Paseo de Recoletos 3, Madrid – Spanish commercial real estate investment opportunity

Commercial real estate opportunity in Spain’s Madrid market. The mixed use building at Paseo de Recoletos 3 in the centre of Madrid has been placed on the market for sale. The property is likely to appeal to private Spanish investors and i-comparables.com understands that the asking price could be in the region of a 5% initial yield. The property is approximately 50% occupied by Uralita. The sales mandate has been awarded to Savills and Catella Property Group on a co-exclusive basis. The building which was constructed in 1975 comprises ground level retail plus six upper office floors with a total area of 5,434 m2 plus four basement levels with 65 parking spaces. The vendor of the property is Ballester which is reported to have paid €71.5m for the building in 2006. | i-comparables.com

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