Ref No. 3118429 | Commercial Property
Located in the most central Main Street location, this rare investment opportunity offers a mixed use building with a total internal area of 771.60 m2 (8,306 ft2) and total external area of 87 m2 (936 ft2). The building is set on four levels with a large shop premises facing Main street and separate back entrance to the office units through Cornwall's Lane.
The property is being offered for sale with a secure well established retail tenant on the ground floor. Office Space over the first and four floors is partly held under various tenancies. Each floor benefits from kitchenette, boardroom and open space areas, server rooms and separate bathrooms. The fourth floor also benefits from a large outside terrace. The office units enjoy views to the Central Plaza of Main Street & to the Upper Town Area and Rock of Gibraltar.
- Secure 4-5% investment yield against capital in a prime location
- Secure rental growth prospects medium to long term
- Passenger lift serving all floors
- Further enlargement and development subject to planning permission
- Option for change of use to residential
The rates are as follows (per office space):
1a –£877.53 per quarter before discount
1b - £2366.61 per quarter before discount
2a- £2872.29 per quarter before discount
2b - £47.47 per quarter before discount
3a - £2139.48 per quarter before discount
3b- £1116.05 per quarter before discount
4 - £1579.19 per quarter before discount
177 Main Street (shop) - £3290.00 per quarter before discount
When rates are paid before their due date the discount is applied!
Gibraltar's Main Street is recognized as the main commercial and shopping area. It runs north–south through the old town and is pedestrianised and lined with buildings displaying a blend of Genoese, Portuguese, Spanish, Moorish and British Regency styles.
Most buildings have shops on the ground floor and residential accommodation or offices on the upper floors. Many of the big British high street names are scattered around Main Street including Marks & Spencer, Next, Mothercare and others as well as other prosperous Gibraltarian retail chains like Seruya and Trends.
In recent years, Gibraltar has seen a steady increase in demand for office space as a result of growing activity in the Finance Centre. There is currently a shortage of modern purpose built office accommodation with vacancy rates approaching nil.
Gibraltar is a unique place that enjoys it's own buoyant economy and there is no doubt that Main Street benefits from a strong retail letting market. Freehold properties are rare and long leasehold properties on Main Street are highly sought after by retailers who also benefit from the upper residential and office parts.
Local and international investors are welcome as there is no restrictions on foreign nationals purchasing in Gibraltar and property conveyance is based upon on UK laws.
-Mixed use: commercial and residential
-Internal: 771 m2 External: 87 m2
-High rental income value
-Landmark site with views over the John Mackintosh square and Town Hall building
-Taxi stop nearby
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