Spain’s tallest residential building the Intempo skyscraper in Benidorm is one year away from renovation works completion and already 40pc sold says the development team.
InTempo is 198 meters tall with 45 floors containing 256 residences and more than 13,000 m2 of common areas including the highest gym and spa in Europe. The renovation work still has a year or more to go.
InTempo was started during the boom years more than a decade ago, and was one of the highest profile casualties of the crash. It ended up unfinished in the hands of Spain’s Sareb ‘Bad Bank’, who took the building and debts over from the developer Olga Urbana, owned by José Ignacio de la Serna, for 52 million euros – a 44pc discount compared to the original mortgage loan of 93 million Euros that savings bank Caixa Galicia lent to De la Serna.
The turnaround is financed by SVPGlobal, who bought the crisis-stricken building from the Sareb ‘Bad Bank’ in 2017 for around €60m, and appointed Barcelona-based UNIQ Residential to complete and renovate the building to luxury standards. Marketing and sales are being handled by Paul Jessup and Sonneil.