Local investors snap up 18th century building on Costa del Sol for conversion to hotel and restaurant

The emblematic Casa Bascán in the historic centre of Vélez-Málaga on the eastern Costa del Sol has been sold to a group of Malaga-based investors who intend to convert the protected building into a hotel.

The sale of the 18th century building, which is architecturally protected in the towns' current PGOU (general urban plan), has been confirmed to SUR by sources from the Pareja family, who currently own it. For confidentiality reasons the family has not provided further details about the identity of the buyers or the amount they have sold it for. However, they have explained that the buyer is a Malaga-based company which plans to completely refurbish it and turn it into a hotel and restaurant space.

Casa Bascán is located on Calle Lope de Vega, very close to the old Lope de Vega theatre, which was bought by Vélez town hall since 2014 and is being restored with an investment of 7.2 million.

The name Casa Bascán was the home of José Bascán Martín (1851-1925), who was mayor of the town and provincial deputy for the district of the municipality and Torrox. It has been used, most recently, as a secondary school and timber warehouse. The Pareja family acquired this property in 1962.

Although in previous legislatures the town hall showed interest in acquiring the property, the governing teams never came to negotiate with the current owners. In 2016 a Chinese investment group showed interest in buying the property.

Vélez-Málaga's business association ACEV has welcomed the purchase "for an exciting hotel project". The association went on to say, "This represents a great opportunity to give life to the historic centre, to value our architectural heritage and to contribute to the economic and tourist development of Vélez-Málaga. Initiatives like this are a necessary boost to revitalise the urban fabric, generate employment and attract quality investment."