St Pauls Bay Office
€8,000,000 For Sale


Property Details

A Unique 19th Century Palazzo, enjoying the neo-classical inspiration period, and is scheduled as a Grade 2 building of architectural importance.

This Palazzo is set on grounds of 2,718 sqms, includes the Palazzo, residence villa with underlying garages, the gardens and a fully equipped restaurant. The lower ground floor and upper ground floor of the Palazzo both have between 17 and 19 filati .The footprint of the Palazzo is around 570 square metres.

A Full Development Permission from the Planning Authority, renewed in 2017, for the restoration and development of the Palazzo into a catering venue including an accessible roof terrace.

Also a possibility for development of the land into apartments and the conversion of the Palazzo into a Boutique Hotel.

Interior designs costings from a renowned architect for both projects are available on request.

The owners are offering the property tale quale for sale under the terms of 99 year lease with the Joint Office which expires in 2060 (42 years remaining) with a ground rent currently at €14,300 per annum.

Palazzo can also be leased for a period of 15 years at €75,000 per annum revisable every 3 years and 10% of gross revenues generated from the new concern.

Government schemes/ funds on scheduled property which are renovated.

A great investment oppurtunity not to be missed.!