New

Magnificent building for renovation in Cortes

€12,000,000
  • ~1,317 m² Total surface
  • ~1,317 m² Living area
  • Construction year 1856

Description

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.

Features
Air-conditioningBalconyBasementPatioTerraceElevatorAttic
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Engel & Völkers Madrid MMC

Your advisor: Cristina Rodriguez Fernandez

Property ID: W-04BP2U

Property details
  • Object type

    Flat

  • Number of Floors

    5

  • Total surface

    ~1,317 m²

  • Living area

    ~1,317 m²

Energy efficiency information
  • Construction year

    1856

  • Energy certificate available

    In progress

Location: Centro, Madrid

The Literary Quarter, or Cortes Quarter, is one of the most emblematic and distinctive areas in central Madrid. Located between the Paseo del Prado and Puerta del Sol, this historic neighborhood—once home to universal writers such as Cervantes, Lope de Vega, and Quevedo—has become a unique destination where tradition, innovation, and quality of life coexist.

Living in the Literary Quarter means enjoying a pedestrian-friendly, safe, and charming setting, perfect for leisurely walks along cobbled streets steeped in history and lined with terraces, bookshops, art galleries, and independent businesses with character. It is also one of the city’s most important cultural hubs: just steps away are the Prado Museum, the Thyssen-Bornemisza Museum, and the Reina Sofía Museum, which together form the renowned Golden Triangle of Art, as well as historic theaters such as the Teatro Español, Teatro de la Comedia, and Teatro Calderón.

Plaza de Santa Ana, the heart of the neighborhood, is one of Madrid’s liveliest and best-known public spaces, surrounded by centuries-old bars, fashionable terraces, and historic hotels such as the ME Reina Victoria and the Gran Hotel Inglés, Madrid’s oldest hotel, fully renovated as a five-star property. A short distance away, the recently redeveloped Plaza de Canalejas is home to the spectacular Galería Canalejas complex, featuring luxury boutiques, gourmet dining, and the exclusive Four Seasons Hotel Madrid, which has further strengthened the city center’s premium profile.

In terms of mobility, the neighborhood is exceptionally well connected: metro stations such as Antón Martín, Sevilla, and Sol are just a few minutes’ walk away, as is Atocha Station, the main hub for AVE high-speed and medium-distance trains. This makes it possible to do without a private vehicle and enjoy complete convenience in the heart of the city.

The ongoing renewal of the historic center—including the modernization of streets, squares, green spaces, and urban services—has increased the appeal of the Cortes area not only as an ideal place to live, but also as a highly profitable area with growing value for real estate investment. It is a vibrant, cosmopolitan, sophisticated neighborhood, increasingly sought after by both domestic and international residents looking for quality of life in a unique setting.

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