OFFICE BUILDING (11,480 M2)

Description

Office building for sale in Sant Joan Despí, at Carrer Fructuós Gelabert 8. This is the Conata 2 building, with 11,480 m², acquired by an institutional fund in 2019 and progressively refurbished and re-let since then. Occupancy stands at around 80%: only one office floor remains available (roughly 10% of the gross lettable area), plus the ground floor and a basement unit that could be used as storage. The recent refurbishment includes renovated communal terraces, a new lobby, meeting rooms for tenants and a lunch room, among other upgrades. The average lease term is around 4 years as at December 2024, with gross annual rents of €1,140,000 and an NOI of approximately €1,063,000, with rent step-ups scheduled for the coming years, giving a yield of 7.80%. The current use is offices, but both Conata 2 and the adjoining Conata 1 were originally conceived as residential buildings and redesigned for office use in 1990. As tertiary uses are permitted, the asset offers an attractive option for future conversion into a flexible-living or hotel concept.

City

Sant Joan Despí

Built Area

11,480 m²

Energy rating

—