Property Details

Piazza Castelnuovo, 35 – Palermo

  • 1010_02
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  • p Castelnuovo - palchetto musica
  • IMG_0172 PALERMO Piazza Castelnuovo
  • ED3_0832_B Palermo-Teatro Politeama
  • p Castelnuovo - Politeama
  • ED3_0840_B PA-F.Pensioni (IMMOBILE)-Piazza Castelnuovo

ID : CASTEL

  10.707.000€ - Negotiable
8641  Mq - Indicative gross area Print

Situated in the highly central and elegant Piazza Castelnuovo, the city’s administrative, commercial and economic core, in one of the most prestigious zones, opposite the “Politeama Garibaldi” theatre, designed by the architect Damiani Almeyda. The surrounding area is mixed-use: residential, local authority offices, private studios, insurance companies, banks, hotels, restaurants and luxury shops (mainly situated in the adjacent Via Libertà and Via Ruggero Settimo);

It comprises 11 floors above ground, served by two stairwells, and an underground level, for a total of 8,641 sqm of gross area;

The initial asking price of €12,430,000 has dropped to €10,707,000 and is negotiable.

Leasehold status: the ten floors are used as offices, and of these:

  • 35% are let to 5 tenants for a total annual rent of €213,648;
  • 19% are used by the Fund;
  • 46% are vacant.
  • -The ground floor is let to 3 tenants for a total annual rent of €95,573.
  • Part of the roof is let to 2 tenants (TLC antenna and advertising sign) for a total of €73,033 in annual rent;

Maintenance condition: works to replace the main glass facades of the building were carried out in 2001-2002;

Gross yield: €382,254

Tax burdens on the property:

  • Borne by the Pension Fund: “IMU” (imposta municipale unica – single municipal property tax);
  • Borne by tenants: “TARI” (tassa rifiuti – waste disposal tax), “TOSAP” (tassa occupazione spazi ed aree pubbliche – tax on the occupation of public soil and areas);

Plant systems:

  • 4 lifts;
  • Fire prevention system;
  • Other systems: autoclave, water storage tank, transformer station;

Insurance coverage: Third-Party Liability and All-Risks;

The building was constructed around the mid-1960s; it has a reinforced concrete load-bearing structure, and the main facades are predominantly in curtain walling and metal. The roof is flat;

A.C.E. (energy certificate): 05/01/2013 drawn up by Architect  Alessandra Alagna;

Connection to the major roadways:

the area is well served by services and public transport;

approx. 700 metres from Palermo Courthouse;

  • Railway: 15 minutes by car from the Central Station and from Notarbartolo Station (direction Messina/Catania/Trapani/”Falcone e Borsellino” Airport);
  • Port: 10 minutes by car from the Marine Station, port for shipping lines for Genoa/Naples and other domestic destinations, as well as for the smaller islands. The port of Palermo is also a stop for major cruise liners;
  • Airport: 40 minutes by car from “Falcone e Borsellino” Airport; the airport is also served by frequent rail links (from Palermo Centrale and Palermo Notarbartolo) and bus lines (from the opposite Piazza Ruggero Settimo);
  • Motorways: 15 minutes away (Palermo-Catania, Palermo-Messina and Palermo-Trapani/Mazara del Vallo);
  • Taxi: there is a taxi rank in the piazza;
  • Underground: (the creation of a line with a stop at “Politeama” is envisaged).

Annual rent: 382.254€

Incremento ISTAT Annuale: 75%