BIG DISCOUNT!!! DISCOUNTED PRICE OF 3500000 EURO!!! GREAT OFFER!
Pamporovo development offer
2.5 million Euro
Completed Apart / Hotel complex
Ideal investment project - fully built luxury development, prime location with 100% availability.
Superb location in leading ski resort, truly spectacular views, private road for entry, surrounded by glorious pine forest.
Swimming pool, large and spectacular gym/spa area, coffee shop/lobby bar, restaurant, shop area, underground parking, creche area - all on site.* Room for outdoor pool and hot tubs.
Built prior to this year’s major increase in materials costs, plus growth in land and labour prices - this development would be impossible to build now for less than the offer price.
Perfect for hotel (independent/chain), holiday home for corporation, or immediate resale at significantly higher prices.
Neighboring development owned by likely next President of Bulgaria (and Mayor of Sofia) - the restored winter residence of Socialist President Jivkov.
All apartments 100% completed - commercial areas built and can be finished according to the specifications of the new owner/investors.
We believe this is truly the perfect mid sized investment property available anywhere in the Bulgarian market. Risk free, substantial immediate growth, huge long term growth forecast.
My Sunny Bulgaria Company is proud to exclusively offer this unique investment property to corporate clients and investors.
Set within a splendid, secluded, pine forest on a hill overlooking the ski slopes and surrounding mountains in of one of Europe’s most up and coming ski/all year destinations - Pamporovo.
Newly completed development, at once close enough to enjoy the growing number of amenities of the resort, yet set away from other developments, in a truly tranquil and awe inspiring setting. The stunning views over the ancient and mystic Rhodope Mountains are truly some of the best we have seen.
The offer is unique due to the fact that the development is completed, (up to Act 15 stage), all apartments ready to use or resell, and all available as part of this offer. This complete availability makes the development appealing to a variety of investors such as Hoteliers (independent or chains) or Corporations, or alternatively for investment and quick resale.
The commercial parts of the development are completed to a shell stage, and according to initial plans include:
- underground parking for 12 cars
- pastry shop – 20 places
- restaurant – 50 places
- ski wardrobe
- indoor swimming pool, sauna, hamam, massage
- laundry and drying-room
- warehouse for firewood for the fireplaces
The new owners will subsequently be able to alter the usage of these areas for
- example by including a casino/bank etc). Full support provided and quotes for
- finishing are ready to be supplied by original investor.
The closest neighboring development is the ex winter retreat of Socialist President Jihvkov (now owned and renovated by the Mayor of Sofia, and likely next President of Bulgaria). This will ensure a continued investment and maintenance in the immediate local infrastructure (link roads and cleaning) as well security and exclusivity (no more buildings are ever likely to be constructed in the immediate vicinity).
Current benefits of Pamporovo include:
- a claim to be Europe’s sunniest ski destination
- contains one of Europe’s largest ski schools.
- average ski season lasting around 4 months.
- one of the most picturesque regions and resorts in Southern Europe, a stunning natural setting.
- superb opportunities for hiking, hunting, fishing.
- variety of spa centers in the resort, and nearby towns containing mineral water and natural therapy options.
- Currently one of the best valued ski resort property destinations - in the world.
Major investment in the region includes:
- The Perelik Project, which, already at advanced stage, proposes to link neighboring mountain with Pamporovo adding an extra 30 kilometer of ski pistes initially, with many new lifts and improved infrastructure (with plans of over 130 km new runs after several years) .
- New road to Greece and the White Sea Coast (85 km/50 miles away from Pamporovo) meaning easy access to some of the best sea and beach resorts in Europe are less than hours drive away.
- Renovation and new terminal to be built in Plovdiv airport (approx 60km away). This is expected to be complete for 2009/10 season and will provide year round flights to region from an increased amount of international carriers and destinations.
- Golf course planned for nearby town of Momchilivtsi.
- Increased investment in both winter and summer activities making the town an ideal year round resort.
As an out and out property investment this opportunity is simply stunning. Due to the continued growth in material costs, as well as land and skilled labor/professionals, it would be near enough impossible to build the development from new, now, for a price less than which the vendor is seeking (let alone make a profit margin). The developer built at a time when the cost of steel, concrete etc was between 30-50% cheaper than at the time of writing. Any existing off plan buildings in the region will simply not be able to compete with this investment. Exceptional short term growth on the value of the development should make it a highly attractive, yet secure, property investment – mid to long forecasts could provide a spectacular return on investment.
Our current success in selling in the region is a clear indicator that the majority of apartments could be resold in a relatively short period of time for a healthy profit. We would of course be pleased to assist any buyers wishing to adopt this strategy.
Specifications of Plot and Development:
Plot area: 1 967,00 sq. m.
Total built area: 5 661,17 sq. m.(plus a further 620m2 of space utilized for extra apartments under roof individualizes)
Number of Apartments: 63 (+10 – see immediately below)
Extra: The spaces below the roof individualizes for dryer-rooms have been converted by the builders into an extra 10 apartments with a total built area of 620 m2, not included in the above).
Option 1 – Total Freehold Purchase (payment on purchase) – 3.5 million Euro – payable via Dec 15th 2008.
The suggested purchase will be of the holding company of the development, free of encumbrances, and as such no VAT will be charged. The development and plot are the sole assets of the company. Alternatively the development and land can be bought off the holding company, but would then be subject to a 20% VAT charge (reclaimable if bought through a VAT registered local company).
This includes all apartments (63 + 10), completed to the initial selling specification (with flooring, paint, lighting, kitchen units etc), and commercial areas (finished to shell stage only). BPC are able to provide quotes and help oversee the completion work of commercial areas to the buyer’s specification using either the existing developer (recommended) or a third party. We would also be pleased to discuss the immediate resale of the development with the new vendors to individual purchasers (via our network of partner agents).
Option 2- Total Freehold Purchase (part payment)– 3.5 million Euro (plus yearly interest payments on initial 2 million euro loan of 8.5%).
Same offer as above with the buyers assuming complete ownership of the development, land and commercial areas. A minimum initial down payment of 750,000 Euro is required before December 15th 2008. Following payments are then able to spread over the next 3 years subject to 8.5% interest on the initial 2 million Euro loan acquired by the vendor to part finance construction.
Option 3 – Part Freehold Purchase – minimum required investment 750,000 Euro.
Should an individual purchaser not be found by October 14th 2008 BPC will seek to raise the finance to purchase the property itself (using Option 2 above) - with the aim to resell for significant profit. We would consider, therefore, working with multiple clients and investors in order to conclude the purchase of the development ourselves. Minimum amount required to buy in is 750,000 Euro, which will be secured against the Freehold purchase of a number of apartments or commercial parts.
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