Mazabi to invests 40M euros in a luxury coliving space in the center of Madrid

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

The asset, which once rehabilitated will be transferred to its Silicius socimi, has 2,600 square meters of commercial premises and 8,000 square meters for residential use.

Mazabi plans to invest 40 million euros to reform the asset found in numbers 6, 8 and 10 of Madrid Madrazo Street to enable 25 homes of 250 square meters for coliving spaces. In total, it plans to offer between 60 and 80 rooms, according to company sources.

Currently, the company is negotiating with different operators, among which is the proptech specialized in the rental of houses by Badi rooms, for the management of the property. In any case, Mazabi is interested in rentals of between three and twelve months. The asset is expected to be fully rehabilitated and open its doors between late summer and early fall of 2020.

The company acquired the building, listed as integral protection, three years ago. In addition to the 8,000 square meters for residential, it has 2,300 meters of commercial premises.

In this sense, one thousand of the square meters for commercial use, which is located at number 8, are only accessible through the carriage passage of the property. Thus, Mazabi plans to create an open space that would be destined for a flexible workspace, a restoration area with relaxation and work spaces or a fashion showroom for internationally renowned brands.

On the other hand, Mazabi is also asking for the necessary municipal permits to be able to rehabilitate the property located at numbers 8 and 10 of Atocha street in order to open a five-star hotel.

Although the request was made before the moratorium entered into force, decreed in February 2018, the company is pending the city council to give its approval to the project. If not, it could also allocate the asset to coliving, in addition to dividing the commercial space of 3,000 square meters that occupies the ground floor in two.

Mazabi is a wealth manager founded in 2009 and operating in fourteen countries. It currently has a portfolio under management of more than 1,300 million euros, of which 406 million are managed by its Socimi Silicius.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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