The repositioning of offices to residential is progressing in Madrid. Orinoquia Capital, a group owned by the Venezuelan Capriles family, has acquired an office building located at 17 Calle José Silva, in Madrid's Arturo Soria neighbourhood, for conversion into residential units. The transaction, the price of which has not been disclosed, has been advised by Savills.
The property has 3,300 square metres distributed over six floors, including two floors below ground level, and occupies approximately half of a plot of 1,100 square metres.
Orinoquia plans to invest 11.5 million euros in the refurbishment of the building, in which it will build twenty homes, three units per floor, of between 70 square metres and 100 square metres, with prices ranging from 550,000 to 800,000 euros, including parking space and storage room.
The ground floors will house 36 parking spaces, storage rooms and facilities, while the outdoor plot will be adapted for a communal swimming pool and garden. Orinoquia highlights that this asset fits within its strategy of developing build-to-sell housing developments, given the strong demand for residential product in the city of Madrid and the potential of the asset to add value through changes of use.