Costa del Sol:Development options in Malaga

Property bid: Huge possibilities. SOURCE: Wikipedia

ISRAELI magnate Haim Tsuff is to pay just over €23.5 million to become the new owner of the old Correos building, in Malaga. The entrepreneur was the only one who bid for the property, initially priced at 16.8 million, in the public auction called by the Junta de Andalucia.

The construction located in the Avenida de Andalucía consists of three floors in the lower body and nine floors in the tower and is close to 17,000 square meters. 

However, one problem the new owner may run is to are the conditions pertaining to urban qualification which limits the possible development of new projects.

Unless Tsuff chooses to open a negotiation process with the City Council to vary this use, which could be extended over time, urban planning is clear, allowing only academies, university centers, hospitals and student or senior homes. Although Mayor, Francisco de la Torre, has shown to be more interested in the idea of a hotel.

 

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Damon Mitchell

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