Menu
Construction and real estate
Santa Monica Place reopens to the public
Negative response towards Vanity Fair's World Architecture Survey
Green response to Vanity Fair's World Architecture Survey
Biking in Los Angeles—C.I.C.L.E
Los Angeles' proposed cap freeway parks
Greenwashing
Cool roofs
The Piggyback Yard project
Financial consultant tells how to get Corporate Credit with bad credit
Short sales and foreclosures 101 from a top Los Angeles Realtor
How to get your offer accepted: 5 tips from the frontlines
The dilemma of saving for a down payment
Why do I need an inspection when buying a home?
What is a short sale in real estate?
When I sell my home, how do I caluculate my net profit?
What is a Leaseback period in a real estate transaction?
What is an Escrow period and why is it required?
What's my strategy in reviewing buyers' offers?
Should I accept a backup offer when selling my home?
What are Disclosures in a real estate transaction?
What's a CMA in a real estate sale?
How should sellers prepare to sell a home?
What inspections will buyers schedule when purchasing my home?
What are contingencies in a real estate transaction?
Land deal for Paramount theme park in Spain signed
The contract to complete the land sale for the new Paramount Theme Park in Murcia, southern Spain, has been signed given the green light for the much awaited project which could help boost the country’s slow property market.

Proyectos Emblematicos Murcianos (PREMURSA), the promoter behind Murcia’s Paramount Theme Park and LifeStyle Centre, agreed to pay ˆ10.3 million for two thirds of the land earmarked for the project.

Chris Mercer, director of estate agent Mercers which is based ten minutes drive from the Theme Park, believes it will transform the area.

‘In this time of negative reporting, particularly with reference to Spain’s economic tribulations, it is so refreshing to have some ultra positive news to share. After many months of waiting it now looks as though we have been right to have had faith in, and publicised, the ongoing Paramount Park saga,’ he said.

‘This Theme Park is going to transform our corner of Murcia and, as the closest estate agent geographically with 28 years experience in the region, we’re already becoming the first port of call for serious investors looking to take advantage of this once in a lifetime opportunity,’ he explained.

‘Imagine being lucky enough to have purchased a home right next to Walt Disney World or Universal Studios before they started building. The potential is enormous. Murcia has always offered incredible value for money but now with the Paramount Theme Park confirmed for just up the road, I very much doubt that there is another location in Spain that will offer same rental returns and capital appreciation,’ he added.

After signing the deeds, PREMURSA’s President Jesus Samper said that it was ‘an important and necessary step for this great project which represents Paramount's first Theme Park and LifeStyle Centre in Europe, a large cultural, business and leisure complex’.

He that the first symbolic stone would be laid and construction would begin to break ground towards the end of May.

PREMURSA’s official signing was initially due in February but experienced a minor stutter when some of the land was found to not be free of charges and debts, a legal requirement for purchase to go ahead.

The remaining third of the land still does not meet notary requirements. However, Samper insists he is not concerned for the project as the Park itself occupies an area of just less than one million square metres that is now in PREMURSA’s possession.

He added that he hopes to reach an agreement on the final plot of land when all legal inconsistencies have been ironed out.

The Paramount project requires an investment of more than ˆ1 billion and will create 22,600 construction and operational jobs. It hopes to attract upwards of three million visitors each year from around the world.

The Theme Park will be divided into four areas to include two themed hotels whilst the LifeStyle Centre will have seven hotels, restaurants, bars, nightclubs, a shopping mall, casino and a business district with modern office space, an auditorium and convention centre. PREMURSA has been granted the license to construct and operate the Theme Park, exclusively in Spain, for an extendable 30 year period. The economic impact of the project could make up 2% of the Region’s GDP in forthcoming years.

The Theme Park and first phase of the LifeStyle Centre is expected to be open to the public by the middle of 2015.
  
Planning expected to be a major issue for UK house builders, survey shows
UK property industry calls for commitment on energy savings in buildings
Private sector activity boosts UK property construction sector
Properties in New Zealand bigger
UK govt to sell land for new homes
New earthquakes in Christchurch will set back real estate market
One in three people would build their own house, research shows
UK construction industry flat as economic uncertainty bites
Panel house launched in India by RICS
UK announces new deal on new build properties
UK developer calls for more apprenticeship opportunities
Asking prices of new homes in the UK rise
Land deal for Paramount theme park in Spain signed
UK housing starts down 15% compared with a year ago, data shows
House building levels in the UK down by 4%, new figures show
Outlook for the UK construction sector more positive, says RICS survey
Builders call for UK govt to boost home construction industry
Britain needs more energy efficient homes, builders tell the govt
New quality assurance scheme for new homes in the UK to be launched
Steady rise in number of new homes being built in New Zealand
UK govt to make self build homes exempt from infrastructure levy
Confidence in the UK construction sector at its highest since end of 2007
Outlook for architect and wider UK construction industry improving
UK property market recovery results in creation of jobs for young people
UK construction sector finally on the way to recovery says RICS
£17 million announced for community self build in English regions
Building costs remain high in Europe, annual study finds
UK govt pledges to do more for self build sector
Menu
GCC investors must consider tie ups with Turkish firms
Siemen clinches $2bn Saudi metro contract
Italy's Pilosio wins big Makkah order
Premier real estate developments named
Qatar UDC net profit up 7.5pc
Cluttons showcases ME, London properties
Al Baddad to supply 80pc of Hajj tents
Dubai RTA inks water canal project deal
Kohler launches new collection in UAE
$51.6m theme park planned in Bahrain
Dubai real estate market gains strength
Mena states plan $225bn transport projects
Siemon's new tool to cut termination times
Kuwait in $2.4bn bid for London property
Hyder Consulting opens design centre in Amman
Work to start soon at Oman tourism complex
Jotun hosts gala event for interior designers
MAF launches new 5-year green strategy
Arabtec buys UAE electromechanical firm
Call for cost effective sustainable houses for the UK
London house builder celebrates 2010 success
Construction recovery slows in the UK property industry
England needs 750,000 new properties by 2025
Australia heading for housing crisis as new sales fall