Gestprivilege is proud to present this investment opportunity in El Terreno, Palma, with exclusive marketing rights.

Built in 1900, this building offers the potential for a renovation project combining a ground-floor commercial unit with three apartments above, an internal patio and a possible rooftop solarium.

The images in this listing are AI-generated illustrations of the proposed renovation. They show what the property could become, not its current condition. The asking price of €850,000 is for the existing building before renovation, with the cost of the work to be added.

Located above the Paseo Marítimo, within walking distance of the sea and central Palma, the property occupies a narrow urban plot with an internal patio. The existing volume extends over three floors, with a lower annex and a stair head.

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

Both areas appear under the ground floor in the cadastral construction table. This reflects the allocation of uses rather than a floor-by-floor breakdown. The property is currently registered as a single unit, with no horizontal division. A división horizontal would need to be completed before individual apartments could be sold separately.

The proposed renovation would retain the 38 m² commercial space at street level, potentially suitable for a shop, studio or café, subject to the relevant licence. The residential area could be reorganised into three apartments, one per floor, each with its own entrance from the staircase. The patio would remain at the rear, with the possibility of a solarium on the roof.

This is the scheme illustrated in the images. Its feasibility and the necessary approvals would need to be confirmed before work begins.

The building has passed its ITE inspection, and plans were drawn up around a year ago. The cadastral record notes a medium renovation in 1985. The ground floor has been used commercially for approximately twenty years, with commercial and residential licences reported. There are three electricity meters and no tourist-rental licence.

For a builder, investor or renovation company, the appeal lies in the location, the existing volume and the combination of commercial and residential use a chance to give a historic building in El Terreno a new future.

Exclusively marketed by Gestprivilege
Reference: 17RN012
Asking price: €850,000