The Madrid City Hall planning department is developing a project to renovate what could become the building housing the most expensive homes for sale in the capital. Located at number 21 Velázquez Street, on the corner of Jorge Juan, the project plans to transform ten houses and two premises which, once put up for sale, will generate astronomical income.
It is a property owned by the Grifols which, after the planned renovation, will reach an estimated income of 188 million euros, of which 132 will come from the sale of the ten apartments and the rest from the premises, according to the economic study consulted . by Somos Madrid and which is part of the special plan currently being examined by the council.
The benefits of the operation are also significant. The building was acquired in 2019 by the Grifols family through the company Centurion Real Estate Socimi, as El Confidencial reported at the time. They paid 52 million euros for it, a large part of which went to the owners of Tapicerías Gancedo as well as around twenty other owners. The aforementioned economic study estimates that the benefits for the property will amount to 63 million euros after the real estate operation.
The building covers 6,158 square meters of calculable surface area, which places the average sale price of properties and premises above 30,000 euros per square meter.
The processing of this special plan is the responsibility of Impar Management, which saw its initial intentions delayed by a last minute modification which will again have to go through the Urban Planning Commission and the Plenary of the Municipal Council. The modifications remove the planned parking, add installation areas on the roof and in the first basement and reduce the size of one of the premises.
The works, in turn, will recover the building’s patios and redevelop its roofs, since in the 1960s several houses were built on the roof.
The distribution will be two accommodations per floor, which will share the approximately 865 square meters available (including common areas). Each of them will have four bedrooms and their respective bathrooms, two dressing rooms, kitchen-dining room, living room, bar area and wardrobe, as well as a space dedicated to service, with independent access.
