15th May 2018, 14:30
The iconic Old Police Barracks buildings were launched on Monday as a development boasting 48 flats. The developer of The Arches – Cimco Partners – said they aimed to bring new life to the area, after four years of construction and refurbishment work.
The Governor and the Commissioner of Police attended the inauguration yesterday, at which a plaque was unveiled commemorating all those who lived at Police Barracks and served at the Royal Gibraltar Police.
The Chief Minister Fabian Picardo said the modernization of the upper town, by the Government and by private developers, continues, making it an increasingly attractive place to live. All 48 apartments have been sold, originally for between £2,489-£3,986 per square metre; now they are going for upwards of £5,500 per square metre.
The developer says over half of the buyers are local.
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Please note an earlier version of this report stated the flats had originally sold for £4,000 per square metre. The developer has clarified that £3,986 was the highest per square metre price when the flats first sold.