PORTFOLIO: FUND V
Change of use from office to residential in Salamanca
Victoria is a luxury condo project at the entrance to the historic center of Salamanca, the city in western Spain that UNESCO designated as a World Heritage in 1988. The development will follow the demolition of an office building on 5-6 Plaza de España, a prime location offering the planned 27 apartments considerable natural light and magnificent unobscured views.
Salamanca’s city center is significantly constrained in terms of potential modern residential development. The location is close to the city’s two principal shopping streets, meaning the ground floor retail units will attract strong interest from prospective occupiers. The fund has already received numerous approaches from institutional investors interested in purchasing the retail units. Victoria is in keeping with the fund’s strategy of sourcing residential developments and high street retail sites in supply-constrained markets through off-market transactions.