The sales deeds of the first apartments to be sold are being signed at notary this week, and the keys are being handed over to their new owners. The sales figures for the project speak for themselves: 95% of the 44 units at Lagasca 99 are no longer on the market, achieving an average sales price of 11,300 euros per sqm. The salesmarketing for the property is expected to be concluded in the coming weeks.
The delivery of the homes will allow the Socimi to pay an extraordinary dividend, pending approval at the next General Shareholders' Meeting, expected to be held in April 2019. José Luis del Valle, Chairman of Lar España, pointed out that «this development is a key milestone in our business plan and also allows us to meet our objective of creating value for our investors and shareholders». Del Valle added that «since it was first completed this property has become an icon of Madrid’s architectural heritage, a revolution of urban development in the very heart of the Salamanca neighbourhood».
Miguel Pereda, Board Member of Lar España and CEO of Grupo Lar said he was «proud of all of the teams involved in achieving the successful completion of this project. Lagasca 99 is the culmination of nearly 50 years of history since Grupo Lar was founded in 1969. A project of this scale can only be taken on with the right level of experience, market know-how and creativity, especially when the property in question is set to become a revered landmark in the residential landscape of Madrid».
At the start of 2015, the Socimi Lar España Real Estate acquired Juan Bravo 3, a plot of land that had remained undeveloped for some years. Following its acquisition, the pertinent licences were obtained in order to construct a new building on the plot located halfway down Madrid’s golden mile, in the block between Calles Juan Bravo, Maldonado, Claudio Coello and Lagasca.
Quality and sustainability played an integral part in the construction of Lagasca 99, which is BREEAM certified, guaranteeing its accessibility and respect for the environment and surrounding area. Internal teams coordinated the development of Lagasca 99 with support from several big names in every stage of the project, such as Rafael de la Hoz architects, who proposed a cutting-edge design and unique ideas for this Lar España property, as well as construction firm San Martin and Colliers, who helped with the marketing phase.
Miguel Pereda highlighted that «this project will undoubtedly be studied as a reference for many reasons. Its iconic stature, the seamless combination of classicism and modernity, the use of space and practicality of each apartment, the use of natural resources, as well as the cross-border marketing process, are some of the features that truly define this property».
José Luis del Valle added that «Lagasca 99 is a clear example of the quality of the properties developed by Lar España, a company where the standards of investment, management and returns are incredibly high, and are used as a reference for our actions in the mid and long term».
Source: Lar España