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Grosvenor Europe announces its first residential project in Madrid

Grosvenor Europe, one of the four operating divisions of the Grosvenor group, has announced the purchase of land for the development of its first residential project in Madrid, an area of 820 m2 situated in the Calle de Jorge Juan, in the district of Salamanca.

The initiative is the first fruit of the joint venture between the real estate company and its partner Amcorp Properties Berhad (Amprop), at a value of 70 million euros, in July 2016. The alliance between Grosvenor and Amprop aims to identify value-added opportunities in the main areas of Central Madrid, making use of the specialisation of its local team, to obtain a profit for its investments above market levels.

To carry out this project, Grosvenor has chosen the architecture company Ortiz.Leon, which will be responsible for the design and development of six exclusive departments and an attic with views over the Retiro Park. The building will have an underground car park, and a private garden with an area of 600 m2.

The Calle de Jorge Juan is one of the most coveted residential areas in Madrid. Future residents will not only enjoy apartments of the highest quality, but also easy access to the most exclusive commercial and entertainment areas of the city, plus proximity to Retiro Park, one of the most beautiful and emblematic natural spaces in Madrid.

As Fátima Sáez del Cano, Director of Grosvenor Europe in Spain explains, “Grosvenor has a large trajectory in Spain, a market which has taken us ten years to develop and of which our profound knowledge allows us to identify important projects for renovation, as well as added value opportunities in the present context of the recovery of the residential market”.

This transaction was carried out with the consultants GAPO, KPMG and Ingeniería Valladares.