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Front Line Seaside Hotel Plot For Sale in Greece
Hotel Development Plot In An Idylic Location
Asking Price: 495,000 € (Negotiable)
An idyllic 19,549 sq. m. front line seaside building plot on the island of Thassos in the Northern Aegean located in an area designated for touristic development which complies with all the local planning criteria for a luxury hotel.
WHAT CAN BE BUILT
The plot satisfies all the planning criteria for the development of a sea-side hotel of 3,910 sq m plus a basement the same size as the ground floor or much larger if a higher building coefficient is granted. Local realtors have advised the vendors that a higher than standard building coefficient for touristic development is viable for this parcel of land. See ‘ADDITIONAL INFORMATION’ below. The inclusion of the extra 1017 sq.m. (see ‘THE ICING ON THE CAKE’ in the paragraph below) facilitates the provision of an entertainment area directly next to the sea. The tourist industry on Thassos is currently enjoying an explosive increase in demand for holiday accommodation driven by a year on year in increase in visitors particularly from neighbouring countries. This is validated by the recent opening of a significant number of new 4 and 5 star hotels on the island. Visitors love the island for its welcoming charm, clean sea and beautiful beaches.
The plot could also support a magnificent holiday park of chalets offering a full range of entertainments and facilities which could include an exclusive seaside bar and bistro. There is ample room for swimming pools, tennis courts, parking etc. The development of a holiday park would minimise initial investment, minimise planning constraints and accelerate an early return on investment.
THE 'ICING ON THE CAKE’
The vendor WILL GIVE the purchaser an additional 1,017 square metres situated below the main plot directly next to the sea. This hidden oasis nestling within the rocky coastline is ideal for the provision of an entertainment area exclusive to the development with immediate direct access to sequestered bathing in crystal waters. It could be a sophisticated dreamy sun-drenched seaside paradise with parasols, patios and decking directly next to the sparkling sea, and even an artificial beach. The reality of a “private beach” cannot exist in Greece. All beaches are designated as common land and you cannot legally stop anyone from walking on them or indeed erecting an umbrella. Your beach would be 100% private. Many beaches are subject to strong winter storms which can adversely affect the profile of their sand. Your artificial beach would not be subject to such adversity.
COSTS and PRIFITABILITY:
Building costs would vary according to quality and finish but the vendor can offer these ball park figures.
For a 4/5 star hotel with 120 rooms of approximately 30sq.m. the main building would cost some €3.5M. Allowing €10K per room to finish the rooms would be an additional €1.2M. An income guide allowing for a season from May to mid. October (a 24/25 week season) based on figures taken from the web sites of other local luxury hotels with an occupancy varying from 30% to 90% gives a figure of about €1.8M for the season. This would effect a capital payback within just a few years particularly if profits from other internal business units such as bars and restaurants are included. Capital costs could be subsidised by taking into account the various EU grants which could apply to such an enterprise.
The plot Offers seclusion without remoteness. It is located on the southerly side of Thassos near the village of 'Astris' and enjoys the best climate on the island with nearby beaches of silky sand. Visitors often comment that a calming peace emanates from the site. It is a short 10 minute walk to the nearby sandy beach 'Salonikios'.(See the 'NEAREST BEACH' photograph below for location and view the link in 'Site' at the bottom of this advert.).
An aura of peace and tranquillity pervades the site which is elevated approximately 30 metres above the sea providing a vista, framed in lush pines, across sparkling seas to Mount Athos on the Halkidiki peninsular. The air is suffuse with the sweet smell of pine and refreshing ozone. Nothing can ever be built between the land and the sea. There is good access to the plot from the main road that encircles the island. This excellent coastal road facilitates easy access to all parts of the island linking traditional villages rich in history and archaeological sites with modern resorts, magnificent sandy beaches and peaceful coves.
Thassos is the northern-most Aegean island and is one of the least developed Greek islands conveniently located close to the International Airports of Kavala and Thessalonica. Surrounded by crystal blue waters it still retains its authentic traditional charm. Approaching the capital Limenas by ferry boat is captivating. The foreground of deep azure sea merges seamlessly into an amphitheatre of lush, pine covered mountains. It is often called the ‘Emerald Isle’ because of this lush vegetation. Thassos is a place of truly enchanting beauty with its own unique atmosphere prompting visitors to return year after year. Although there has been a significant increase in tourism from the nearby countries it has managed to avoid becoming a concrete jungle and retains its fascinating beauty and charm which makes it a magnificent holiday location.
Large modern air-conditioned ferry boats offer a fast frequent 35 minute service from the mainland port of Keramoti to the island’s capital, Limenas. Keramoti is a short 15 minute drive from Kavala’s International Airport. Access to Thassos is always quick and easy.
The land’s natural gentle topography minimizes the amount of terrestrial remodeling required for any building project and thus optimizes development costs.
An unmissable opportunity for the astute investor to capitalise on the potential offered by this building plot at a time of a resurging Greek economy and a refreshing change of government.
The plot satisfies all the planning criteria for development and is located in an area designated for tourist development. Local realtors have advised the vendors that a higher than standard building coefficient for touristic development is viable for this parcel of land. The vendor is willing to enter into an antiparoxi arrangement with a suitable developer.
The location and topography of the site is a rare find on Thassos. Electricity runs along the northern boundary of the site. The mains water supply is on the main road which circles the island.
The vendors hold certificates which confirm that the land is neither “forestry” nor of any archaeological interest and thus can be developed. The vendor holds clear and unequivocal title to the land.
The vendors can recommend the services of trustworthy building engineers who could manage a development project from start to finish enabling the purchaser to have a “hands off” approach to realizing the benefits of this opportunity.
The Greek government, under a series of recent legislative changes, has passed new laws favourable to so called “Strategic Investments”. Strategic Investments are defined as investments in a series of sectors including tourism which exceed certain investment thresholds or create a predetermined amount of new jobs. Under the Strategic Investments programme an investor can be granted favourable planning conditions and administrative assistance (“fast track”) in the entitlements and permitting process.
To further stimulate its economic recovery, the Greek state is offering real estate buyers residence visas. The new law allows real estate purchasers or lessees from outside the EU, who purchase or lease real estate investing an amount in excess of €250,000, to get a long term residence visa. Residence permits are valid for five years and are renewable providing that the purchaser/lessee still holds their interests in the property acquired or leased.
The plot of 19,549 square metres is available for €495,000 which includes the extra 1,017 square metres directly next to the sea. The vendors are keen to complete an early sale so all reasonable offers will be considered. The vendor is willing to enter into an antiparoxi (part exchange) arrangement with a suitable developer.
The vendor is willing to divide the plot into smaller 4,000 square metre units. Please see our other advertisement on Viviun reference AD-155196 for more details.
A recent benchmark professional valuation given by building engineers (surveyors) for development land which satisfies all the criteria for the development of a hotel gives a figure of €50-60 per square metre. A 20,000 square metre plot is thus currently valued at €1M-€1.2M. The vendor holds a certificate which validates this figure.
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