A fantastic investment opportunity has arisen in Palma de Mallorca, the capital of the Balearics, to develop a number of high quality apartments. The building can be found with an immediate financial return due to the presence of commercial units on the ground floor. Built in 1955, the property is located in the La Missió / Mercat historical neighbourhood in the Centre of Palma. Structurally in excellent condition, it consists of three shops/commercial units with the possibility to redevelop 8 apartments, including a duplex penthouse with terrace, and 3 studio apartments. The property also has a basement that occupies the total floor space of the property.
Details of the commercial units at ground floor level are as follows:-
• Shop 1 (current rent € 1,100 p/m)
• Shop 2 (current rent € 900 p/m)
Total area: 200.5m².
• Basement Area: 200m²
Details of the upper floors (apartments) are as follows:-
• 1st Floor: open space currently divided into 3 unoccupied studios. Area of 200m².
• 2nd Floor: currently divided into 2 offices / apartments, rented at €670 and €550 per month, that can be amalgamated into an apartment with a courtyard and a large balcony that borders this floor. Area of 180m².
• 3rd Floor: currently consists of a large apartment with 5 bedrooms, 3 bathrooms, kitchen and 2 balconies. The rental contract has just concluded and the tenants are in the process of vacating (price was €1,000 per month). There is the possibility to divide into 2 apartments. Area of 180m².
• 4th Floor: currently divided into 2 apartments with rentals that end in 2016. Area of 180m².
• 5th Floor: currently consists of 1 unoccupied, large apartment. It has 5 bedrooms, 3 bathrooms, kitchen and 2 large balconies. There is the possibility to divide into 2 apartments. Area of 180m².
• 6th Floor (Tower): studio apartment in a tower, on 2 floors with the possibility of amalgamating with the 5th floor apartment. Area of 50m².
• Rooftop: a rooftop terrace, part of which belongs to the tower. There are also 4 storage rooms with a total built surface area of 50m².
TOTAL BUILT AREA: 1,412m².