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Gzira high-rise 14 East renting out highest office floor for over €220,000 a year

Eight storeys of high-rise office space snapped up by investors now being rented out to tenants

matthew_vella
Matthew Vella
11 October 2017, 11:30am
The 14 East tower
The 14 East tower
High-rise office space at Gzira’s soon-to-be completed 14 East, which was formerly occupied by the United Garage, has been entirely sold off and now being rented out.

Prices range from an annual €260 per square metre for the second floor – which means €18,731 ever year – to €405 per square metre for the ninth floor, or €224,775 annually.

Property agents Belair Property said that all of the office floors and residential floors – in total 21 storeys – had been snapped up by investors, who are now starting to rent out the storeys.

The company said the owners, which together form the 14 East Business Centre, entrusted the agency with the exclusivity of the rentals.

READ New photomontages show Gzira skyline under shadow of Metropolis and 14 East high-rises

Out of eight floors of offices, totalling circa 4,400 sq.m, three have already been committed as completion nears. “We are now in the process of pushing out the remaining floors,” Belair diretcor Niki Casolani said.

The floors are made up of 520 sq.m or 555 sq.m areas, with some floors having the option to be rented as half a floor.

“Buyers have bought the floors and some of them also resold them. Now they are up for rent and completion is expected for the first quarter of 2018,” Casolani said.

He said companies renting out the floors included finance firms, payment platforms, and of course gaming companies.

matthew_vella
Matthew Vella is executive editor at MaltaToday.
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