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TEATRO AMADOR - Commercial Building, Old Town
TEATRO AMADOR - Commercial Building, Old Town
You just found a real jewel of opportunity!
This commercial property located in the heart of the Old Town (or Old Town) offers investors and operators the opportunity to acquire one of the most emblematic places in Panama City!
The Amador Theatre was built in 1908 by The Railroad Panama Company and is the oldest theatre and venue for active events in Panama. It is, in essence, the country ' s original " place of theatre and false events " !
Amador Theatre is located in the heart of the historic district of the Republic of Panama, just a 5-minute drive from Panama City Centre and a 10-minute walk from the metro station. Conveniently located near all the excellent bars, restaurants and hotels of the old town, this property is accessible and strategically located.
Field area: 3,230 Sq Ft. Total area: 11,296 Sq Ft.
Level 000. Ground floor: 3.230 Sq Ft
Level 100. Entrepiso Local: 1.601 Sq Ft
Level 200. Espacio Restaurante: 3.397 Sq Ft
Level 300. Office and joint workspace: 3,067 square feet.
Amador Theatre is considered the best venue for events and nightclubs in Panama City for live shows up to 500 people. Buyers will get a first level sound and lighting system (many say it's the best in Central America, valued at $350,000 USD), incredible engineering and acoustic infrastructure and two large bars with frontline equipment. In 2015, Amador Theatre was included in the #89 ranking of 100 Discos worldwide according to DJ Mag.com
Theatre has hosted the best international artists, including:
Joss Stone, Piazzola Plays Piazzola, Ruben Blades, Pedrito Martinez, Nicolas Jaar, Desorden Publico, Nelson Arrieta, The Martines Brothers, Rawayana, Señor Loop, Laura Guevara, &Me, Son Miserables, Damian Lazarus, Los Rabanes, Bacilos, Lasso, Bedouim,fire
The place also has the ability to adapt to a variety of different private and corporate events, including conferences, press events, product launches, cultural events or educational workshops. Previous customers include Cervecería Nacional, Procter & Gamble, Municipality of Panama, Bacardí, Buchanan's, Cartier, Ford, Audi, Land Rover, Panama Tourism Authority, Adidas, Under Armour, L'Oreal and TEDx International Film Festival.
Cocktail Event Style: 350 Sitting Event: 130
Film Event: 90
Located at level 300, the restaurant was completely renovated in 2014 and includes a state-of-the-art kitchen with custom made stainless steel accessories and furniture valued at over $300,000.
From 2015 to 2020, the restaurant operated as Caliope Restaurant & Bar, which reached the number 1 restaurant rating in Panama City according to TripAdvisor among more than 900 restaurants in total. The restaurant has 90 seats and can serve up to 200 for cocktail events.
The restaurant has an integrated sound and acoustic system and is ideal for live shows and also includes two private dining rooms. The space includes an interior patio of 320 square feet with a living green wall.
For several years, every weekend Caliope organized a gastronomic and musical experience called “Helicon”; customers enjoyed an exquisite menu, live art, dance and experimental music that became the most exclusive party and nightlife scene in Panama.
Helicon had a lot of DJs, selected artists and producers who interacted with space and people giving attendees to the party a spiritual experience and a sense of wonder and possibility.
Co-Working Offices and Space
The upper floor contains a beautiful office space of 2,895 square feet with structural glass floor, up to 14 workstations, a private conference room for 8 people, 1 private office, 1 semi-private room, 3 bathrooms and cook.
Tax Incentives Old Town
In 1997, UNESCO appointed the Old Town as a World Heritage Site, which began the restoration of its colonial streets and buildings. Today, both tourists and Panamanians are returning to the Old Town making it one of the most expensive residential and commercial districts in the country.
Since the late 1990s, the government implemented a new fiscal regulation that led to the rehabilitation of the area, currently the Amador Theatre building is eligible for the following incentives:
Credit with interest rate of 3% on commercial loans.
30 years of property tax exemption up to 2042.
Price turnkey: $3,950,000 USD
It includes intellectual property, mailing lists, all furniture, accessories, equipment and everything a new operator would need to execute his own vision.
The buyer can also assume the existing debt of approximately $2.1 million, which has a net interest rate of only 2.75% (due to the incentive of the interest rate of Casco) and a 15-year amortization.
This property can be purchased and operated by the owner, rented for short-term events to others or rented to a long-term tenant. The monthly rent has been valued at $17,000 - $20,000 for a long-term tenant.