Malaga city council is going to maximise the revenue potential the La Térmica urban development project is offering: the new ‘golden mile’ .Last month, the urban planning department launched the bidding process to sell a plot of land in the area for the construction of offices, retail space and a car park.The starting price is set at 17.5 million euros, although the company that offers the highest price will win the plot, meaning the revenue for the city coffers will be higher.The city council is
planning another auction for a plot of land for a much higher sum in the coming days. The offer concerns another plot in the La Térmica area for an eleven-storey hotel near Avenida de Moliere, which separates it from the three residential towers next to Torre del Río .In this case, the starting price jumps to 33,670,218 euros, plus IVA (Spanish tax), making a total of 40.7 million euros. The urban planning department has called an extraordinary local meeting for this Friday to approve the
terms of this auction.The hotel will have 16,287 square metres of floor space. It will have to be a five-star establishment, as the tender specifications for the land allocation require. “All of this is in accordance with applicable regional tourism regulations and in line with the municipal strategy to promote sustainable and high-quality tourism,” the city council said.Of the more than 40 million euros to be raised through this auction, the city council will allocate 25 per cent to the acquisition of land for social
housing and the construction of such flats, in accordance with current Andalusian regulations.With this second auction of municipal land in La Térmica, the value of the urban development rights that the city council is putting up for sale totals 58 million euros. Track the Andalusian property and real estate market
Malaga, La Térmica, golden mile, hotel auction, urban planning, IVA, five-star hotel, Avenida de Moliere, Torre del Río, social housing, Andalusia