The most expensive and exclusive penthouse in Spain for sale. It is in Barcelona, on the corner of Paseo de Gracia, 111, with Avenida de Diagonal, in the tower that until a few years ago was occupied by Deutsche Bank. It is part of the first residence complex of the hotel company Mandarin Oriental in Spain. It occupies the top floor, the 20th, of a 75 meter high building, with a panoramic view of the city –in fact, it is the tallest building in the downtown area–. and has an area of 700 square meters.
The average price per square meter of this housing development, designed by the Spanish architect Carlos Ferrater, is 30,000 euros, according to its promoter, Josep María Farré, founder of the investment group KKH Property Investors, and former CEO of Renta Corporación, which places the value of the highest square meter in the area at 17,000 euros.
Although he claims that it is the most expensive penthouse for sale in Spain, he prefers not to reveal the final price of the house, since this will be adjusted and negotiated with the buyer, as well as the details of the interior finishes. “It is the only apartment that we do not finish, since it will be made to the liking of its owner. It’s about a penthouse unique in Europe, a glass box, in a dominant position from which you can see the entire city, overlooking the Mediterranean ”, explains Farré.
The price of the rest of the houses, whose works will end in February 2022, starts from 2.5 million euros. The tower houses 30 floors of one to three rooms, and four four-bedroom penthouses, with an area ranging from 120 square meters to 580 meters, although the average size is 250 square meters.
The sixth floor is intended for the residential club, and has an indoor area of 500 square meters, with a gym and spa, and an outdoor area of 700 meters, which houses a swimming pool, terrace and private gardens. All residences, which are accessed via three elevators and two staircases, have a team of 25 people who provide service, as if it were a Mandarin Oriental hotel, to the entire complex, from reception, security or valet parking. The property is also qualified to obtain the LEED Gold certification for sustainable construction.
“The prices are the highest in Spain, but they are lower than those reached in similar homes,” explains Farré. For example, in the complex Columbus Circle, New York, or One High Park, designed by architect Richard Rogers in London’s Knightsbridge neighborhood, both owned by Mandarin Oriental Residences.
The commercialization of the promotion has begun, and it is being done as if it were an IPO, with road shows for the different international markets. This is done by a team of seven people of KKH, based in London.
The first stop began in the British capital, with three events for Chinese investors, the following were in Miami, where a house was sold, in New York, Moscow, and next week they will travel to the Middle East. “We have always thought that the type of buyers would be international, but there is interest from nationals. We have some elite athletes and businessmen who have already bought a home, ”explains Jordi Bono, CEO of the developer, who has invested around 160 million euros in the global project, which includes the neighboring building of Seat.
During the construction phase, selective sales were made of a first lot, which was offered to investors in what is called the off-market phase. “We believe that there is interest in this type of product that is novel, and that if compared to New York or London it is very competitive,” adds Bono. As an example, when the show flat, located on the 16th floor, was completed, 1,100 people were registered. Of this, 140 asked to visit the building. Some buyers are owners of other apartments in the collection of the aforementioned hotel chain.
The Mandarin Oriental Residences complex on Paseo de Gracia joins the more than 20 locations that the chain has around the world, and is the second in Europe, after the opening of London. They have open projects in Atlanta, Munich, Vienna, Hawaii, among others, of the aforementioned hotel chain. “The building in Barcelona is a miracle,” says Farré, who would like to find another real estate gem of this type in Madrid.