Agents from our real estate in Malta are presenting this unconverted block of three x 51sqm apartments. An approved planning permit is also in hand to construct a 46sqm penthouse totaling 4 potential units

The block is up for long lease (12 years) in its current unconverted state for the annual rent of €12,000. Rent will increase by 5% every two years until the 10th year. The rent for years 11 & 12 shall be € 18,300 annually. This lease is subject that the client will carry out a renovation of the building (including installation of lift), at client’s expense.

Planning Authority permits are already approved in hand. Client needs to pay the refundable bank guarantee to Planning Authority until works are complete, amounting to €8,323. Security deposit on the lease: €1,000.