Savills has advised Casino Gran Madrid on the acquisition of a new casino on Paseo de Recoletos in the centre of the Spanish capital from landlord Colonial. 

The new casino, which will occupy the four lower floors of the seven-storey building at 37-41 Paseo de Recoletos, represents one of the first casinos in central Madrid following a change in the city’s gaming laws. 

Refurbishment work to redesign the building’s interior began in April 2013, and when complete, the new Casino Gran Madrid branch will include 1,000 sq m of floor space dedicated to gaming tables and a further gambling zone for approximately 65 slot machines.  There will also be a cafeteria and restaurant and the premises are scheduled to be delivered before year end. 

Savills has acted as exclusive agent to the Casino Gran Madrid in its search for a new flagship site.  Ana Zavala, head of office agency at Savills Spain, says: “Finding the most suitable site in the centre of Madrid was a challenge but we used our extensive market knowledge to identify a number of potential sites that met all our client’s criteria.  Following detailed negotiations and studies, including  both technical and environmental, a plan of action to suit both client and landlord has been successfully drawn up and work has now begun to transform the space into a casino.”

Casino Gran Madrid has operated a casino in Torrelodones 30km outside of Madrid for 30 years and another casino in Cartagena, Murcia.  The emblematic Paseo de Recoletos property was given an award of distinction in 2010 by the Madrid College of Architects after it was extensively remodelled.  Other tenants in the building include La Caixa, Jones Day, Celgene and BDO.