The development at Tigné Point drew a step closer to completion with the planning authority giving the green light for substantial elements in Tigné North. The full development permit for 103 apartments in two blocks and for a 16,000 m2 business centre will consolidate Tigne’ Point project’s vision as a holistic mixed-use development that brings together residences, shops, leisure areas, restored heritage sites and business in a prime location served by ample underground parking.
Whilst the total buildable area is the same as that originally envisaged in the 1999 Outline Development Permit, the number of blocks to be constructed in the north phase are now less but higher due to the reduced footprint that became available as a result of the preservation of the Garden Battery, a series of 19th century British gun emplacements that snake across the northern shore of the site.
This preservation of the Garden Battery compelled Midi plc to divert the planned vehicular tunnel opened for public traffic last summer to pass under the battery and to completely re-design their original plans for the north side of the Tigne’ Point peninsula.
The final stage that will complete all the works in Tigne’ Point will be the large open public space situated north of The Point Shopping Centre which will contain two pavilion style catering establishments with outside dining, as well as a tree-lined open pedestrian boulevard adjacent to the historic seafront battery.
This last phase will conclude a development which to date has achieved success in different fields. All the retail outlets within The Point shopping mall have been rented and are now well established in meeting the demands of thousands of shoppers who flock to Tigné Point every week. The parking facilities at Tigne’ Point have been a welcome addition to the otherwise limited car parking spaces in Sliema, meeting the needs of shoppers and visitors to other parts of the locality. The residential arm of the project has also fared exceptionally well with all but four of the 260 finished apartments sold to a mix of local and foreign buyers, with 11 apartments ranging from €210,000 to €1,350,000 sold in the last 8 weeks alone. These properties are being bought as luxurious homes or as rental investments with the latter earning amongst the highest rents on the island.
The recently approved commercial centre in the Tigné North phase is expected to generate further business for the retail, catering and rental sectors of the project. With a pronounced shortage of good quality, contemporary and efficient office space in Sliema, the Tigné Point business centre is set to become a highly sought-after address. This new office development will tick the right boxes for potential tenants looking for a prime location, easy access, high-tech specifications, leisure amenities and the convenience that this new-town office development can offer its residents and tenants – excellent shops, restaurants and services in a unique car-free environment. This allows businesses or organizations to attract and retain a better level of staff who are in turn drawn to the benefits of quality offices and an appealing supporting environment.
The addition of such commercial centre, will also augment the rental investment opportunities for residences at Tigne Point. These are not only all luxuriously finished and set in one of Malta’s most prestigious location, but they are also very much in demand amongst foreign national professionals working in the area. The addition of the 16,000 m2 business centre will definitely see a surge in demand for properties to let and the expected rental return which at for Tigne Point residencies currently stands at around 4% to 5% per annum.