Showpiece Homes and Luxury Living… Portside
As the Costa del Sol property market has been making heartening progress in recent months, experts analysing its course out of the crisis years have pointed to one specific trend that augurs well for the future: growing interest by corporate investors and international equity funds.
Towards the end of 2014, La Quinta Real Estate Group reached agreement with the Chilean corporate group Empresas Phoenix for the sale of Hotel La Quinta and La Quinta Golf & Country Club (straddling Marbella and Benahavís municipalities); and earlier this year we reported confirmation that NH Hotels had sold a 97 per cent stake in the Sotogrande macro-estate to two private equity funds – Cerberus and Orion – for €225 million.
More recently, the new Marbella mayor, José Bernal, said the town hall was going to take a more active role in the La Bajadilla project on the eastern side of the city centre, an ambitious marina and hotel development proposed by a company controlled by Qatar Sheik Al-Thani (who also owns Málaga football club) which has been in limbo for over there years due to legal complications. Bernal insisted the council – which has a nominal three per cent interest in the development – is determined to “lead” the project and “unblock” it.
Then, on the other side of Marbella, it was announced this week that negotiations were well advanced for a group involving a Chinese investment fund, the Credit Suisse financial institution and Spanish construction company Fomento de Construcciones y Contratas (FCC) to take over the concession for Puerto Banús marina, for more than €200 million.
The discussions are reported to also involve Marbella Town Hall and the Public Agency for Andalucian Ports, and the deal would involve adding a new section to the eastern part of the port (including as many as 450 additional berths) and also expanding the lucrative commercial area.
Puerto Banús SA currently has a 100-year concession that runs until 2067. With just under 900 berths, and capacity for boats of more than 50 metres, Puerto Banús is one of the most important (and expensive) marinas in the Mediterranean.
It is a key stopover for many of the world’s most luxurious boating vessels, with one of its major attractions the port’s 200-plus commercial establishments, including gourmet restaurants and exclusive boutiques – as well as the proximity to five-star hotels, chic beach clubs and nightclubs, top golf courses and other prime leisure amenities. An estimated five million people visit Puerto Banús each year.
The luxury properties surrounding the port area – ranging from multi-million-euro mansions to panoramic penthouses – are not included in the proposed deal, but they are an intrinsic part of the appeal and luxurious ambience of Puerto Banús. The south-facing apartment featured here, for example, is located in a highly-coveted residential complex just a short work from the main beachside attractions of Banús.
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Meanwhile, along the coast in Málaga city, council approval has been granted for the erection of a giant Ferris wheel in the Heredia quay area (behind the bus station). Local authorities hope the 70-metre wheel will prove to be a major tourist lure, complementing the city’s burgeoning cultural attractions, and expect it to be operational just before (or not long after) the launch of the iconic annual Málaga fair (which runs from 15 to 22 August).
Visitors strolling around Málaga port this past week were also dazzled by another sight: the 100-metre Radiant yacht (pictured here), originally built by the Lurssen shipyard for Russian tycoon Boris Berezovsky and subsequently sold to United Arab Emirates billionaire Abdulla Al Futtaim for a reported €240 million. For security, it is equipped with sonic guns to burst the eardrums of any potential attackers, as well as water cannons capable of sinking an approaching boat from 100 metres away.
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Meanwhile, along the coast in Málaga city, council approval has been granted for the erection of a giant Ferris wheel in the Heredia quay area (behind the bus station). Local authorities hope the 70-metre wheel will prove to be a major tourist lure, complementing the city’s burgeoning cultural attractions, and expect it to be operational just before (or not long after) the launch of the iconic annual Málaga fair (which runs from 15 to 22 August).
Visitors strolling around Málaga port this past week were also dazzled by another sight: the 100-metre Radiant yacht (pictured here), originally built by the Lurssen shipyard for Russian tycoon Boris Berezovsky and subsequently sold to United Arab Emirates billionaire Abdulla Al Futtaim for a reported €240 million. For security, it is equipped with sonic guns to burst the eardrums of any potential attackers, as well as water cannons capable of sinking an approaching boat from 100 metres away.