Paramount’s Spanish Theme Park Deal Signed

Plans are moving forward for Paramount to build a massive theme park in the Spanish town of Murcia that is expected to change the face of region’s economy. …

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Plans are moving forward for Paramount to build a massive theme park in the Spanish town of Murcia that is expected to change the face of region’s economy. Proyectos Emblematicos Murcianos (PREMURSA) has agreed to pay €10.3 million for two-thirds of the land that will support the Paramount Theme Park and Lifestyle Centre. The remaining one-third must be cleared of charges, debts and notary issues before purchase can be completed. Area real estate agents say they are already fielding calls from interested foreign investors, comparing the opportunity to that of being in a position to buy adjacent real estate to Walt Disney World. The project will require an additional €1 billion in funding and more than 20,000 construction laborers, and is expected to draw upwards of a million visitors a year. For more on this continue reading the following article from Property Wire.

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 €10.3 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 €1 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.

This article was republished with permission from Property Wire.

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