British Fund to Invest €90 Million in Madrid Housing Project
In Madrid’s northern district of Hortaleza, a long-vacant site is set to transform into a modern residential complex. Autonomy Real Estate, a British fund founded by Robert Gibbins, will invest €90 million in the Nuevo San Luis project, delivering 250 apartments, including 50 affordable units, alongside 300 parking spaces.
Years of Delay, Finally Moving Forward
Acquired in 2018 for €38.75 million, the land remained idle for eight years due to bureaucratic hurdles and permit delays. With approvals now secured, demolition and site preparation—costing around €200,000—will precede construction, slated to begin this autumn and finish by mid-2028.
Market and Social Impact
Market-rate apartments are expected at €4,900 per square meter, parking at €24,000 each, generating projected revenues of €115 million with a net margin of 21.3%. The 50 affordable units aim to support young families and residents priced out of conventional housing, although demand is likely to exceed supply.
Signals for the Local Market
Nuevo San Luis could spur infrastructure improvements in Hortaleza and attract further foreign investment. Its success may encourage similar projects, increasing competition and helping moderate price growth. Yet, large-scale development raises concerns over density and environmental impacts, requiring careful coordination with local authorities and community stakeholders.
Strategic Timing
Under David Ventoso’s leadership in Spain, Autonomy has focused on long-term residential and urban infrastructure investments. Nuevo San Luis illustrates a patient, strategic approach: navigating delays, aligning with Madrid’s housing demand, and blending commercial returns with social considerations.
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