It is hoped that the new district will tempt established businesses to make the move north from the centre of Madrid freeing up space downtown and easing congestion on the city's roads.

But some are already questioning the wisdom of constructing yet more office developments and private housing when so many premises already stand empty as Spain's struggles with the economic crisis.

Four new tower blocks completed near Chamartin last year still have floors of office space available and several hundred thousand new build residences remain unsold across the capital.