Spanish luxury project developer Grupo Abu has acquired a 27,500 m2 plot of land in Seville from the Andalusian regional government for €27 mln.
It plans to build a luxury housing development, consisting of 176 homes, on the site of the former Santa Barbara military warehouses, opposite the Artilleria factory.
The value of the investment in the project is said to be around €70 mln.
The residential land is located in one of the most sought-after and privileged areas of Seville, next to the commercial area of Nervión and a stone’s throw from the centre of the city.
The site will house three residential areas with dream flats and penthouses, with 2, 3 and 4 bedrooms, communal and private areas; in a renovated environment with roads and of almost 15,000 m2 of open spaces.
In addition, the location will also host the future Magellan Museum in its central nave.
Grupo Abu is investing €600 mln in 2023 to boost its business in Madrid, where it will allocate €300 mln, reach the Levante region and consolidate its presence in Andalusia.
In Madrid, Abu has acquired land for developments in the neighbourhoods of Valdemarín, Salamanca and Arturo Soria, in which it will invest €115 mln.
One of Abu's flagship projects is the 20-storey Abu Tower in Cádiz, which is set to become the tallest residential building in the city.