Grosvenor Europe, one of four operating companies of the privately-owned international property group, Grosvenor Group, has acquired two new assets in the Chamberí district of Madrid, Spain. The purchase price was undisclosed.
To consolidate the activity of its joint venture partnership with Amcorp Properties Berhad (Amprop), Grosvenor will transform two buildings situated on Modesto Lafuente and Santa Engracia streets into high end residential and commercial space. The acquisitions total 4,800 m² (51,667 ft²).
Modesto Lafuente, cornering Jose Abascal, in Rios Rosas neighbourhood, is currently an office building encompassing 3,000 m² (32,292 ft²) and spread over ten floors. It will be converted into a collection of 13 exclusive apartments offering three and four bedrooms alongside parking facilities and a rooftop area with views of the neighbouring garden.
Santa Engracia, cornering the beautiful General Arrando Street, is a 1,800 m² (19,375 ft²) corner building with a listed façade, located in the Almagro neighbourhood of Chamberí, considered one of the most affluent and exclusive areas of Madrid.
It is to be renovated into 18 stylish homes including two unique terraced penthouses. A gym, bicycle parking and reception will be created on the ground floor along with a commercial unit. This will likely be transformed into a restaurant or bistro, adding to the vibrant dining offer of the area where top-class restaurants and hotels.
The Chamberí district has a strong architectural presence with streets housing a number of Modernist, Gothic Revival and Neo-Mudéjar style preserved buildings, many of which have been declared of cultural interest.
Fátima Sáez del Cano, Director, Spain, Grosvenor Europe, said: “Our team is continuously growing, and as such we are actively expanding our portfolio given our successes already made in what is effectively a short space of time. The time for investment into Madrid residential property is now, with growth among the strongest in Europe, and affluent districts such as Chamberí witnessing prices increases of up to 19% since Q3 2014.”
