Subsidized residential complex in Berlin-Spandau with 60 units.
Weinmeisterhornweg 170-178c (gerade) in 13593 Berlin
60 units
Description
Centre Plaza was constructed in 1989 and comprises 19,424 sq ft of commercial and residential accommodation arranged over the ground and seven upper floors.
Centre Plaza is situated in the heart of the town’s Main Street, the territory’s main commercial and shopping district.
Centre Plaza’s prime position places the property at the core of the Gibraltar’s legal, professional and political hub. Main Street acts as the heart of the town, stretching from Casemates Square to Southport Gates, and benefits from the highest daily pedestrian traffic in Gibraltar capturing both tourist and local resident footfall.
To the west, the property overlooks Queensway, Gibraltar’s busiest north-south traffic arterial route, immediately opposite is the Queensway Quay area.
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Attributes
Year built
1989
Building area net
19,424 sf
Number of floors
8
Occupancy
78%
Commercial units
12
Residential units
6
Commercial WAULT
6.7 years
Residential WAULT
61.4 years
Tenure
Freehold
Media
Investment Highlights
- Gibraltar is a strategically positioned British Overseas Territory, with a growing GDP of over £3 billion.
- Gibraltar is an established international finance centre, hosting many international banks and financial services firms.
- Centre Plaza will benefit hugely from the UK-EU Agreement, boosting confidence and demand in Gibraltar’s commercial markets and enabling new market entrants.
- Centre Plaza is situated in the heart of the town’s Main Street, the territory’s main commercial and shopping district.
- Centre Plaza is arranged over ground and seven upper floors providing 19,424 sq ft of commercial and residential accommodation.
- The property has been in the same ownership for over 40 years.
- 78% leased to 10 commercial tenants producing a topped-up rent of £412,070 per annum (£37.81 per sq ft) and 6.7 years to expiry.
- The office rent equates to an average of £27.81 per sq ft, 40% below current prime rents in Gibraltar, which now stand at £45 per sq ft.
- Accretive asset management opportunities to enhance the income profile and improve the rental tone.
- Opportunity to add significant value by extending the headlease on the six residential apartments, which only have 61 years unexpired.
- The property will be sold freehold.
Contact brokers
Centre Plaza, Gibraltar (0 Properties)
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Last updated
27 May 2026
