Metrovacesa is now the owner of Renaultâs land in Madrid, at Avenida de Burgos 89, after acquiring it for â¬170 mln. This project will boost its Madrid office portfolio by 30% and will involve a total investment of nearly â¬400 mln.
In June 2004, Metrovacesa and Renault signed a sale and purchase protocol for the land, which was subject to the building permit being obtained. This was granted by the City Council this April.
The real estate company is to build a complex of seven highly efficient buildings, with a representative design and a total of 123,000 mÂ² of leasable area for offices and 65,000 mÂ² of common gardens. It will also include a small shopping centre for services: shops, restaurants, cafÃ©s, a spa, a gymnasium, a travel agency, a nursery school, etc.
On the plot Metrovacesa will be building new institutional headquarters for Renault, with an area of some 27,000 mÂ². Renault will be the tenant for a minimum period of ten years. Moreover, the real estate company is to develop a new training centre for Renault of over 6,000 mÂ² elsewhere in Madrid.
The first stage of this Business Park will house some 16,000 sq. metres of offices, plus a 6,000 mÂ² shopping centre. The first stage will be developed at the same time as Renaultâs head office, and will come on stream at the end of 2007.
A second stage, of some 74,000 mÂ², should be started when the buildings currently occupied by Renault are demolished, and will become operational as from 2009. The second stage will include a 25-storey tower, with nearly 29,000 mÂ².
This business park will have direct access to the N-1 dual carriageway to the north and the M-11 motorway to the airport. To the west, it will have direct access to the future prolongation of the Paseo de la Castellana. Besides being next to one of the biggest El Corte InglÃ©s department stores in Spain, this park will also be served by a Metro station in 2007.
The acquisition of Renaultâs land further reinforces Metrovacesaâs positioning as the leading real estate firm in the north of Madrid, bearing in mind the Groupâs other projects in the area (Sanchinarro, Las Tablas and Isla Chamartin). The plot is in a strategic location, between the new residential areas of Sanchinarro and Las Tablas.