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Here's one for experienced investors: an opportunity is to buy an entire development of 35 units in the famous Bulgarian ski resort of Pamporovo. This lies in the heart of the Rhodope Mountain, South Bulgaria.
The 35 units under construction will comprise:
- Studios - 6
- 1 bed apartments - 24
- 2 bed apartments - 5.
- The total area of apartments (including common areas) is 2450 sq.m and the total living area of the building is 2800 sq.m.
- The building also includes: a Gymnastic hall; 2 saunas; Underground parking with 10 parking places; Ski room; Ski rental
The developer is looking for an investor who will buy the building in full and sell the units on to individual investors. The price of this stage of construction (rough construction - with roof) is 1,200,000.00 Euros without VAT.
The price includes ownership on the land, whole plot of 1500 sq.m. In order to complete according to current plans, a further €650,000 will need to be invested. The developer/builder will complete the building according to the buyer's wishes, subject to any additional agreements.
The value of the completed development as currently planned, with VAT included, is 2,160,000.00 EUR. This figure is based upon the developer's existing architectural and construction plans.
The Resale price, dependent on when the investor decides to sell, could be between 1100 -1200 euros per sq m. This will fluctuate depending upon the quality of the finishing works.
In connection with the expected accession to the EU on January 1, 2007 property prices in Bulgaria are predicted to rise. The location itself boasts a key USP - its close proximity to the ski-piste.
For further information contact Lucy Malec at Hunters on 0113 218 2842 or e-mail lucy.malec@huntersnet.co.uk
