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Room with a view? Skyscraper in Benidorm for sale to highest bidder

Fiona Govan · 15 Dec 2015, 11:59

Published: 15 Dec 2015 11:59 GMT+01:00

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The 200 metre tall twin towers linked with a golden inverted ziggurat are visible for miles around, a monument to excesses that caused Spain’s construction boom and bust and left a nation mired in debt and crippled by economic crisis.

Started in 2006, The In Tempo building was destined to be the tallest residential block in Europe with the cheapest one-bedroom residence being offered for €358,000.

But the completion date of 2009 came and went and the construction firm Olga Urbana went bust with a debt of over €100m to now-defunct Caixa Galicia.

The still unfinished apartment block containing 269 luxury flats has, since 2013, been in the hands of Sareb, Spain’s so-called "bad bank"  established to consolidate the toxic assets of the nation's bankrupt savings banks.

But this week a court finally ruled that the building can be sold off in a bid to recoup the debt.

The commercial court of Alicante has approved a settlement plan that will see a sale process get underway in January.

Story continues below…

Bids for the property as a whole and not as single units will be invited from January for a period of four months.

There is no starting price but the property has been valued at just over €90million, according to El Pais.

For more news from Spain, join us on Facebook and Twitter.

Fiona Govan (fiona.govan@thelocal.com)

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