A peculiar residential complex created to give light to an area of Jaén until now uninhabited. It is located in a key area of the city, with very good communications, near the University, the Hospital Universitario and the Jaén Plaza shopping center.
PlazaNorte is an exclusive residential complex created to provide long-term residential housing in a new area of Jaén. It is located in one of the growing areas of the city, which is well-connected, closed to the University, to the Hospital Neuro-traumatológico and to the Jaén Plaza shopping centre.
PlazaNorte is a great example of the urban renewal promoted by Zertum, as it transforms an apparently forgotten area of the city into a residential area intended for leasing and as a reference in the city of Jaén.
|Start-up capital amount||
Fourth quarter of 2021
|First investment period||
4Q of 2022 - 1Q of 2023
|Second investment period||
|Property value||21.0 million€|
|Development cost||16.17 million€|
|Gross operating margin||5.27 million€|
|Gross margin on costs (%)||33.4%|
|Total equity interests||7.40 million€|
|Bank financing||8.90 million€|
|Loan-to-value ratio (LTV)||43.93 %|
|Leasing incomes||1.12 million€|
|Leasing costs||0.29 million€|
|Net operating income (NOI)||0.8 million€|
|Gross profitability on costs||5.10%|
Intended purposes and areas
PlazaNorte is developed into two independent buildings located on adjoining plots with a height of four floors plus the ground floor and a total of 117 dwellings.
Each building has a huge independent access lobby connected to the dwellings, parking area and indoor and outdoor common areas. The modern design of the dwellings is characterized by open spaces with lots of natural light, with built-in kitchens and en-suite bedrooms.
Each building has large common areas (swimming pool, playground, gym, co-working area and solarium). All elements have been designed with the purpose of achieving the best views and sunlight in both buildings.
The residential complex will obtain the BREEAM sustainability certification, which guarantees a sustainable and environmentally friendly construction.
|Parking area||123||3,875 m²|
|Storage room area||106||818 m²|
|Other areas||9||4,419 m²|
|Dwellings / No bathrooms||Units|
|1 bedroom / no bathroom||35 / 1|
|2 bedrooms / no bathrooms||65 / 2|
|3 bedrooms / no bathrooms||17 / 3|
|Parking area and storage rooms||Units|
|First approval||In progress||Final approval|
|Not requested yet||Requested||Granted|
Strategically located in the new urban area of Jaén emerging around the Jaén Plaza shopping centre, the University campus and the future main health area in the city, it has excellent connections and services:
- 0.1 km from the Jaén Plaza shopping centre
- 0.2 km from Bailén-Motril motorway (A-44 connection)
- 0.3 km from the Jaén University
- 0.8 km from the Hospital Universitario
- 2 km from the train station
- 2.5 km from the bus station
- 3 km from the cathedral
FIRST INVESTMENT PERIOD
paid-up from a total amount of 7.40 million€
next investment period