Construction Commenced on EuroCity Following Groundbreaking Ceremony

December, 18 2018

Construction has commenced at EuroCity following a groundbreaking ceremony earlier today.

The EuroCity development boasts welcoming public space at ground level, with retail, lively cafés and restaurants planned, and the further benefit of extensive car parking. With phased completions during the next four years, Eurocity will become a sustainable, residential resort of some 350 apartments around a split-level podium of landscaped gardens and pools, served by an international-class concierge facility, the first of its kind in Gibraltar.

Representatives from EuroCity Developments Limited, Jyske Bank (funding bank), AKS (project management), TSN (developer’s lawyers) and Chestertons (main agent and development consultant) congregated on site to watch the appointed contractor, Sacyr, break ground which is the traditional representation of the commencement of works.

Chairman of EuroCity, Evgeny Cherapakhov, told the audience that the development was set to provide its occupants an enviable combination of modern living in a truly connected lifestyle.  “EuroCity is a really exciting development for the area and for Gibraltar” he said.  “This type of development will benefit all of Gibraltar as we return ground floor private land to a retail amenity for everyone, and with modern residential facilities for the future occupants, whether owner occupiers or tenants.”

Jyske Bank signed lending terms with the developer last week to provide one of its largest ever funding facilities on the Rock, signalling a level of confidence in Gibraltar’s future despite the distraction of the Brexit negotiations.

Mike Nicholls, CEO of Chestertons and the development consultant mentioned the “quality of design, facilities and specification, as well as the central location”, as being the main drivers of the hugely successful sales launch last year which has seen some 175 properties exchanged ahead of the construction start.

Sacyr has now taken control of the site.