Despite continued Brexit uncertainty, investors, developers and funding institutions have maintained their faith in the off-plan property market in Gibraltar. The recent completion of Clemence Suites has been well received by purchasers and tenants alike. Apartments coming onto the rental market have been snapped up very quickly. Even the Finance Centre like it, awarding the development Cat 2 status, the first such accolade in the rapidly improving Devil’s Tower Road.
There has been more good news for off-plan investors as the Income Tax Office has confirmed to Chestertons, that certain developments will meet the requirements of the Off-Plan Tax Credit, a tax credit which allows the first two year’s of property rental tax-free.
A summary of the status of each off-plan development is below and is correct as at the publication date of this blog.
E1
The same developer has just completed Clemence Suites. E1 is now under construction and financed by NatWest Bank. Completion of 174 apartments in this unique development with high quality in-house facilities is forecast in January 2022. All pre-launch sales targets were met and a fresh release of fully furnished and equipped apartments is due imminently. The E1 Wellness Spa and Gym looks great and Pressto Dry Cleaners are confirmed tenants and the wine vaults next door opened a few months ago. We act as development consultant and the development is exclusive to Chestertons.
The same developer has just completed Clemence Suites. E1 is now under construction and financed by NatWest Bank. Completion of 174 apartments in this unique development with high quality in-house facilities is forecast in January 2022. All pre-launch sales targets were met and a fresh release of fully furnished and equipped apartments is due imminently. The E1 Wellness Spa and Gym looks great and Pressto Dry Cleaners are confirmed tenants and the wine vaults next door opened a few months ago. We act as development consultant and the development is exclusive to Chestertons.
EuroCity
Construction of this major prestigious development is marginally ahead of schedule. First instalment notices on Carrara are due to be sent out during September 2019 with Murano following a few weeks later. Eurocity won a range of awards last year in the European Property Awards including Best High Rise Residential Development and Best Mixed Use Residential Development. The developer has given us exclusive access to a small number of additional properties in Carrara for sale. EuroCity is a prestigious mixed use development in Gibraltar’s business district. The views, the design, the high grade specification, the pools, gardens and retail amenities have already made EuroCity a sought after location in Gibraltar’s property sector. Chestertons act as development consultant.
Construction of this major prestigious development is marginally ahead of schedule. First instalment notices on Carrara are due to be sent out during September 2019 with Murano following a few weeks later. Eurocity won a range of awards last year in the European Property Awards including Best High Rise Residential Development and Best Mixed Use Residential Development. The developer has given us exclusive access to a small number of additional properties in Carrara for sale. EuroCity is a prestigious mixed use development in Gibraltar’s business district. The views, the design, the high grade specification, the pools, gardens and retail amenities have already made EuroCity a sought after location in Gibraltar’s property sector. Chestertons act as development consultant.
Clemence Suites
This fine looking development from the developers of E1 has now completed and first occupants have moved in. Such is the demand for rental accommodation that we have signed off on eighteen tenancy agreements during August on behalf of different investors. There are some Clemence Suites resales and further Clemence Suites rentals available.
This fine looking development from the developers of E1 has now completed and first occupants have moved in. Such is the demand for rental accommodation that we have signed off on eighteen tenancy agreements during August on behalf of different investors. There are some Clemence Suites resales and further Clemence Suites rentals available.
Sylvian Suites
We sold 28 of 38 properties (studios and one beds) in the first sales phase before the summer. The extensive refurbishment and reconstruction of this small development close to Prior Park School and the Arches is now underway. The remaining 10 units will be released shortly starting at just below £4,000 per sq metre. This is great value for anyone seeking to live close to the town centre and not having to wait too long for completion which we expect in Jan 2021. Contact us as development consultant and main agent if interested.
We sold 28 of 38 properties (studios and one beds) in the first sales phase before the summer. The extensive refurbishment and reconstruction of this small development close to Prior Park School and the Arches is now underway. The remaining 10 units will be released shortly starting at just below £4,000 per sq metre. This is great value for anyone seeking to live close to the town centre and not having to wait too long for completion which we expect in Jan 2021. Contact us as development consultant and main agent if interested.
The Hub
Completion is forecast June 2020 with construction well advanced. There are some resale properties available from private investors. The first release of the Hub sold out in a week back in December 2017. We expect the Hub to be very popular with tenants. Contact us as development consultant and main agent if interested.
Completion is forecast June 2020 with construction well advanced. There are some resale properties available from private investors. The first release of the Hub sold out in a week back in December 2017. We expect the Hub to be very popular with tenants. Contact us as development consultant and main agent if interested.
Imperial Ocean Plaza
Purchasers have received snagging notices and completion of this final Ocean Village development, with its access to the most popular private pool and garden resort in Gibraltar is imminent. Some Imperial Ocean Plaza resales are available from purchasers who do not wish to complete.
Purchasers have received snagging notices and completion of this final Ocean Village development, with its access to the most popular private pool and garden resort in Gibraltar is imminent. Some Imperial Ocean Plaza resales are available from purchasers who do not wish to complete.
Marina Club
Phase one of construction of Marina Club, the initial enabling works, was completed in July 2019. The pier has been successfully widened and over three quarters of a kilometre of piling into the seabed was drilled. Phase two will involve the driving of steel encased, reinforced solid concrete piles of approximately 1/3rd metre in diameter.
There are a handful of properties left off market. Please contact us for availability.
Forbes
Located close to Filomena House and the Holiday Inn Express in Devil’s Tower Road, construction of Forbes is expected to start imminently. There are a handful of Forbes properties left, mostly the 3 and 4 beds.
Located close to Filomena House and the Holiday Inn Express in Devil’s Tower Road, construction of Forbes is expected to start imminently. There are a handful of Forbes properties left, mostly the 3 and 4 beds.
Midtown
The last residential phase “Boston” is scheduled for completion at the end of 2019.
The last residential phase “Boston” is scheduled for completion at the end of 2019.
Quay 29 & 31
A further 200 apartments in the Kings Wharf trilogy are being constructed. Quay 29 is scheduled to complete at the end of September 2019, whilst Quay 31 is forecast to complete in 2020.
A further 200 apartments in the Kings Wharf trilogy are being constructed. Quay 29 is scheduled to complete at the end of September 2019, whilst Quay 31 is forecast to complete in 2020.
Arengo’s Gardens
Located in the Upper Town area of Gibraltar with completion forecast end of December 2020, there are still a handful of Arengos Gardens 1,2,3 and 4 bedrooms apartments left.
Continental Suites
Planning consent application being heard on 26 September 2019 - Chestertons has been appointed development consultant. Meeting cancelled due to forthcoming election. Date to be rearranged.
Planning consent application being heard on 26 September 2019 - Chestertons has been appointed development consultant. Meeting cancelled due to forthcoming election. Date to be rearranged.
Kings Bastion Views
Planning consent application being heard on 26 September 2019 - Chestertons has been appointed development consultant. Meeting cancelled due to forthcoming election. Date to be rearranged.
Planning consent application being heard on 26 September 2019 - Chestertons has been appointed development consultant. Meeting cancelled due to forthcoming election. Date to be rearranged.
Rialto Courtyard
Planning consent application being heard on 26 September 2019 - Chestertons has been appointed development consultant. Meeting cancelled due to forthcoming election. Date to be rearranged.
Planning consent application being heard on 26 September 2019 - Chestertons has been appointed development consultant. Meeting cancelled due to forthcoming election. Date to be rearranged.
For further information on any of the above developments, please contact us on +350 200 40041 or info@chestertons.gi.
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Contributed by Mike Nicholls
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