International real estate advisor Chestertons Gibraltar has been appointed, on behalf of the vendor, to sell the Engineer's Road Hotel Development Site with full planning consent granted.  The freehold site is being offered for sale at a guide price of £2,950,000.

Further details are listed below the image.  

Drawings are available on request.

All enquiries to Chestertons Gibraltar dedicated commercial office:

+350 200 67434

mike.nicholls@chestertons.gi

Further details:

• Freehold site

• Full planning permission has been granted (expires July 2017)

• The demolition of the existing building has been completed and the site is clear

• Project is a 52 bedroom luxury boutique hotel

• The site is in the centre of the old town

• The footprint of the freehold site is approximately 308 m2

• The planning granted is for an 8 storey development

• The total area of the construction is 2296 m2

• Included in the sale is the adjacent car park (to the north) that a 150 year lease has been purchased from Government for a premium of £300,000

• The project has been fully developed up to construction drawings stage and is ready to start the build

• The project build period is an expected 20 months

• The project has been out to tender to five qualified contractors all of whom have a previous track record of successfully carrying out projects to this value and complexity

• The most competitive tender was £5.8million for the all-inclusive construction

• The specification of the tender covered the complete project to a very high standard including provisional sums of £250,000 for the main kitchen and £7,750 per room for fixtures fittings and equipment

• In March 2014 a local RICS valuer valued this site with full planning for a hotel development at £3.4m

• The architect has designed many hotels including The Celtic Manor Resort (UK) and has won many awards

• There is a great demand for this type of development in Gibraltar and the Government is keen to see the development built and trading

• The design team are top professionals in Gibraltar and can be re-engaged by the purchaser if required