The South District properties, which will initially serve as accommodation for Island Games athletes, will be transferred to the Gibraltar Government in early 2019 at the games’ conclusion.

In response to PANORAMA questions, Fabian Picardo, Chief Minister, said that three tiers of buyers have been targeted for the housing project, which is called ‘Project Euston’.

“We are aiming for local young professionals, people who acquired affordable property and want to sell it to upscale to a larger home and those who can afford higher level development,” he said at a press conference where a brochure for the properties and dedicated website (www.gibmodsales.gi) was launched.

The brochure is available today at the offices of Gibraltar Residential Properties located at the old health Centre at Casemates and the website went live yesterday.

The accommodation up for tender includes 104 houses at Europa Walks Estate from £220,000; 30 flats at Trafalgar Heights from £304,000; 10 houses at Naval Hospital Hill from £485,000; 5 houses at Lake Ramp (Buena Vista) from £450,000; 12 flats at Prevost House and Phillimore House (Buena Vista) from £280,000.

“We want to ensure that we have the fairest system in place as possible for people to put in a tender for as many properties as they need,” Mr Picardo said. “For owner occupation, people will only be able to buy one property. In the context of the Gibraltar property market, this is lower that some of the high-end housing that appears on the market where a one bedroom might retail for about £400,000 to £500,000. This is very affordable for what you are getting.”

A new residential development consisting of 17 townhouses is currently in the design stage for the area adjacent to the Europa Walks Estate play and pool areas. These will not be subject to the same tender process but will be sold for fixed prices starting from £750,000.

“I want to emphasise that, if the government goes ahead with this project, it will do so by taking it to the Department Planning Commission for approval,” Mr Picardo said. “The government will not just go to DPC for guidance and advice; it will subject itself completely to the approval process as for any developer.”

The government said select viewing dates for some of the properties in each estate will soon be made available for those interested in submitting a tender.

Successful tenderers will be required to pay a non-refundable deposit of £10,000 within 21 days of being notified, with the full balance due on completion.

MOD MOVE

The transfer follows an agreement between the government and MoD in 2011 where the latter agreed to give up properties in exchange for relocation elsewhere.

To date, 90 properties have already been released and, according to Deputy Chief Minister Dr Joseph Garcia there has been a very high demand for them.

“This is the end of the handover of residential properties to the government,” he said. “It is a very exciting opportunity in Gibraltar for home ownership.”

Mr Picardo said that there would be great expectation about the possibility of finally being able to purchase the ‘jewels in the crown’ of Gibraltar’s remaining MOD properties.

“These are properties that many of us might have looked at jealously in the past, but are now available to Gibraltarian citizens,” he said.

The Chief Minister also confirmed that the relocation of the MOD tenants to Four Corners should be completed by the early part of 2019.

15-12-17 PANORAMAdailyGIBRALTAR