019 invested US$40,500,000 for a plot in Catalinas Norte, and the Argentine BAP Trust – a subsidiary of the EMS Capital investment fund – which disbursed US$23 million in May 2018. Adjacent to it, the developer GCDI (former TGLT) had won the tender for one of the lands in 2018, but in 2022 it sold its stake to Banco Itaú to pay off 45% of the debt that the company had at that time.
At the same time, ITBA’s land is located a few blocks from the southern corridor of Huergo Avenue, an area that houses two of the main projects being built in the city: Huergo 475, the Consultatio and CRIBA project in which US$67 million will be disbursed: a 38-story building in which the square meter is sold at a average value of US$3900. Almost 80 percent has already been sold and the work is already 75 percent complete. It will be delivered in January 2025.
Huergo 475, the Consultatio y Criba project where the square meter sells for US$3,900/m2
Neighboring this venture, Quartier del Bajo is being built, a venture with luxury towers. Each will have 26 floors and are separated by a gray square, are being developed by Argencons and will require an estimated total investment of US$80 million. The first tower is almost ready, sold in its entirety and with delivery date by the end of 2023.
Another promising project in the area is the one being carried out in the building where Editorial Atlántida used to work. A construction of more than 100 years on the corner of Mexico and Azopardo in which US$25 million will be allocated to convert it into a mixed-use project.
The front of the Grand Atlántida project in the former building where the publishing house worked
“There are six blocks that could well be compared to the famous Tribeca in New York”, says Ignacio Aldazabal, president of HA Emprendimientos, which will remaster the building where Editorial Atlántida operated. This American neighborhood is known for its old industrial buildings, most of which have been converted into residential lofts.
As in the North American city, on the edge of the dock in Puerto Madero you can also find modern restaurants and venues. “It is a neighborhood that is just getting started and in a few years we will be able to see the transformation,” says the developer.
The Quartier towers that are built on Huergo avenue LA NACION Get to know The Trust Project
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