Magnificent building for renovation in Cortes

Engel & Völkers presents an opportunity in the very heart of Madrid, just a few meters from Canalejas Square, Puerta del Sol and Santa Ana Square. Located in one of the areas with the highest demand, the property combines the value of a historic building dating from the mid-19th century with a comprehensive renovation project that has already made substantial administrative and technical progress.

The building was constructed between 1856 and 1857 and has an approximate built area of 1,300 m² on a plot of approximately 210 m². It currently comprises a basement, five above-ground floors and an attic level, with independent access from the street. It is a property without horizontal division, predominantly residential in use, included within the Historic Complex of the Villa of Madrid and subject to partial Level 3 protection.

One of the property's main attractions is that it has an approved building permit for the comprehensive renovation of the building, allowing the future owner to proceed on the basis of an established planning framework and significantly reduce the usual processing times. In addition, some of the most complex works have already been carried out, including structural strengthening and adaptation, façade renovation and maintenance, and the complete replacement of the roof.

The project provides for the recovery and enhancement of the property's protected elements, with particular attention to the entrance hall and staircase, as well as the restoration of the original façade joinery and the vertical circulation core. It also includes the renovation of the common areas, the installation of a new accessible lift, the replacement of the joinery in the interior courtyards and the adaptation of spaces intended for building services.

The current proposal retains the building's residential character, with one dwelling per floor and the attic dwelling recognized in the planning documentation. It also includes the conversion of the ground-floor premises, which previously held a bar-restaurant licence, for use as private offices.

The project further provides for the modernization of the building services through air-source heat pump systems, centralized HVAC and highly efficient domestic hot water systems, together with integrated photovoltaic solutions on the roof and ventilation systems designed to minimize their visual impact.

The property is being sold in its current condition, pending completion of the interior renovation, allowing the buyer to develop the project according to their own design criteria. Ultimately, this is an uncommon opportunity that is well worth viewing.