A Spanish property developer has acquired the Arnao Peninsula in Asturias for a total investment of up to €14 million, including the purchase of the site, according to Expansión.
The transaction covers approximately 20,000 sqm of urban land in Castrillón, on the central Asturian coast, including the historic Casona de Arnao. The acquisition marks the beginning of a residential development project expected to comprise between 20 and 30 luxury homes.
The developer is expected to invest between €8 million and €12 million in the development, in addition to approximately €2 million for the land acquisition. Residential prices could reach around €6,000 per sqm.
The project will include residential units within the historic Casona, as well as semi-buried terraced or semi-detached homes designed to integrate into the site’s topography. The scheme is also expected to feature communal gardens, an infinity pool and underground access routes.
The Casona has approximately 1,800 sqm of buildable area and is currently in a state of disrepair. Its rehabilitation, reconstruction and restructuring are permitted subject to heritage requirements.
The investment follows a competitive sale process completed in July by the Loya family, which had owned the property since the 1990s. The seller was advised by Alejandro García Villanueva and Asturias Resolve & Legal Globe.
The development will require a special protection plan covering the wider Arnao historical-industrial complex. The developer plans to begin preparing and processing the plan in September, in coordination with Castrillón Town Council and the Principality of Asturias’ Directorate General for Cultural Heritage.
The project is expected to be delivered in two phases, beginning with the urbanisation of the site and restoration of the Casona, followed by the residential development once the necessary approvals have been obtained.
The Arnao Peninsula is located next to Arnao beach and around 1.5 kilometres from Salinas, making it one of the remaining large residential development sites on the central Asturian coast.
