Balearic Islands, Mallorca, Palma de Mallorca, Spain

Ref. 17RN012
Gestprivilege exclusively presents this investment opportunity in El Terreno, Palma. Built in 1900, the property offers potential for a renovation project featuring a commercial unit on the ground floor and three apartments above, complemented by an internal courtyard and a possible rooftop sun terrace.

Important information about the images and asking price

The images in this listing were generated using artificial intelligence to illustrate the proposed renovation concept. They show how the property could look in the future and do not represent its current condition.

The asking price of €850,000 is for the existing building before renovation. Renovation costs are additional.

Location and existing building

The property is situated above the Paseo Marítimo, just a short walk from the sea and Palma city centre. It occupies a narrow urban plot with an internal courtyard at the rear. The existing building comprises three storeys, a lower annex and a rooftop stairwell enclosure.

Areas and legal structure

According to the cadastral records, the plot measures 105 m2 and the total built area is 234 m2. Of this, 38 m2 is recorded as commercial space and 196 m2 as residential space. The main use is residential.

In the cadastral building table, both the commercial and residential areas are assigned to the ground floor. This entry describes the breakdown by use, rather than the actual distribution of floor area across the individual storeys.

The property currently forms a single unit and has not been legally divided into separately saleable units. A división horizontal, the legal subdivision into independent units, must be completed before the apartments can be sold individually.

Proposed renovation concept

The concept envisages retaining the 38 m2 street-facing commercial space. Subject to the required approval, possible uses could include a shop, studio or café.

The residential area could be reconfigured into three apartments, one per floor, each with its own entrance from the stairwell. The courtyard at the rear would be retained, and a sun terrace could be created on the roof.

This is the concept illustrated in the images. Its feasibility and the necessary approvals must be confirmed before work begins.

Further information about the building

The building has passed its technical building inspection (ITE). Plans were drawn up approximately one year ago. The cadastral records note a renovation of moderate scope carried out in 1985.

The ground floor has been used commercially for approximately twenty years. According to the information available, approvals are in place for commercial and residential use. The property has three electricity meters and does not have a tourist rental licence.

For construction companies, investors and renovation firms, the property's appeal lies in its location, existing building volume and combination of commercial and residential uses – an opportunity to give a historic building in El Terreno a new future.

Exclusively marketed by Gestprivilege