An opportunity to purchase an exceptional large Freehold property, the property offers the opportunity to achieve outline planning permission. This had been obtained previously by its current owners but has since expired. Equally the property is ideal to remain as a wonderful large family home in the heart of the cities main shopping area, on Gibraltar's bustling Main Street.
Located in the busy commercial entrance to Main Street, Gibraltar's Main thoroughfare where shop owners have historically traded their wares and continue to do so today. In the classic style of Mediterranean Anglo Italian design, with typical shuttered windows and Georgian proportions, a staple of Gibraltar's typical architecture of the 19th century. Features within the building include marble floor entrance hallway, large rooms with high ceilings, interconnecting rooms with over door transom windows and some rooms retain their Canadian red pine floorboards.
The property is currently inhabited by members of the same family and consists of two 3 bedroom apartments with a private roof terrace and is distributed as follows:
The property lends itself perfectly to be redeveloped into a residential building offering the potential to convert into 7 one bedroom apartments and a generous Studio averaging 45m2 per apartment with the exception of the studio and smallest 1 bedroom apartment. The property would also benefit from the introduction of a lift and communal roof terrace, all of which are detailed on plans which have been granted Outline Planning Permission, these plans also include individual apartment layouts that show possible conversion and additions.
Furthermore the property is being sold with full vacant possession of all residential floors and includes 2 commercial/retail units on street level, each with 9 year leases with 3 yearly rent reviews offering current market rents.
Viewing is highly recommended.