The complex known as Trident House in Marsa, measuring circa 13,215 sqm, is another property that the Board believes offers significant development potential.
The property is divided into three parts consisting of: a warehousing facility with ancillary storage, offices and parking facilities, currently occupied by SFC Group’s food importation arm and the head office of the franchised foods business, an undeveloped tract of land, and a portion of land which forms part of a neighbouring car parking area. The property occupies a corner site, bounded on one side by Qormi Road, off which it is directly accessible, and on another side by a distributor road leading off an arterial road. The back of the property fronts onto an unnamed road. Although the property does not lie in close proximity to most common amenities, it is however a short drive away from the town centre of both Marsa and Qormi.
The property falls under the requirements of the Grand Harbour Local Plan (GHLP) published by the Malta Environment and Planning Authority (MEPA) in 2002. The already developed parts of the property lie within an area identified for the “retention of existing or more environmentally friendly uses.” The undeveloped parts of the property lie within an area zoned for mixed uses excluding Classes 12 to 16 of the Use Classes Order of 1994 (as amended). The whole of the property lies within an area zoned for development of up to three floors. Developed properties adjacent to the one under report vary in height up to a maximum of three floors.
Current planning policies contemplate a variety of uses for the area being occupied by the property. Whilst no official statistical data for this locality or type of property is available, it is the considered opinion of experts that the demand for the property in the area should be good, given the size, flexibility and location. The development profile that may be obtained for the site will depend highly on the interpretation of planning policy, particularly in view of the significant difference in site levels of the property. The Company envisages that an Outline Development Permission for the site is obtained to crystallise the site value on the basis of an established development profile.
