2023-10-09 04:00:14
The Socimi All Iron already has plans in sight for its asset located at number 25 Alcántara Street, in the heart of the Salamanca neighborhood. The company acquired this property (former Telefónica offices) in 2022 with a clear idea: build between 90 and 120 serviced apartments in one of the most privileged areas of the capital. A goal that is getting closer and closer, because the investment vehicle plans to begin remodeling works on the building in 2024, according to idealista/news.
“Right now we are waiting for the ratification by the Community of the approval of the urban planning regulations that were approved by the Madrid City Council last July. Our forecast is that the works can begin in 2024 and the truth is that This is a very important asset for the SOCIMI. We are not contemplating disinvesting in this asset,” the Socimi tells idealista/news.
The property is located in the heart of the Salamanca neighborhood in Madrid, on 25 Alcántara Street, and has a total area of around 12,000 m2distributed over two floors below ground level, a ground floor, four intermediate floors and a roof terrace.
The investment vehicle will carry out a repositioning project to create an apartment complex that will have between 90 and 120 serviced apartments. These will be leased and destined both the tourism and corporate sectors in short and medium stay format. In addition, the building will have about 64 parking spaces, a commercial premises of more than 1,000 m2 and a rooftop pool.
From sale to tourist rental and half-stay
The reality is that Princeton, the former owner of the property, had very different plans for this asset. The English company bought the building in 2018 where until then the Telefónica Research and Development offices were located. The objective of this acquisition was to convert it into luxury homes. The fund, which acted as a promoter, had a building license since April 2021 and had even completed a pilot apartment for a project that it was going to market. Knight Frank y Promora
Princeton had thought of a development of 30 studios, 19 one-bedroom apartments and 11 two-bedroom apartments. Depending on the type of housing, the apartments could have reached 160 m2. The idea that the investment fund had was to offer services very similar to a five-star hotel. For this reason they had planned 1,200 m2 of green area on the back of the building. In addition, the promotion would have a large pool on the roofa coworking area and an underground parking lot.
What yes had ruled out Princeton was a ‘build to rent’, because after studying the margins they verified that there was no profitability for this type of product in the area where it is located. Now, All Iron Re completely changes this Princeton project and will focus on another residential segment, specifically, on serviced apartments, which are tourist rentals and short or medium stays.
#Iron #plans #apartments #Salamanca #neighborhood #idealistanews