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Front Line Seaside Building Plot in Astris, Thassos Island, Greece
A Profitable Development Opportunity
Asking Price: 550,000 € (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. It satisfies all the planning criteria for the development of a large private villa, an estate of holiday villas, a sequestered seaside hotel or a holiday park. The buyer can make accelerated returns by capitalising on the obligation of planning authorities to expedite touristic development in the area.
Offering seclusion without remoteness, the land 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.).
WHAT CAN BE BUILT
The land’s natural gentle topography minimizes the amount of terrestrial remodeling required for any building project and thus optimizes development costs. The vendor has provided approximate costings below in the paragraph ‘COSTS and PRIFITABILITY‘.
The plot would support the development of a sea-side hotel of 3,910 sq m plus a basement the same size as the ground floor or larger if a higher building coefficient is granted. 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.
A complex of luxury holiday accommodation could be built occupying a footprint similar to that of a hotel. See ‘Strategic Investments’ in ‘ADDITIONAL INFORMATION’ lower down in this advertisement. These could be condominium style suites in a pseudo hotel environment which could be sold on a fractional ownership basis. Such a development, although having precedence elsewhere in Greece, would be unique on Thassos. It would provide an exceptionally attractive proposition to both the developer and potential buyers. There is a strong demand for ownership of summer properties. Buyers love the island for its welcoming charm, clean sea and beautiful beaches.
The plot would support a magnificent holiday park of chalets offering a full range of entertainments and facilities 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.
A wonderful villa of up to 200 sq m (plus a basement the same size as the ground floor) can be built on a plot of 4,000 sq m. As the owner of the whole 19,547 sq m plot you could choose the exact location within the plot for your dream villa. The remainder of the plot could then be divided to provide plots for 3 further large luxury villas enabling you (the developer) to recoup the building costs for the whole development. You would then own a large luxury villa, designed and built to your own specification, in a superb location next to the sea at a zero net cost. Each building may itself be subdivided to provide several accommodation units. Again please pay attention to the government directive ‘Strategic Investments’ as outlined below in ‘ADDITIONAL INFORMATION’ which, subject to planning approval, could allow for the development of a significantly enlarged residential estate with an emphasis on holiday residences.
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 be €3.6M + €1M for the common areas and basement. Added to this would be landscaping and pools etc. say another €1M giving €5.6M. Allowing for €20K per room, to finish the rooms would be €2.4M and say €0.5M for the common areas gives a total of €8.5M. to complete the hotel. An income guide allowing for a season from May to mid. October (a 24/25 week season) is based on figures taken from the web sites of other local luxury hotels and has assumed occupancy varying from 30% to 90%. This gives a figure of about €1.8M for the season. An allowance of €0.6M should be enough for the main costs of staff, laundry, water, electricity, insurance etc. This would then offer an EBIT figure of some €1.2M which represents a 14% return allowing a capital payback within 7 years. Cost and profits from other internal business units such as bars and restaurants has not been included in these figures but would enhanced the overall profitability. Capital costs could also be optimised by taking into account the various EU grants which could apply to such an enterprise.
For a villa the building costs are approximately €1,000 to €1,200 per square metre and €600 per square metre for a basement. A typical 2 story 200 sq.m. villa with 100m basement would thus be €300,000. Adding another €100,000 for landscaping, pool and connection to the water / electricity gives a round figure of €400,000. Finishing bathrooms and kitchen should be treated as extras but could be typically €10,000 and €20,000 respectively. Such a luxury villa in this idyllic location with its own share of private beach facility should command a retail figure of €750,000 - €800,000. Building 4 such villas should cost 4 x €400,000 = €1.6M and selling 3 should reap a reward of €2.25 - €2.4M thus enabling the developer to recover the cost of the land and own a luxury villa for a zero net cost.
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 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. Such favourable planning conditions include, amongst others, higher building coefficients, the development of residential real estate properties without the need to develop a hotel, tax benefits and deferrals etc.
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 satisfies all the planning criteria for development and is located in an area designated for tourist development. 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 and is only some 400m away.
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 plot of 19,549 square metres is available for €550,000 which includes the extra 1,017 square metres directly next to the sea.
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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|About This Property|
|Features - Amenities|
- Ocean View
- Ocean Waterfront
- The Plot Satisfies All Criteria For A 4 Or 5 Star Hotel.
- Exceptional Opportunity To Exploit Current Economic Conditions
- A Rare Front Line Location Set In A Beautiful Seaside Location.
- Opportunity To Develop A Marina And Private Beach
- Water And Electricity Nearby
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|Contact - More Information|
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