March 7, 2021

Canalejas will be fully operational in 2020 after 600 million investment

The Centro Canalejas real estate complex, located in the heart of Madrid, will be fully operational at the beginning of next year (both the luxury hotel it houses as well as the residences and the commercial gallery) after an investment that already amounts to about 600 million euros .

However, the hotel of the Canadian Four Seasons teaches, the first to open in Spain, is expected to be inaugurated later this year, as well as the associated luxury homes, whose prices are around 15,000 euros / square meter and, in fact , the sale of one of the attics has already closed for 10 million euros.

However, the shops in the shopping arcade and restaurants will be finished between one and two months later than the hotel, so the Canalejas complex will not be fully operational until 2020, the company's technical director explained to EFE, Gregorio Diaz

The works of the complex, which began in 2014, were scheduled to be completed earlier this year and about 18 million people are expected to cross their doors a year, but, in the case of the shopping arcade, they must still finish their own works and request individual occupancy licenses from the Directorate of Heritage as it is a historic building.

The complex, located next to the Puerta del Sol in Madrid, comprises seven historic buildings between the streets Alcalá, Sevilla, Plaza de Canalejas and Carrera de San Jerónimo.

In addition to the hotel, Canalejas will house 22 luxury homes and a commercial gallery of 15,000 square meters.

So far, 19 homes have been sold to date, while three others are in negotiations.

The sales have closed with an average amount of approximately 15,000 euros / square meter and the sale of the largest of the penthouses, 700 square meters, has reached 10 million euros, the manager stressed.

Among the buyers of these luxury residences are both national and international clients, among which Latin American investors predominate.

The houses, which will have services of the Four Seasons hotel itself, will have at their disposal a director of residences that will manage the needs of the owners, who may request, among other services, the rental of a car, the purchase of tickets for an event or catering. In addition, tenants may use the rest of the hotel offer.

The Four Seasons hotel will be the first of the chain in the capital and in Spain. It will have 200 rooms, with the particularity that in one of its suites is the old office of the director of the Banesto bank that was, in its day, occupied by Mario Conde.

Centro Canalejas hopes that the arrival of Four Seasons will have a similar effect to that it had in Milan and attract foreign tourists and other international luxury chains to the capital.

The commercial gallery will have 47 establishments: 30 luxury stores and 17 restaurants that, in turn, will be divided between gastronomic stalls and more traditional establishments.

Chef Dani García, with three Michelin stars, will have a restaurant with a terrace overlooking Alcalá street and the Cibeles fountain, as well as 200 seats on the seventh floor of the building that will have access from the hotel and another from the Street.

To realize this project, more than 7 million have been invested in restoring some 16,000 architectural elements that have been placed again, from parts of the railing of some stairs to the old original counters of the bank that will be the reception of the hotel.

Díaz has affirmed that the complex aspires to be a "milestone" for Madrid and has stressed that the effect in the area is already beginning to be perceived, which has seen how the square meter in the surroundings went from costing 3,000 euros at the beginning of the works to 10,000 today.

Centro Canalejas is a 50% controlled company between OHL and Mohari, which bought its share for 225 million in 2017.

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