The developer, PC Properties, part of the PC Group, has announced that the number of exchanged properties at its new concept development E1 has now surpassed 100. 
 
E1 is a new concept for residential development in Gibraltar. Each of the apartments is delivered fully fitted and equipped, including beds, TVs, tables, all kitchen and bathroom equipment plus linen, crockery and even a citrus juicer.
 
Furthermore, the development includes the E1 Health Club & Spa Wellness Club which incorporates an indoor pool, sauna, Hammam, treatment rooms and gym. The Spa is being operated by the Ocean Village, Sunborn and Atlantic Suites gym and spa operator, who will open a centre on the increasingly popular east side of Gibraltar for the first time. Occupants of E1 will be offered discounted membership. Additionally, dry cleaning services operator Pressto have agreed terms to offer their dry cleaning services from a new outlet in the E1 development. The E1 cafeteria will be based on the ground floor and the restaurant on the first floor. The operator will be named shortly. 
 
This hotel style residential development concept is a first in Gibraltar and with over 100 apartments already exchanged, a clear success story, appealing to investors and future owner occupiers alike. Indeed, investors have indicated that the E1 development would not only suit long term tenants but the expanding AirBnB short term market sector as well, given the varied amenities within the building which will be very popular for occupants.
 
An element of the purchase price will be allocated to the fixtures and fittings and under current tax legislation this sum is 100% tax deductible from rental profits. Furthermore, the first two years of rent are tax free under a tax concession announced in July 2016.
 
Patrick Cabezutto, joint MD of the developer stated, “It’s a great milestone to achieve over 100 exchanged units and we are proud that the market has invested so heavily in our new concept for Gibraltar. We are moving with the times and internationally, tenants want greater facilities and services offered within their building and investors want to be able to buy and rent without the need to spend more money and time on fixtures and fittings. We will deliver a first class product.”
 
Louis Perry, off-plan senior sales negotiator at the retained agent Chestertons said, “This is the first of its kind in Gibraltar and a pleasure to offer to our clients. The concept is being very well received and the pipeline suggests we will have exchanged over 120 units within the next 2-3 weeks. In September we launch the Presidential Suites, the upgraded units on the higher floors, which we expect to be equally well received”.
 
E1 has signed terms with Portuguese contractor Situs, who have a strong track record in Gibraltar and the development is under construction. 

Located in Devil’s Tower Road, close to Eastern Beach and the entrance to the new tunnel under the runway, completion of E1 is forecast in January 2022.