Paramount Theme Park to be built at Polaris World, Murcia
The group IRM (Investment Resort Mediterranean) says that it is offering it's land at Alhama to the promoters of the proposed Paramount Pictures Theme Park. Negotiations continue and the parties are confident that an agreement will made.
By: Murcia Golf Properties Ltd
IRM is owned by a consortium of banks that acquired the area from Polaris World in exchange for company debts. The group includes Caja Mediterranean, Bancaja, Banco de Valencia and Banco Popular. Another bank - Cajamurcia - owns 7 % of the land but is not part of IRM. The land was originally going to be part of a huge golf resort being built by Polaris World. It would have included three Jack Nicklaus golf courses and a wealth of services and facilities. One golf course was built but the company hit financial troubles when the property market crashed. The remaining land, the existing golf course and all unsold properties were sold to the banks in exchange for writing off company debts. Since then the banks have been thinking about how best to use the land - this proposal may be a good solution for all parties.
Negotiations continue and any deal would not be agreed until the managers of Paramount Pictures give the definitive go-ahead to the project. The availability of land must be immediate since without this the intermediary cannot proceed with their plans. The regional Government is monitoring these negotiations and points out that other options also remain open.
It seems that Condado de Alhama is the favourite site for the park to be built, but if another location is ultimately selected it is unlikely to be far from the Polaris World golf resorts in the region.
At present Condado de Alhama is attracting interest from investors who view this as a long term opportunity. Prices are currently very low with two bedroom apartments priced from €84,950 - see http://www.murciagolfproperties.co.uk/
Mortgages of up to 90% are available on bank-owned properties so now could be the ideal time to invest in Condado de Alhama.
# # #
Murcia Golf Properties Ltd are the leading Polaris World resales agent.
The company has the largest property portfolio of any agent which include private resales exclusive to MGP, bank repossessions, bank owned property stock and exclsive developer offers.
The company operates free inspection trips for prospective clients - contact them at http://www.murciagolfproperties.co.uk or 0044 1273 302236