Developer shrugs off Brexit uncertainty

Developer shrugs off Brexit uncertainty

West One developer Evgeny Cherepakhov yesterday brushed off Brexit uncertainties, stating it is “not a big issue” for property developers in Gibraltar.

Mr Cherepakhov has remained firm on his plans to continue to invest in Gibraltar despite beginning plans on West One seven years ago, prior to the threat of Brexit.

Yesterday the structural completion of West One, situated at Europort Avenue, was celebrated with a Topping Out ceremony, which Mr Cherepakhov attended.

“I think Gibraltar is a self-sufficient country, Gibraltar is a unique place either when part of the EU or not,” Mr Cherepakhov told this newspaper.

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“Gibraltar has a lot of tourists coming, a very attractive place for the shipping industry. Gibraltar is a very attractive place for the gaming industry, for insurance companies.”

“So I think Gibraltar can sustain and even be better off without the EU. I don’t think it is a big issue.”

“We can’t see any changes, the demand is still here, people are still buying apartments and still very keen to live in Gibraltar so a lot of people are still trying to get in. We still have about 10,000 or 12,000 people commuting every day so I think that shows the confidence in Gibraltar.”

Mr Cherepakhov said he is pushing ahead with plans to construct £100 million residential complex, ‘EuroCity’, situated beside West One.

“Of course, uncertainty is a bit of a problem but hopefully when EuroCity will be at a stage where we will be able to develop it, all these issues will be cleared up,” he said.

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