Sotogrande to Receive €50 million Boost to Infrastructure and Leisure

Sotogrande to Receive €50 million Boost to Infrastructure and Leisure

Sotogrande continues to grow with more infrastructure

The luxurious Spanish resort of Sotogrande will soon be provided with a €50 million investment as the owners of the estate – private equity funds Orion and Cerberus – aim to improve upon the reputation the resort has for being a high-class and laid-back place to live and work.

The Financial Times say that Cerberus and Orion will use the money to develop new offices, properties, and sports facilities as the popularity and interest in Sotogrande continues to rise.

Reports from estate agents in the area show that property prices are around 30% less than they were in the peak of 2007, and that home sales increased 23% year-on-year in the fourth and final quarter of 2016.

There is already a new development under construction, known as La Reserva. It will feature over 200 new villas to the outskirts of Sotogrande, seven of which have one hectare of private land.

Sotogrande is for people who want to avoid publicity. It is designed to be discreet. It’s the kind of place where VIPs can leave their bodyguards at home and feel truly free. Families go to the resort because they enjoy the open space and safety on offer.

Sotogrande certainly enjoys a slower pace of life compared to Marbella – which is just a 40-minute drive away. In recent years the resort has begun to rival Marbella in terms of stylish boutiques, luxury property, and world-class restaurants.

The resort has become famous for the harbour, golf course, and polo grounds. It continues to bring in the elite among the elite. While Sotogrande has just 6,000 permanent residents, as many as 30,000 people are housed there during the summer months.

Go-Ahead to Build Largest Leisure Park in Andalucía Given by Torremolinos

Go-Ahead to Build Largest Leisure Themed Park in Andalucía Given by Torremolinos.

Leisure park to be built near the Torremolinos water Park

Torremolinos council gave the green light to build the largest leisure park in Andalucía this past Tuesday when the town planning regulations (PGOU) received almost unanimous approval.

The giant leisure park will be built and developed by Intu Properties and will house shops, restaurants in Spain, a dry ski slope, and a large pool with surf waves. The area chosen to host the park is the area between the Palacio de Congresos and the motorway.

The leisure park project is expected to receive direct investments of up to 650 million euros. It is also expected to receive another 550 million euros through indirect investments. The construction of the park will open up 4,000 new jobs, with a further 3,000 jobs created through indirect employment.

This brand new leisure and shopping complex also gives good news for the Torremolinos council. The council is expected to receive 20 million euros from Intu Properties through the building license and other related fees. This is equal to roughly one fifth of the entire annual budget for the town. The park is also expected to generate 3 million euros through property taxes.

The park was part of the new planning regulations that were approved last Tuesday. All parties involved except for Izquierda Unida because if environmental concerns,  voted in favour of the new PGOU. This marks the first time in 20 years the opposition parties voted in favour of a new PGOU. The vote also finally ended the decade long planning stalemate the town had been suffering through.

The new PGOU includes more than just the park. The town centre will be pedestrianised, and cycle lanes and a river park will be constructed. The plan is to also create more green areas overall. Torremolinos also has plans to improve and enhance their Sierra.