Almyra Investment makes its debut in Spain with a CLUB deal. The Italian fund's first transaction in the Spanish market is the acquisition of number 3 of the centrally located Calle Moratín, in Madrid's Cortes district. The asset, which has been abandoned for seven years, has been used as a hostel and residence, and will be transformed by the firm into a luxury residential project, according to El Periódico de España.
The building, which is very close to the Plaza de Antón Martín and the Lavapiés neighbourhood, dates from 1880 and will be completely refurbished. Features include the installation of state-of-the-art ducted air conditioning systems, underfloor heating, acoustic and thermal insulation throughout the building, ease of access and integrated communication systems. In addition, the refurbishment will include a redesign of the porter's lodge and staircase as well as the installation of a lift in the block.
The building currently comprises 14 high-rise flats, five of which are penthouses, two hotel properties on the ground floor and a 100 square metre commercial space. After the refurbishment, Almyra Investment plans to convert the 17 independent assets into 14 homes for sale, including the ground floor.
The homes of the Residencial Moratín 3 project with the largest surface area of the asset are 176 square metres, while the smallest are 101 square metres. According to the starting price published on the project's website, each property would cost more than one million euros.
