Home » Mandarin Oriental Residences penthouse shatters sales-price record for Barcelona and Spain

Mandarin Oriental Residences penthouse shatters sales-price record for Barcelona and Spain

Mandarin Oriental Residences Passeig de Gracia 111 Barcelona

The 20th floor penthouse of the Mandarin Oriental Residences in Barcelona’s Eixample district has been sold to an Asian investor for more than 40 million Euros, setting a new price record for an apartment in both Barcelona and Spain.

The 650 sqm full-floor apartment was sold in ‘shell and core’ condition including a mezzanine floor for 45 million euros, with a fit-out project costing another 3 million euros, taking the total delivery price for the 4-bed apartment to 48 million euro before tax, or 52.8m euros after tax.

In terms of price per square metre, that means a shell and core cost of 69,231€/sqm and all in cost of 73,846€/sqm excluding VAT (76,154€/sqm and 81,231€/sqm inc. VAT respectively). The fit-out design project has been created by British architectural designer John Pawson.

Mandarin Oriental Residences Passeig de Gracia 111 Barcelona

This is a price-shattering record for an apartment in Spain. The previous record was 15,000€/sqm (exc. VAT) paid for shell and core in the super-prime Francesc Macià 10 development, also in Barcelona. And according to a new market study just published by real estate consultancy Activum, the average price of new homes in the Barcelona Eixample area is now 8,070 €/sqm.

The Mandarin Oriental Residences in Barcelona are located at Passeig de Gràcia 111, in what was formerly the Deutsche Bank building. It was bought by KKH Property Investors (in a joint venture with Perella Weinberg Real Estate) in 2014 for 90 million euros with plans to convert the building into a luxury hotel. A moratorium on new hotels in Barcelona the following year put paid to that plan, resulting in a change of strategy towards high-end fully-serviced apartments in collaboration with the Mandarin Oriental Hotel chain, which has an establishment further down Paseo de Gracia.

Mandarin Oriental Residences Passeig de Gracia 111 Barcelona

The building has 20 floors, of which the top four are offered as full-floor penthouses, with another 30 apartments in the building including one-bed studio apartments starting at 2 million euros, going up to 10 million euros for 3-bedroom units on lower floors, and 20 million euros for the remaining penthouses. Of the 34 homes in the building 12 have already been spoken for and 20 are still available, according to Spanish press reports. 

According to the developer’s website, “Owners will enjoy use of the exclusive Lounge and Garden Level, comprised of fitness, wellness and business facilities, as well as a rooftop garden and swimming pool. Furthermore, owners will also have access to the renowned hotel services and facilities of Mandarin Oriental, Barcelona, including the Michelin-starred Moments restaurant and an award-winning spa.”