International real estate advisers Savills and Catella have brought No.3 Paseo de Recoletos Street, Madrid to the market on behalf of Grupo Ballester, for a price in the region of EUR 50 mln.
International real estate advisers Savills and Catella have brought No.3 Paseo de Recoletos Street, Madrid to the market on behalf of Grupo Ballester, for a price in the region of EUR 50 mln.
The property is located in the Cibeles Square, a neo-classical complex of marble sculptures and fountains that has become one of Madrid’s most famous landmarks. Cibeles is home to the old headquarters of Spain’s Postal Service, the Bank of Spain and the General Staff Headquarters of the Spanish Army.
The 5,434m2 building at no.3 Paseo de Recoletos Street was completed in 1975 and comprises a ground floor with six levels of office accommodation. In 2000, major refurbishment works were carried out and were followed with a significant fit out in 2006 by Uralita for its corporate headquarters.
The building is 100% let to Grupo Uralita until July 2010, from this date a new lease will take effect for 10 years and Uralita will vacate part of the building. Savills has been instructed to let the remaining area of the property totaling 2,601 m2.
Rafael Merry del Val, General Director of Savills said: 'During 2009 there was a window of opportunity that was utilised by Spanish family offices but now we are seeing a contraction in yields and a rise in value, very emblematic buildings such as Paseo de Recoletos No.3 will see great demand as it is these assets that will ultimately achieve the good revenues.'
