Kennedy Wilson is hoping to sell its asset in Puerta del Sol for €60 million more than it bought it for 4 years ago even though it has not carried out any renovation or improvement works.
The US fund purchased the property at Puerta del Sol, 9 for €30 million in 2015, but has not been able to perform any work on it because of administrative obstacles.
Now, the firm must have been granted a Special Plan to allow for a change in the use of the property to commercial, to warrant the reported asking price. The asset has the ideal dimensions and location for a flagship store.
According to market experts, the new owner could charge between €2 million and €3 million per year in rent for the commercial space, which spans 3,800 m2, spread over three floors. Moreover, it could charge €4 million per year for the whole property.