The developers of Ocean Village, Gibraltar, have sold out upcoming Ocean Spa Plaza only 36 hours after general release. With a 100-strong VIP Advantage List, who had already paid a refundable deposit and received plans and prices 48 hours in advance, and with the help of an oversubscribed waiting list, all 125 luxury apartments were swiftly sold.
Karen Houston, Sales & Marketing Manager for Ocean Village, comments, “This sell out comes as little surprise. In Gibraltar there is phenomenal pent-up demand for luxury accommodation in Ocean Village with its leisure and recreational facilities. Ocean Spa Plaza perfectly meets this need. Last September our latest residential project, 116-unit Imperial Ocean Plaza, sold out in just five days and, with 100 deposits paid and an oversubscribed waiting list, we knew Ocean Spa Plaza would not only emulate, but exceed that success. In fact, this time it was so fast that the majority were sold in the first 90 minutes of general release, but it took us a few days to collect paperwork and tie up the administration.”
Karen continues, “Ocean Village’s residential projects have a history of immediate sell-out thanks to unsurpassed facilities combined with strong rentals with no voids. Ocean Village commands returns of around 6%, versus 5% for the rest of Gibraltar. World Trade Center Gibraltar is less than a one- minute walk from Ocean Spa Plaza and, with 1,700 staff expected to work there, it will undoubtedly be a great source of reliable tenants when it opens its doors in 2016. We could probably sell another 125 units in a heartbeat but sadly, with no more land available, we think Ocean Spa Plaza will be the last off-plan project at Ocean Village - unless we are somehow able to gain another site.”
Comprising a seven-level car park and 125 luxury one- two- and three-bedroom apartments, Ocean Spa Plaza is an iconic elliptical glass- and vertical-garden-clad building with high eco credentials. A ‘living’ wall will cover 70% of the circumference of floors one to six, emitting oxygen and supporting an ecosystem of insects, birds and other wildlife currently lacking in the area - swift boxes will be added at roof level. Environmental awareness continues with a vertical southwest-facing wall of photovoltaic cells.
Arranged across floors eight to 16, with Presidential Penthouses on the 17th storey, 125 high-end apartments will be bathed in light and enjoy panoramic views afforded by the oval superstructure. Oversized windows and huge, deep terraces come as standard, with a select number of garden apartments on the eighth floor. All will be equipped with chef-calibre kitchens, opulent bathrooms with walk-in showers and natural wood flooring throughout.
The ‘Spa’ element of Ocean Spa Plaza is found at the upper roof Sky Spa with Jacuzzis, an infinity pool, sculptured massage beds, cascading waterfalls, hydro showers, anti-cellulite massage, sauna and steam rooms, surrounded by native planting. The 360º views of the imposing Rock, Mediterranean and North Africa will be more than special. Meanwhile the eighth floor family recreational deck will be home to a heated lap pool alongside children’s pools with stepping stones and island features, with plenty of trees for natural shade.
200 new parking spaces will serve both residents and public, and help resolve the ongoing parking issues created by traffic to nearby Victoria Stadium and the two marinas – bearing in mind planning permission has also been granted to 102 short-stay and rental apartments as part of Ocean Village’s superyacht berth expansion programme. Parking aside, Ocean Spa Plaza will host retail and commercial space on the ground floor.
Ocean Spa Plaza is just 30 seconds walk from Ocean Village Marina with its bars, boutiques, restaurants, casino and five-star yacht hotel. Lively Casemates Square and Main Street are around three minutes on foot with the International Airport and Spanish border at just nine minutes. There is no capital gains tax, VAT, inheritance tax or wealth tax in Gibraltar and both stamp duty and corporation tax are kept very low. The currency is pounds sterling and there are more than 300 sunny days each year.