Building for Sale with Great Potential for New Development or Renovation in El Terreno – Palma

Investment opportunity in one of the most up-and-coming areas of Palma de Mallorca.
Urban plot with an existing building for sale, located on George Bernanos Street, parallel to Joan Miró, in the heart of El Terreno — an area currently undergoing a clear process of transformation and appreciation.

The property sits on a plot of approximately 190 m² and offers a buildable area of 260 m², allowing for the development of an attractive new construction project or a complete renovation.

There is the possibility to build up to THREE RESIDENTIAL UNITS distributed over two floors, with approximately 130 m² per floor. Additionally, there is the option to create a basement level with parking spaces, which would significantly increase the final value of the project, as well as the possibility of designing a spacious communal area with a swimming pool or other amenities.

The building currently comprises seven rented apartments, generating an approximate monthly income of €1,100. The rental contracts are close to expiration, which facilitates the planning and execution of a future development without major complications.

The surrounding area stands out for its dynamism and growth, surrounded by new residential developments, hotels, and services, including a hotel currently under construction right next to the plot. All of this reinforces the attractiveness of the area and guarantees strong residential demand in the medium and long term.

An excellent opportunity for developers and investors seeking to carry out a modern, profitable project with long-term vision in one of Palma’s areas with the greatest potential for appreciation.