The 'Golden Mile' in Palma refers to Avda. Jaume III as well to Passeig Born and to the high prices for stores, many of them international luxury brands.
Plaça Joan Carles I is where the two roads meet; it's popularly known as Plaça de ses Tortugues. By this square is Palau de Can Puig. Dating back to the fifteenth century, it is typical of the one-time homes of the nobility in Palma.
This property is nowadays occupied by the H&M clothing retailer and the BBVA bank. These tenants now have new landlords - a group of investors who have acquired the Palau de Can Puig commercial premises.
Real-estate consultancy CBRE Spain have announced the sale: "We are proud to announce that we advised on the sale of a prime retail space in the heart of Palma de Mallorca. This significant transaction is one of the highest-volume high street deals of the year." Law firms West Oak Partners and Pinsent Mansons were also involved as advisors.
CBRE adds that the transaction demonstrates the "strong investor interest in the retail sector in prime locations and the essential role that high street assets play in the total volume of transactions".
The sale price hasn't been revealed. In 2011, the whole property, which has since gained five luxury apartments, was valued at eight million euros. Prices for Palma's Golden Mile have soared since then.