PROPERTY SEARCH
Alhama takes over Polaris World building in Torre Pacheco and plans multimillion-euro sale
The council now plans to sell the Torre Pacheco property after finally securing ownership following years of legal proceedings
Alhama de Murcia Town Hall has finally taken official ownership of the former Polaris World office building in Torre Pacheco after a long legal process stretching back more than a decade, with plans now in place to sell it and raise money for the municipality.
The building originally belonged to the Polaris World group, one of the Region of Murcia’s biggest property developers during the boom years. When the company ran into financial trouble and later collapsed, several of its businesses were left owing money to local authorities, including Alhama de Murcia council, in unpaid taxes and planning-related debts.
Those debts added up to around €3 million. To protect public funds, the council secured a mortgage over the Torre Pacheco office building in 2013, meaning the property was effectively used as a guarantee against what was owed.
When Polaris companies entered bankruptcy proceedings in 2017, the building became part of the assets available to creditors. A public auction was held in 2020 but the highest external offer came in at just over €300,000, which the council considered far too low compared with the outstanding debt.
Because of its position as a secured creditor, the council was able to step in with its own bid. In 2021 it offered €800,000 for the building and land. As no higher bids were submitted, that offer was accepted by the bankruptcy administrators and the property was awarded to the council.
No actual cash changed hands. Instead, the €800,000 valuation was offset against the money Polaris World still owed the municipality, effectively reducing the debt through the transfer of ownership.
Although the transfer was agreed several years ago, the formal legal paperwork has only now been completed with the signing of the public deed before a notary. This confirms Alhama de Murcia Town Hall as the official owner of the property.
The council’s plan is not to keep the building but to sell it. Once it’s formally recorded in the municipal asset register, it will be revalued and prepared for a public auction. The most recent valuation in 2024 placed its worth at just over €2 million.
If the sale goes ahead at a similar level, the money raised will go directly into the municipal budget. The council says it will be used to support local investment, including urban projects, public facilities and wider improvements across the municipality.
What started as unpaid developer debts linked to the collapse of Polaris World has now turned into a potential financial boost for Alhama de Murcia, more than 13 years after the council first moved to secure its position.
"With these extraordinary resources - obtained without resorting to local government debt - the Alhama de Murcia Town Council will have the necessary financial strength to continue the urban transformation plan, social cohesion and environmental regeneration of our municipality, developing new public spaces, facilities and infrastructure for the enjoyment of all citizens," a council spokesperson said.
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Image: Ayuntamiento de Alhama de Murcia
