Murcia, Spain Real Estate To Get Boost From €1B Paramount Theme Park

Paramount is planning on building a theme park on 1.8 million meters of land in Alhama de Murcia, Spain, and new reports confirm the deal is moving forward. …

Paramount is planning on building a theme park on 1.8 million meters of land in Alhama de Murcia, Spain, and new reports confirm the deal is moving forward. The mayor of Murcia confirmed Paramount’s purchase of the land for €15.8 million will be completed next month, and that the park should be completed by April 2015. The project is expected to generate 22,600 construction jobs and will require a full investment of €1 billion to complete. Once finished, the theme park will be complemented by a business district, restaurants, bars and nightclubs, and seven hotels that will be part of its lifestyle center. Analysts believe the project will boost the region’s GDP by as much as 2% once it is opened. For more on this continue reading the following article from Property Wire.

The land for the Paramount branded theme park in Murcia, Spain, will be officially signed off next month, it has been confirmed.

The Mayor of Alhama de Murcia and local estate agent Mercers said that the deal will finally silence a group of ‘doubters’ who thought the international brand might back out because of the global economic downturn.

But Proyectos Emblematicos Murcianos (PREMURSA), the promoter behind the park and lifestyle centre, confirmed that that it will purchase the land destined for the project at a cost of €15.8 million on 06 February 2012 when details of investors will be revealed.

‘Some have been sceptical about Murcia’s grand plans, understandable given the economic climate, however the Mayor has reiterated the importance of the project in guaranteeing work to a whole generation of young people growing up in Alhama de Murcia,’ said Chris Mercer, director of Mercers.

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‘Likewise, if PREMURSA has officially stated its intent to spend almost €16 million next month we can be confident that they have the backing to proceed otherwise €16 million for what is essentially a rather unremarkable piece of land would be a seriously expensive error. All eyes will be on 06 February in anticipation of the biggest step forward in the project to date,’ he added.

The land in question is in Alhama de Murcia and extends to just over 1.8 million square meters of which 774,777 square meters will become the theme park and just over 1.03 million square meters become a lifestyle centre with seven hotels, restaurants, bars, nightclubs and a business district with modern office space, an auditorium and convention centre.
As the land already has plans in place for residential development, planning paperwork should be swift to meet the strict timescales of the Paramount Licensing agreement.

Officially presented in October last year in Madrid, the Paramount branded Park requires an investment of more than one billion euros but will create 22,600 construction and operational jobs and hopes to attract upwards of three million visitors each year from around the world. Building work is expected to commence in spring 2012 with an opening date slated in for April 2015. 

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.

Mercer reckons it could become a property hot spot as prices in the area, which are already at bottom prices, will soar when the park is completed. Also rental demand is likely to be higher for workers and for tourists.

Bargain in the area include a two bedroom villa with swimming pool for €125,000 and a five bedroom with pool for €235,000 close to the beaches and the new theme park site.

This article was republished with permission from Property Wire.


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