Demolition works have started on the site of 'Dun' automobile showroom in the lower part of Testaferrata Street in Gzira, ahead of the development of over 2,000 square metres of office and retail space. The demolition works are expected to last around six weeks, followed by site excavations.

“The development of the site marks the first visible milestone of our regeneration project for the Testaferrata and Gzira area," said Ian Zammit, president of the Insurance and Property Division of GlobalCapital.

The project also includes the nearby high-rise Metropolis development, which will be mostly residential.

"The new office and retail space will be completed before the Metropolis high-rise development and it will mark our first completed project in the area,” Mr Zammit said.

Excavation works on the Metropolis site have, however, been completed, and the group is adjudicating tenders for the selection of a main building contractor. The construction phase is expected to start as soon as MEPA grants a full development permit.

“Our vision for Testaferrata Street and Gzira is to regenerate the area and to transform the existing unhealthy state of neglect into new life. The mixed use developments we have embarked on, together with others that are in the pipeline, will provide a strong injection of economic activity into the area, leading to the creation of new residential and commercial communities. Our projects are intended to boost the overall image and activity in this area” added Mr Zammit.

He said GlobalCapital’s property portfolio includes a 5,000 square metre site in Croatia, earmarked for the development of 63 seafront units. It is also in the process of being handed over a number of highly luxurious apartments in the heart of Buenos Aires, Argentina, designed by world-renowned designer Philippe Starck.

The group also owns properties in Sofia and Varna (Bulgaria), Rome and Barcelona.