Dizz Finance p.l.c. announced the completion of its most recent development project, ‘The Hub’, located on Triq L-Industrija in Mrieħel, or the Central Business District as it was recently rebranded.

The announcement, made on Monday (today), has been a long time coming, considering the property was first acquired in 2016, and faced some lengthy delays, including due to the pandemic which stalled many projects.

The site had been granted to Dizz Manufacturing by the Government Property Department on a temporary emphyteusis of 65 years. This emphyteutical grant was issued against a lump sum of €0.5m in 2016 upon commencement of the grant, with €18,000 ground rent being payable annually throughout its term, which is also subject to revision every five years. The fair value of the Hub as of 31st December 2017 was €0.8m.

In an annual report published by Dizz Finance plc covering the year ended December 2022, it was revealed that The Hub was revalued to €16.2 million.

The new building boasts a footprint of approximately 1,245 square metres and offers five floors of commercial and office space, complemented by two basement levels dedicated to underground parking facilities.

The announcement also revealed that a portion of the development has already been leased. Two of the five commercial office floors and one of the underground parking levels have been rented out to a single tenant, who has already commenced occupancy.