History of Ownership, Sale, and Renovation

Pre-2017: Ownership and Long-Term Tenant

• 1981-03-17 – A commercial lease (contrato como local de negocios) is signed between Mercedes Cinnamond Planás (mother of Norman and Rosie) and Dr. Manuel Alfonso Simón.

• The property continues to be used under this lease for several decades.

• 1990s – The apartment Bruc 127, 1-1 passes to siblings Norman and Rosie Cinnamond Planás by inheritance.

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2017: Tenant Departure and Property Put Up for Sale

• 2017-02-06 – An agreement to terminate the lease (extinción del contrato) is signed with Dr. Manuel Alfonso Simón, requiring him to vacate by 15 July 2017.

• 2017-03-31 – The tenant vacates the property early.

• 2017-06-01 –

  • Norman and Rosie give Mark Stücklin / Preming Marketing a sales mandate to sell the property.

  • Commission agreed: 4%.

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Early Attempts to Sell (2017)

Through collaboration with David Franks (Keyz) and Lee Lyons.

• 2017-01-23 – David Franks presents a non-binding letter of interest on behalf of Dennis McGowan for €1.1M. No agreement reached.

• 2017-03-11 – David Franks submits another offer from Marcello Perillo for €980,000. Also unsuccessful.

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Valgreen Development Deal (2017–2018)

Developer introduced by Lee Lyons.

Buyer:
Valgreen Development & Properties SL
Represented by José-Antonio Valverde Gómez

Initial Agreement

• 2017-06-12 – Property reserved with €10,000 payment to Norman.

• 2017-07-03 – Arras contract signed

  • Price agreed: €1,175,000 (~€4,500/m²)

  • Arras paid: €117,500 total (€58,750 each owner)

  • Escritura deadline: 20 December 2017

Extension Due to Market Uncertainty

• The Catalan independence referendum (1 Oct 2017) and political uncertainty significantly reduced investor interest in Barcelona property.

• 2017-12-12 – Arras contract extended to 30 June 2018.

  • Additional €117,500 arras paid.

  • Valgreen also agreed to pay 6% interest on €940,000 for six months (1 Jan – 30 Jun 2018).

  • Total arras paid by Valgreen: €235,000.

Valgreen Development Plan

• Intended to renovate and resell the apartment.

• Attempted to sell unrefurbished for €1,450,000 (~€5,400/m²).

• Lucas Fox obtained an offer of €1.2M, which Valgreen did not accept.

Ultimately, Valgreen failed to secure a buyer for their project.

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New Buyers Take Over Arras (2018)

• 2018-02-14 – Brian McNerney and Meritxell Juvé visit the property (possibly also viewing 2-1).

• They agree to take over the arras position from Valgreen, compensating Valgreen €136,800 for the transfer and abandonment of Valgreen’s development project.

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Final Sale (Escritura)

• 2018-07-06 – Escritura signed

Buyers

• Meritxell Juvé Vaello
  Sant Sadurní d’Anoia, Barcelona

• Brian Dermot McNerney
  Irish national, resident in London

Final Price Calculation

Arras already paid: €235,000

Remaining paid at escritura: €968,200

Equivalent share per buyer: €601,600

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Buyer Mortgage

(Notes from escritura)

Approximate terms:

• Mortgage: ~€1.235M

• Interest rate: 2.95% fixed, reduced to ~1.25% with bonuses

• Term: 30 years

• Monthly payment: approx. €5,000+

• Property valuation: ~€1.5M

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Agent Commissions

Preming Marketing (Mark Stücklin)
Commission agreed: 4%

Total: €47,000

Paid partially at arras and balance at escritura.

Lee Lyons

• Agreed commission: 2% with Valgreen

• Charged 1% via Preming

Combined commissions from both sides ultimately reached €70,500 (€35,250 each) plus VAT where applicable.

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Renovation and Development

• 2018-07-13 – Brian collects keys.

• 2018-07-24 – Meeting with the buyer’s architect to discuss renovation plans.

• Licence used: Licencia de obra menor (insufficient for the scale of works).

• January 2019 – Major demolition works begin (contractor: Pedro).

• By November 2019 – Illegal kitchen extension completed (possibly earlier).

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Occupation

• Early Summer 2020 (approx. June) –
  Brian McNerney and Meritxell Juvé move into the renovated apartment.