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Núñez: An emblematic service station located on Libertador Avenue was sold - La Nacion Propiedades
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Núñez: se vendió una emblemática estación de servicio ubicada sobre la avenida Libertador
La mayor desarrolladora de oficinas del país, Raghsa, compró el terreno y planea armar un megapolo de oficinas en Núñez
www.lanacion.com.ar
January 16, 2024
The largest office developer in the country, Raghsa, bought the land and plans to build an office megapole in Núñez
By Candelaria Reinoso Taccone
Raghsa was left with an emblematic piece of land located on Libertador Avenue next to the McDonald's location.
This week one of the largest real estate operations in recent years was revealed . The largest office developer from Argentina, Raghsa , was left with an emblematic piece of land located on Libertador Avenue next to the McDonald's location, where an Axion service station operated. The 2800 square meter land is on the corner of the traditional Manuela Pedraza avenue and street, in the heart of the Núñez neighborhood.
In this way, the company consolidates the corporate hub of the area where the Libertador Business Center with 100,000 square meters of fully occupied offices has already been built.
With more than 1,000,000 square meters built , the developer founded in 1968 by Moisés Khafif , stood out in the residential business for the construction of the Le Parc towers in Palermo, Puerto Madero and now in Punta del Este, but its focus is on Buenos Aires. Aires is purely corporate -top offices-.
The 2800 square meter land is on the corner of the traditional Manuela Pedraza avenue and street, in the heart of the Núñez neighborhood.
The acquired land, which is already boarded up, is in one of the areas with the greatest real estate potential in the city , where the land defends an incidence per square meter of a little more than US$1000.
The developer's plan is to build a new premium corporate office tower that will be used in the rental market for blue-chip companies. It will be a building with a total construction area of 50,000 m² and approximately 25,000 profitable m² , with open and flexible floors, equipped with state-of-the-art technology, according to the company itself in a statement.
The venture promises to finish consolidating a corporate hub on Libertador Avenue . In the midst of the pandemic, the company inaugurated the Libertador Business Center , the company's most ambitious project to date. With an area of 100,000 m² , this imposing structure, located on Avenida Del Libertador at 7200, has 26 open floors ranging between 1,200 and 2,900 m². With a total of 60,000 profitable m² and an average rent of US$32/m² per month , it is established as the largest AAA office building in the country.
Libertador Business Center, the project in which the offices are rented at US$32/m2
But this project is not the company's only bet in the area: in 2020, Raghsa purchased a land behind the McDonalds in the same block that it now acquired the land, adjacent to the Libertador Business Center and in the near the old Axion service station. On this land, previously occupied by soccer fields, the Núñez Business Center is under construction in Manuela Pedraza and Arribeños.
The Axion service station that operated on the land acquired by the developer.
This corporate project of US$55 million investment will be ready in mid-2024 and will have a total area of 50,000 m², of which 23,000 m² will be allocated for rental.
With the acquisition of this last piece of land, Raghsa consolidates its position in the corporate market with 200,0000 m² of offices and an investment that will exceed US$300 million, including only the three corporate towers in the area, which are also the most important office towers in Argentina. Three ventures that, without a doubt, will turn the pole of the northern corridor of the city of Buenos Aires into the “New Catalinas .”
“For the Núñez neighborhood, the arrival of a new office development is positive, because it defines its physiognomy, contributing to the exponential growth of the area ,” says Mariano Vega, General Manager of Raghsa.
In the image, Núñez Business Center, under construction behind McDonalds and on the other block Libertador Business Center
“In recent years, banks, restaurants, gyms, universities, supermarkets and cinema complexes have been installed, providing more necessary services and easy access to meet the needs of the demand that continues to increase . These developments have a positive impact on an economic, social and environmental level, since they enhance the area with new growth opportunities,” adds the executive.
The Innovation Park promises a daily circulation of 30,000 people with an economic activity that will be around US$1 billion.
From the perspective of the sector, the developers celebrate the operation . “It is great news for the real estate sector, with very high impact, especially in this post-election context because although the business community shares Milei's vision regarding its announcements and objectives, countless doubts persist about the viability of its implementation” , analyzes Damián Tabakman, president of the Chamber of Real Estate Developers (CEDU).
It is for this reason that Raghsa's decision to acquire land and undertake a project of such magnitude highlights it as an event with an extremely “positive and promising” impact for the real estate sector. “The magnitude of the economic investment and the extent of the project are notable. Land transactions with the capacity to host projects of this magnitude are few, and generally occur at crucial moments in Argentine history, when some investors choose to bet heavily in anticipation of the future,” says Tabakman.
As an example, he mentions the sale of the land of the Innovation Park located in Udaondo and Libertador where the Whertheins are advancing with a mixed venture. Another case was, at the height of Mauricio Macri's government, the sale of the corner of Libertador and Pampa - where a service station also operated -, where an office tower was completed. “These lands, worth millions in dollars, require additional investments of several million for their development, and these transactions only take place at significant turning points in the country's history,” analyzes the president of the CEDU.
Spill effect
As if that were not enough, in the same corridor, a few meters from the corporate center that Raghsa plans, an emblematic area is being developed that promises to be revalued thanks to the impact of the Innovation Park , which is located on the other side of Libertador Avenue and that promises a circulation daily of 30,000 people with an economic activity that will be around US$1 billion.In Núñez, this new epicenter has the potential to become a neighborhood in itself . Currently occupied by public spaces and some building foundations, such as the Portland Group's E6 project, one of the first to begin construction in a neighborhood that will shape a new axis in the urban fabric of the city.
The Innovation Park initiative that is set up in the 32 hectares that the Federal Tire occupied aims to unite in one place universities, university residences, technology companies, tertiary institutes, coworking spaces and institutions under the focus of innovation.
The Udaondo project being built by the Werthein group in Libertador and Udaondo
The “spillover effect” of the Park's development is already manifested in projects such as Udaondo , with an investment of US$180 million, excluding the value of the land, which will have three 100-meter-hi
The initiative is led by Landmark Developments and has the support of the Werthein Group, owner of the land destined for the project and a pioneer in betting on the Park.
In November 2018, the Werthein Group invested US$151.5 million in the acquisition of two blocks of approximately 10,000 square meters each . The project, scheduled for completion in 2028, is expected to be developed on half of the acquired land, while the fate of the other half has not yet been defined.
On the other hand, this submarket also generated a spillover effect in other blocks of Núñez. “The large movement of companies that will settle in the area will generate a demand for apartments for those who want to concentrate their ecosystem of work, study and social life . I think there will be an increase in residential projects in the area,” analyzes Christian Leupold, Commercial Manager of the developer Avilis Real Estate, which is advancing the construction of a 10-story residential building located a few meters from Avenida del Libertador. about Ugarte at 1500.
Regarding the changes that the Innovation Park will bring in the surrounding area, Leupold predicts a resounding change in the entire area . “There is still a long way to go to see a complete transformation, but it seems to me that it will generate an effect similar to what the Technology District in Parque Patricios had at the time. There was a whole movement of companies to that sector of the city.”
In comparison, the commercial director assures that since it is a premium area like Núñez, in this case there will be an increase in housing and the neighborhood will gain position compared to others that are historically more expensive such as Recoleta.
“It is clear that when these distinctive works are generated that change the configuration of a neighborhood, with important investments and synergy between the public and private, a contagion effect is generated in the area, what in the industry is called a spillover effect . Today the value of the square meter is much more defended compared to other neighborhoods and is closer to the prices of the best areas such as Belgrano and Palermo,” concludes Leupold.
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