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
- Ban on skyscraper plan for Atletico stadium (24 Apr 15)
- Benidorm: Cultural wonder of the world? (21 Apr 15)
- 'Mega skyscrapers could ruin Marbella': Duchess (10 Jan 14)
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.