Prominent Floriana Office Block For Sale

Prominent Floriana Office Block For Sale

Prominent Floriana Office Block For Sale. A neo-classical Maltese townhouse converted into an office block with 450sqm square metres of office space. Ideal building for any company looking to own its private building with own access and no shared facilities. Prestigious head quarters building close to the Granaries and within easy walking distance of the MCP Car park as well as Valletta gate. The building comprises of 6 floors. Fully refurbished to top current office standards. Each floor is around 75 square metres. Building is rented out at the moment and makes as a perfect buy to rent investment.

Current Rent Contract Details:

• The starting rent is €90,000 p.a.
• Increasing by 5{a183958fc7faa38e3cb9ca1450e4233f504ddfec890a1094f1ff0142768434a5} every other year.
• The initial di fermo is 10 years and 4 months
• Tenant has the first right of refusal should the lease be extended for a further 5 years.
• Starting yield is 6.42{a183958fc7faa38e3cb9ca1450e4233f504ddfec890a1094f1ff0142768434a5} and ending yield 8.2{a183958fc7faa38e3cb9ca1450e4233f504ddfec890a1094f1ff0142768434a5} which works out to an average of 7.32{a183958fc7faa38e3cb9ca1450e4233f504ddfec890a1094f1ff0142768434a5} p.a.,
• It is an intact freehold office building comprising 450 square metres rented to one tenant.

The refurbishment will include new energy efficient air conditioning, new partition walls, new ceilings and floors, new toilets, kitchen and lighting, painting and decoration, cat 6 cabling and a generator. The existing lift will be improved and will serve all the floors. The property is ideal for professional companies which require an office in the vicinity of Valletta. In the vicinity one can also find many Malta long let apartments.