BUILDING TO RENOVATE, 42 APARTMENTS

Description

Building for refurbishment for sale at Calle Javier Ferrero 12, in the Ciudad Jardín neighbourhood of Madrid's Chamartín district. This is a 2,843 m² office building with authorisation for a change of use to between 42 and 45 high-end tourist apartments, with swimming pool, coworking space, gym and parking. The asset enjoys a privileged location, 1 km from the Santiago Bernabéu stadium and with excellent transport links, in an area of strong demand for tourist accommodation that keeps appreciating in value. The scheme envisages a total estimated investment, including refurbishment and permits, of between €12 million and €14 million, with estimated returns of 5 to 7% a year from tourist lettings and a potential capital gain on sale of 20 to 30%.

City

Madrid

Built Area

2,843 m²

Energy rating

—