A private investor buys premises in Donostia for more than €1.5M

A private investor buys premises in Donostia for more than €1.5M
Calle Arrasate 7, Gipuzkoa

A private Basque investor, whose identity has not been disclosed, has acquired for more than one and a half million euros a premises located on the corner of Calle Arrasate 7 and Calle Bergara. The transaction has been advised by Areizaga Inmobiliaria.

Marcos Areizaga, director of Areizaga Inmobiliaria "The premises have 433 sqm distributed on the ground floor and basement and a wide façade of more than 20 linear metres. The asset has been acquired empty for repositioning for rental, probably to large format home, decoration or furniture operators". The profitability of this type of premises for an investor is between 5.5%-6%.

The premises are located at the same intersection where a profitable sale of the corner asset leased to Goiko Grill took place less than two years ago. That transaction, also advised by Areizaga Inmobiliaria, was closed for approximately €2.5 million.

Currently, the prime area of San Sebastian (the axis comprising Loyola, Arrasate, Getaria, San Marcial and Avenida de la Libertad streets) has a residual availability of 3%, when in 2022 it was 10% and in 2021 the pandemic caused us to reach 21% vacancy.

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