Commercial Real Estate Opportunities in Montevideo's Ciudad Vieja
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commercial real estate opportunities the ciudad vieja of montevideo, uruguay
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It’s the Montevideo neighborhood with the highest concentration of turn-of-the-century historic properties, and (fortunately for admirers of such properties) it’s also one of the most affordable barrios in the Uruguay capital city. The Ciudad Vieja or Old Town is a roughly one-hundred block area at the westernmost tip of Montevideo. The barrio is bordered on the north by the Port of Montevideo, so international tourists flood the area daily arriving via ferry from Buenos Aires or aboard cruise ships which now dock eight months of the calendar year. In terms of business, the Ciudad Vieja is home to the Montevideo Stock Exchange, hundreds of companies supporting customs and shipping activities, and the Uruguay headquarters for major private banks like BBVA and Banco Itau. Culturally, the CV boasts the Teatro Solis, the Mercado del Puerto and dozens of museums, antique stores and private galleries. The last major wave of investment in the CV was roughly 6 to 8 years ago when many Spanish and Argentine investors bought historic properties. Now, given the economic crisis in Spain and the currency controls in Argentina, many of those investors are looking to sell at deep discounts to original asking prices. A tour of CV properties this week revealed entire historic buildings for sale for less than $75 per square foot and modern furnished offices for sale for under $150 per square foot. Despite the influx of workers five days a week and tourists 365 days a year, the CV service infrastructure is severely lacking creating unique opportunities for interested investors and established franchises. For more information about living and investing in Uruguay, visit InvestBA.com.
Transcript of Commercial Real Estate Opportunities in Montevideo's Ciudad Vieja
commercial real estate opportunities
the ciudad vieja of montevideo, uruguay
the ciudad vieja
It’s the Montevideo neighborhood with the highest concentration of turn-of-the-century historic properties, and (fortunately for admirers of such properties) it’s also one of the most affordable barrios in the Uruguay capital city.
The Ciudad Vieja or Old Town is a roughly one-hundred block area at the westernmost tip of Montevideo. The barrio is bordered on the north by the Port of Montevideo, so international tourists flood the area daily arriving via ferry from Buenos Aires or aboard cruise ships which now dock eight months of the calendar year.
In terms of business, the Ciudad Vieja is home to the Montevideo Stock Exchange, hundreds of companies supporting customs and shipping activities, and the Uruguay headquarters for major private banks like BBVA and Banco Itau. Culturally, the CV boasts the Teatro Solis, the Mercado del Puerto and dozens of museums, antique stores and private galleries.
the ciudad vieja
The last major wave of investment in the CV was roughly 6 to 8 years ago when many Spanish and Argentine investors bought historic properties. Now, given the economic crisis in Spain and the currency controls in Argentina, many of those investors are looking to sell at deep discounts to original asking prices.
A tour of CV properties this week revealed entire historic buildings for sale for less than $75 per square foot and modern furnished offices for sale for under $150 per square foot. Despite the influx of workers five days a week and tourists 365 days a year, the CV service infrastructure is severely lacking creating unique opportunities for interested investors and established franchises.
On the following pages, we present a sample of income-producing commercial real estate opportunities in the Ciudad Vieja of Montevideo.
4-star hotel with 20 guest rooms 1910 building on the Historic Registry TripAdvisor Travelers’ Choice Winner Hotel completely renovated in 2008 3 meeting rooms with capacity for 80 Special government tax exemptions Top floor restaurant with water views Price: US$2,700,000
historic luxury hotel property
historic bank district property
3-story building in the Ciudad Vieja Completey renovated inside and out Located next door to Banco Itaú HQ Only 3 blocks from Port of Montevideo Interior Square Feet: 12,700 Interior Square Meters: 1,180 Monthly Rental Potential: US$15,000 Price: US$1,100,000
historic bank district property
2-story building in the Ciudad Vieja Zoning allows for an additional floor Located across from Banco Itaú HQ Current Square Footage: 5,850 (544 m2) Potential Square Footage: 8,780 (815 m2) Potential Rent: US$5,000 to $7,500/mo. Price As-Is: US$300,000 Completely Renovated: US$400,000
2-story building in the Ciudad Vieja 1 block from the Plaza Independencia 3 blocks from the Port of Montevideo Central location between 2 new condos Interior Square Feet: 3,700 (344 m2) Monthly Rental Potential: US$2,700 Price As-Is: US$190,000 Completely Renovated: US$290,000
historic port district property
turnkey commercial office space
Turnkey commercial office space Completely furnished and wired Office occupies entire fourth floor 3 blocks to the Port of Montevideo Interior Square Feet: 1,270 Interior Square Meters: 118 Monthly Rental Potential: US$1,300 Price: US$180,000
Call For Information & Property Tours
USA: 1.800.251.2720 URY: 098.822.048
![La vieja guardia sindical y Perón [Torre]](https://static.fdocuments.us/doc/165x107/55cf9dba550346d033aeec96/la-vieja-guardia-sindical-y-peron-torre.jpg)
