Founded personally by Santa Teresa de Jesús thanks to the donation of lands by the sons of the Count of Ribadavia in 1568, dedicated to the Concepción del Carmen. Later on, the Saint Carmelite nun bought the Argüello's house to build the convent, with a simple and austere style. The entrance of the Argüello's house and Santa Teresa's cell, transformed into an oratory, survive today. The convent and the church keep valuable treasures. Among others, paintings by Diego Valentín Díaz and Luis de Morales, sculptures like the Cucified Christ by Juan de Juni, a Crucix by Alejo de Vahía and some works by Gregorio Fernández. They also keep a collection of letters signed by Santa Teresa de Jesús and the codex "Camino de Perfección".