Commercial Real Estate Opportunities in Montevideo's Ciudad Vieja
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Commercial Real Estate Opportunities in Montevideo's Ciudad Vieja

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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 ...

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.

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Commercial Real Estate Opportunities in Montevideo's Ciudad Vieja Presentation Transcript

  • 1. commercial real estate opportunitiesthe ciudad vieja of montevideo, uruguay
  • 2. the ciudad viejaIt’s the Montevideo neighborhood with the highest concentration of turn-of-the-century historic properties, and (fortunately for admirers of such properties) it’salso 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 thewesternmost tip of Montevideo. The barrio is bordered on the north by the Portof Montevideo, so international tourists flood the area daily arriving via ferryfrom Buenos Aires or aboard cruise ships which now dock eight months of thecalendar year.In terms of business, the Ciudad Vieja is home to the Montevideo StockExchange, hundreds of companies supporting customs and shipping activities,and the Uruguay headquarters for major private banks like BBVA and BancoItau. Culturally, the CV boasts the Teatro Solis, the Mercado del Puerto anddozens of museums, antique stores and private galleries.
  • 3. the ciudad viejaThe last major wave of investment in the CV was roughly 6 to 8 years ago whenmany Spanish and Argentine investors bought historic properties. Now, giventhe economic crisis in Spain and the currency controls in Argentina, many ofthose 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 forless 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 tourists365 days a year, the CV service infrastructure is severely lacking creating uniqueopportunities for interested investors and established franchises.On the following pages, we present a sample of income-producing commercialreal estate opportunities in the Ciudad Vieja of Montevideo.
  • 4. the ciudad vieja
  • 5. 4-star hotel with 20 guest rooms1910 building on the Historic RegistryTripAdvisor Travelers’ Choice WinnerHotel completely renovated in 20083 meeting rooms with capacity for 80Special government tax exemptionsTop floor restaurant with water viewsPrice: US$2,700,000historic luxury hotel property
  • 6. historic bank district property3-story building in the Ciudad ViejaCompletey renovated inside and outLocated next door to Banco Itaú HQOnly 3 blocks from Port of MontevideoInterior Square Feet: 12,700Interior Square Meters: 1,180Monthly Rental Potential: US$15,000Price: US$1,100,000
  • 7. historic bank district property2-story building in the Ciudad ViejaZoning allows for an additional floorLocated across from Banco Itaú HQCurrent 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$300,000Completely Renovated: US$400,000
  • 8. 2-story building in the Ciudad Vieja1 block from the Plaza Independencia3 blocks from the Port of MontevideoCentral location between 2 new condosInterior Square Feet: 3,700 (344 m2)Monthly Rental Potential: US$2,700Price As-Is: US$190,000Completely Renovated: US$290,000historic port district property
  • 9. turnkey commercial office spaceTurnkey commercial office spaceCompletely furnished and wiredOffice occupies entire fourth floor3 blocks to the Port of MontevideoInterior Square Feet: 1,270Interior Square Meters: 118Monthly Rental Potential: US$1,300Price: US$180,000
  • 10. Call For Information & Property ToursUSA: 1.800.251.2720 URY: 098.822.048