A Catalan family group has acquired premises of around 300 square metres at number 16 Calle San Marcial for 1.6 million euros.
The premises are occupied by the jewellery firm Pdpaola, which has a mandatory long lease. The transaction gives the buyer a rental yield of 5%. Areizaga Inmobiliaria advised on the transaction.
The asset was already transacted in 2021 and is the result of the merger of two properties. It is located in Calle San Marcial, an area where the premium segment operators in San Sebastian have been locating in recent years.
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.
PdPaola is in the midst of an expansion phase, both nationally and internationally. It recently announced its entry into Puerto Rico with a first point of sale in the capital, as well as the inauguration this February of its first shop in London.
It has also reached an agreement with Zales, a company specialising in the retail sale of fine jewellery, for distribution in the United States, a market in which it already has around fifty points of sale.
PdPaola was founded in 2014 by siblings Humbert and Paola Sasplugas. It is currently a global brand with more than 2,000 points of sale in the wholesale channel and in a dozen markets.