Balearic Islands, Mallorca, El Terreno, Spain

This unique hotel for sale in the centre of Palma was designed in 1907 by the famous architect Gaspar Bennàzar and still retains its historic elegance. Carefully restored in 1987, it became a friendly hostel and restaurant for visitors and locals alike.

With a constructed area of approx. 350m² on a 560 m² plot, the property offers plenty of versatility. There is also a 280m² area being used as a car park that can be developed. Additionally, there is an option to create another building with underground parking and a swimming pool.

Inside, the three-storey building houses ten bedrooms and five bathrooms, a spacious kitchen, an inviting dining area, a cosy indoor bar, and three separate lounges where you can relax in style.
The outdoor space features a picturesque courtyard, two inviting terraces, and a delightful bar on the patio, all of which create an ambiance reminiscent of a warm summer evening, allowing guests to savour refreshing beverages in a laid-back setting. There is also a parking area and storage space, improving the property's practicality.

Ready to be transformed, this property has the potential to become an upscale boutique hotel, a beautiful single-family home, or chic apartments. The existing licenses for renting rooms and operating a restaurant and bar allow for numerous creative options, presenting a distinctive investment opportunity.

Palma, the capital of the island of Mallorca, located in the bay of the same name, has a pleasant climate all year (17.9 ° C annual average). Known for its tourism and elegant shops, this city also offers a beautiful Old Town. The Cathedral, the Palace of the Almudaina, the Lonja square and the Plaza Mayor are some of the places that make this wonderful city so mystical. Palma has excellent public transportation and is just a 15 minute drive away from the international airport.

For additional information contact BALEARIC PROPERTIES ESTATE AGENTS MALLORCA by email or call the Puerto Portals Office (+34) 971 68 40 00 - See more details about other apartments for sale in Palma or find out more about buying a home in Palma .

"Balearic Properties has been in business on the Balearic Islands for many, many years. The company headquarters is on Mallorca and over the years, we have built up an unparalleled portfolio of properties to suit every budget, by means of which we have already successfully helped 10.000 clients find their new home on the Balearic Islands. Our project management and construction companies offer a unique range of luxury, turn-key villas to suit all individual and personal needs. We also offer over 200 holiday villas that guarantee our clients an unforgettable holiday experience.

Balearic Properties is the exclusive associate of Savills in Mallorca. The company offers clients a vast experience of over 20 years in the local property market. Our portfolio includes all sorts of modern villas, country homes, and trendy new developments in the best areas of Mallorca. Balearic Properties also specialises in waterfront properties and large estates. The company offers a complete, all-around property service including property management, holiday lettings, project management and legal services."