Very close to Velázquez street, in María de Molina (number 50), is a twenty-storey building that, since its construction in the 1980s, has been a lottery house and headquarters for Hacienda. It has no more and no less than 153 homes overlooking the Salamanca district, several garages and storage rooms. However, until a month ago it was completely empty.
According to the newspaper Expansión, the poor condition of the tower meant that, when the tax agency first put the property up for auction, there was a significant lack of bids from investors.
This year, the future of this building looks much brighter than expected after that first auction: with the support of Banco Santander, the Grupo Lar company and the vulture fund BlackRock paid €205 million for the tower, which will house 153 luxury homes and a residence prime for students with 400 places from 2027.
Editorial credit: Lourdes Bertrán, Quum Agency.
The space will undergo a refurbishment process that will last around two years, from 2025 to 2027. In total, Grupo Lar’s asset manager has invested nearly 400 million in the acquisition and refurbishment of the tower.
According to El Confidencial sources, the apartments will not go below €13,000 per square meter once they are put on sale. They will be marketed by Colliers, a real estate consultancy firm. Grupo Lar will disclose the final cost of the homes once the works are completed.
Idealista has published part of a statement from BlackRock and Grupo Lar in which they assure that the new residential complex “will be a milestone of quality, sustainability and modernity in the Salamanca neighborhood”.
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