Exclusive Mandarin Oriental Residences — Spain's Most Expensive Housing
Exclusive Mandarin Oriental Residences — Spain’s Most Expensive Housing
Famous athletes, aristocrats and major businesspeople are competing for the Mandarin Oriental residences in Barcelona, with an average selling price of €30,000 per square meter.
The sale of Spain’s most exclusive and expensive housing has begun amid heightened anticipation. The world’s wealthiest individuals are vying for residences in the Deutsche Bank tower in Barcelona, located at the intersection of Paseo de Gracia and Diagonal — the city’s two main streets.
Developer KKH Property Investors is offering 34 luxury apartments at Paseo de Gracia 111, with Mandarin Oriental service and part of the exclusive amenities from the luxury hotel of the same name, operating just meters from the building.
One, two and three-bedroom apartments, four-bedroom penthouses and a two-level penthouse on the top floor, ranging from 120 to 580 square meters with panoramic views, comprise a residential complex worth around €30,000 per square meter. These prices are almost double the cost of Barcelona’s most expensive housing and significantly higher than, for example, the average price of €14,500 per square meter at Four Seasons residences on Plaza Canalejas in Madrid.
The design of the 75-meter-high, 20-story building was created by Spanish architect Carlos Ferrater, winner of the national architecture prize, while the interiors are handled by London-based Muza Lab studio.
Common Areas
KKH Property Investor acquired the building five years ago from the Andorran families Reig, Ribas and Cerceda. The last three years — after Cuatrecasas and Deutsche Bank, the previous tenants, left the building — were spent on reconstruction. Having abandoned the initial idea of converting the property into a luxury hotel, the developers proceeded with a complete reconstruction of the building, which didn’t stop even during the pandemic. Including the purchase and subsequent reconstruction, the investment totaled around €170 million.
The Deutsche Bank tower had an L-shaped form: a horizontal six-story wing (now housing a flagship store and Seat offices) and a vertical building designated for housing. Common areas are located on the sixth floor: fitness facilities, spa, gym, library, two conference rooms and a 700-square-meter terrace with a rooftop pool and garden with panoramic views.
One of the main attractions of the residences is the exclusive Mandarin Oriental service. 25 staff members serve residents, providing concierge service, porter services, doorman, cleaning and security. This is the second residential complex with Mandarin Oriental service in Europe after One Hyde Park in London.
According to Josep-Maria Farré and Jordi Bono, founder and CEO of KKH Capital, before launching open sales, some apartments on lower floors were sold to investors through private deals at prices starting from €2.3 million.
The bulk of the apartments — primarily on upper floors — went on sale later. 110-120 people were selected for personal viewings from more than 1,100 who registered on the website over the past two years. The top two-level penthouse will not be put up for sale.
International Events
Presentations in international markets are planned for the coming weeks: London, Moscow, Miami, New York and Middle Eastern capitals — with participation from private banks, family offices and specialized agents. These events will complement the presentations already held in Barcelona and Madrid.
The developers expected to complete work at the beginning of the year, make the first handovers in March-April and sell all apartments by summer 2022.
Premium Quality Mark
This is the second residential project in Europe with the Mandarin Oriental brand after One Hyde Park in Knightsbridge (London). The group has twenty branded residential properties, operating or under construction, in New York, Dubai, Honolulu and Bali.