Unique 14 bedroom Commercial for sale in Mahon, Menorca

2,950,000 EUR 2,537,000 GBP 3,186,000 USD

Reference: 246121

Bedrooms: 14
Bathrooms: 3
Floor Size: 2,000 m2

Features

Terrace
No Pool
Elevator
Potential for Income
Walk to Amenities

Details

Unique opportunity to acquire a spacious building comprising of business and residential spaces, near all amenities in the commercial heart of Mahon.

This impressive property stands out for its privileged position, being the epicentre of the best commercial location on the entire island. With a majestic facade unfolding on two distinct streets, this building offers unparalleled visibility for any venture.

With a total area exceeding 2,000m2, this building embraces versatility.

Comprising a harmonious combination of commercial spaces and residences. Some of the commercial spaces already have signed lease agreements, providing a solid foundation for a stable return on investment. These contracts, backed by thriving businesses, ensure a constant flow of income for visionary investors.

This building not only represents an attractive investment in the present but also opens the doors to a promising future.

With the potential to be converted into a luxury hotel or a vibrant shopping centre, this property adapts to market trends and the changing needs of the community. In summary, this building not only epitomises architectural elegance but also offers a unique opportunity in the best commercial location on the island.

Whether you are looking for a secure investment, the ideal headquarters for your business, or the perfect canvas for an innovative project, this building is the catalyst for success.

Welcome to a world of unlimited possibilities in this unparalleled enclave.

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Balearic Islands Property Buying Guide

1. Putting down a Holding Deposit

On finding a property you wish to purchase you will need to negotiate the terms, price and conditions of the sale with the owner. This part of the process is not binding. We would recommend using an independent English speaking legal advisor. Once a purchase price has been agreed, normally a holding or reserve deposit will be required to ensure the property is removed from the market. The sum required will vary between properties and will be based on the purchase price. A time limit for the preagreement to be signed will be arranged and there will also be legal checks to be made.

2. Setting up a Pre-agreement (Contrato privado de compraventa)

The pre-agreement will set out the conditions under which the Buyer and Seller agree to complete the purchase of the property and the price they have agreed upon. Relevant details will generally be included for example the property details, purchase price and the date for completion. A deposit will be required at this point, this will vary, but will generally be 10% of the agreed price. This agreement will include a penal clause if the sale does not go through. If the seller pulls out of the sale your compensation will be double the deposit you have paid, but if you decide not to go through with the sale then your deposit will be lost. Certain checks will need to be made before signing the contract, checks should be made against the title of the property, mortgage status and if the property has any debts held against it. The planning status should also be looked into. These conditions can be varied by the seller and the buyer and other types of agreement can be made.

3. The Contract (Escritura de compraventa)

Before a non-Spanish purchaser can buy a Spanish property they will need to have set up a Spanish bank account and obtained a Spanish tax number (NIE). The completion will take place in the presence of a Notary Public. This is a Spanish public official, by law the deed of sale must be witnessed by a Notary Public. You will also need your own independent, expert legal advisor to act on your behalf. On Completion the buyer must pay the balance, that is the price agreed after the deposit has been deducted, plus any other fees on the completion date. Both buyer and seller must sign the Escritura de compraventa contract, (this is the Spanish equivalent of the title deeds). The title deeds (escritura) will be given to the buyer, this will be done in the presence of a Notary Public, they will certify that the transfer has taken place. The tax office will be sent a copy and the property registry will be informed of the transfer.