Spain's news in English

Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

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

Share this article

Room with a view? Skyscraper in Benidorm for sale to highest bidder
Photo: Jose Jordan / AFP
11:59 CET+01:00
The Benidorm skyscraper was meant to be the jewel in the real estate crown of the Costa Blanca but instead it became a victim of the economic crash and will now be sold off to the highest bidder.

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.

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.

Get notified about breaking news on The Local

Share this article

The Local is not responsible for content posted by users.
Become a Member or sign-in to leave a comment.

From our sponsors

This cloud-based agency takes remote working to the next level

Be honest, who hasn't dreamed of working remotely with all the perks of employment? If you've got the skills, you only need to look UP to make that dream a reality.