AN underground car park and dockyard warehouse are being bought up as storage for vehicles to be exported abroad by a local company.
The two sites around Gibraltar have been bought by the Bassadone Automotive Group for £20 million.
The first is the lower and part of the upper level underground car park of the Lathbury Sports Facility, leaving 200 spaces for the public.
The second is at Europa Business Centre in the dockyard, beside the new Bassadone showrooms, offices and warehouses.
It comes as the local company, which sells vehicles to NGOs and countries around the world, brings over to the Rock its business based in Portugal.
The move provides secure storage for the vehicles, which are currently being parked at Devil’s Tower Road and at Eastern Beach car park.
The company already employs 320 people in Gibraltar and is creating a number of new highly-skilled jobs before the EU departure.
The Chief Minister Fabian Picardo welcomed the move as it would help pay off the cost of the Lathbury Sports Facility, built for the Island Games last year.
“As we developed the sports facilities, we knew that we could work with the Group to accommodate their unique business requirements,” said Picardo.
“This deal serves to improve the Group’s efficiency and productivity, expanding their security.
“It is exactly this type of commercial prowess that makes Gibraltar such a special place to do business.
“We have worked hand in glove with the Bassadone Automotive Group to
accommodate their needs and the result is a win-win for both sides.”
In 2019 Bassadone exported about 6,400 vehicles from Gibraltar, a number which is set to rise to 7,500 in 2020.
“We are delighted to offer a wide range of diverse job opportunities at Bassadone Automotive Group for both blue collar and white collar workers,” said Executive Chairman George Bassadone.
“My family have been representing the car business in Gibraltar since 1927 and I look forward to doing so for many more years to come.”