The Torre Pacheco property has formally passed into municipal ownership following more than a decade of legal and financial proceedings linked to unpaid developer debts.
ALHAMA DE MURCIA — June 25, 2026
Alhama de Murcia Town Council has formally taken ownership of the former Polaris World headquarters in Torre Pacheco and is preparing to place the property on the market in a sale that could generate more than €2 million for municipal investment.
The transfer brings to an end a lengthy legal process arising from debts left behind following the collapse of the once-prominent Murcia property developer.
Polaris World was one of the Region of Murcia’s largest developers during the property boom, becoming closely associated with major residential and golf resort projects across the area.
However, the company’s financial difficulties left several businesses within the group owing substantial sums to public authorities, including unpaid taxes and planning-related charges owed to Alhama de Murcia Council.
The total debt to the municipality was estimated at approximately €3 million.
Property Used to Secure Municipal Debt
In 2013, the council secured a mortgage against the company’s office building and adjoining land in Torre Pacheco.
The measure was intended to protect municipal funds by using the property as security against the outstanding debt.
When companies connected to Polaris World entered insolvency proceedings in 2017, the building became part of the assets available to creditors.
A public auction was subsequently held in 2020. However, the highest offer submitted by an outside bidder was only slightly above €300,000.
Council officials considered that figure substantially below both the value of the property and the amount owed to the municipality.
As a secured creditor, Alhama Town Council was entitled to submit its own offer for the asset.
In 2021, the authority lodged a bid of €800,000 for the building and land. With no competing offer exceeding that amount, the bankruptcy administrators awarded the property to the council.
No direct payment was required. Instead, the €800,000 value was deducted from the outstanding debt owed by the developer, allowing part of the liability to be settled through the transfer of the property.
Ownership Finally Formalised
Although the council’s acquisition was approved several years ago, the transfer had remained subject to the completion of legal and administrative procedures.
Those formalities have now concluded with the signing of the public deed before a notary, legally confirming Alhama de Murcia Town Council as the owner.
The property will now be entered into the municipality’s official asset register.
Once registration is complete, the council intends to commission an updated valuation before beginning the process of selling the building through a public auction.
A valuation carried out in 2024 placed the property’s worth at slightly more than €2 million.
The final sale price will depend on the updated assessment and the offers received during the auction process.
Proceeds Earmarked for Public Investment
The council has no plans to retain or occupy the former office complex.
Instead, officials intend to sell the property and direct the proceeds into the municipal budget.
The additional revenue is expected to support projects involving public infrastructure, urban improvements, community facilities, environmental regeneration and the creation or upgrading of public spaces.
Council representatives said the sale could provide an important financial boost without requiring the municipality to take on additional borrowing.
The authority described the expected proceeds as an exceptional source of funding that could strengthen its ability to continue programmes focused on urban transformation, social cohesion and environmental improvement.
Long-Running Case Nears Conclusion
The acquisition represents the culmination of a process that began more than 13 years ago, when the council first acted to protect public finances against the debts owed by the failed developer.
What began as an effort to recover unpaid municipal revenue has now left Alhama de Murcia in control of a potentially valuable commercial asset outside its own municipal boundaries.
Provided the planned auction attracts bids close to the latest valuation, the former Polaris World headquarters could generate a multimillion-euro return for Alhama and help finance a new programme of local investment.
