Italian fashion house, Prada, has purchased a high street unit on Madrid’s Golden Mile for approximately €63 million, which represents over €81,000 per m² of GLA, the highest price per m² ever achieved for a Spanish commercial property.
The property in question is located on Serrano Street in Madrid, one of the city’s most expensive commercial arteries, and the seller was Bankia, Spain’s 5th largest bank with €221 billion total assets (S&P Global Market Intelligence, 2017). The retail asset on Serrano nº64 has a built area of 941m² (and a GLA of 766m²) which is distributed across 3 floors.
The bank’s servicer, Haya, has carried out a competitive sale process in which national and international funds have been involved and which has generated strong demand. The SPA was signed at the end of April, and according to Haya, there has been a high level of demand owing to «the lack of product in the area in which it is located as well as its large façade with over 15 meters overlooking Serrano Street».