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Pryconsa Acquires Two Plots of Land Next to Madrid Nuevo Norte

The developer has invested 30 million euros in acquiring two plots of land, enough to build 200 homes.

Marco Colomer Pryconsa

Pryconsa has bought two finalist residential plots of land in northern Madrid, next to the future Madrid Nuevo Norte development. According to El Confidencial, the land will allow the company to build 200 homes.

These plots were awarded by the 92nd Court of First Instance of Madrid. Pryconsa will pay 30 million euros, 18% more than its starting price. The developer had joint ownership along with several other owners of the land. The last one was held by the public company Canal de Isabel II, so the award had to be made through an open auction.

The land is located in the area known as Isla Chamartín, which borders the M-11, the A-1 and Avenida de Manoteras. This area began to be developed in 2003, although the real estate crisis held up many projects.

The largest plot (T3) has a buildable area of 12,500 m2, for which it will pay €23.83 million. A 21-storey building and a hundred homes will be built on it. The second plot (B3) is smaller (4,510 m2).

Read the full article in Spanish

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