Key Features

Description

This property is currently not available.

SOLD

Development proposal of an exclusive waterfront hotel on Euboea island (2 hours distance from Athens), currently a distressed property of the Greek State consisting of 19.433 sq.m. land plot and 6.747 sq.m. vacant hotel buildings.

Lithos Development proposes the acquisition and full transformation of the existing buildings into a 4* or 5* luxury hotel, or alternatively into luxury furnished apartments – a current trend in the tourism market.

All the above developments can receive a tax credit that corresponds to 30% of the total development amount (licensing, construction, equipment) according to a recent Investment Law in Greece (3908/2011).

Due to the unique location of the unit (right on the waterfront with unimpeded view of the ocean and next to a beach with crystal-clear waters), the unit is also ideal for various water sports, snorkelling activities (an innovation for Greece), as well as healing facilities.

LOCATION

Distances from the airport and central Athens:

– International Airport Eleftherios Venizelos (Athens): 1h. & 45’

– Athens (centre): 2 hours

DESCRIPTION

Distressed property of the Greek State, freehold and transferable without encumbrances, legally checked on all aspects. Due to the current economic crisis, the acquisition cost is less than 50% from its commercial value.

The property consists of 19.433 sq.m. land plot and 6.747 sq.m. vacant hotel buildings. Situated right on the waterfront (370m. length), as it was built before 1990. Current Greek legislation does not allow to build that close to the coast. Unique, unimpeded view of the Aegean sea.

Adjacent sandy beach.

Next to a luxury stone-villas complex and very close to a picturesque small village.

At 15 minutes distance from a vibrant city with restaurants, commercial center, hospital, various services and nightlife.

DEVELOPMENT PROPOSALS:

A. 4* HOTEL

  • Number of Rooms: 125
  • Number of Beds: 302
  • 350 sq.m. Pool with Pool-bar
  • Restaurant, Café-bar
  • Gym, Tennis court, Playground, indoor Shops
  • Water sports (water-skiing, scuba diving, windsurfing)
  • Multipurpose – Conference Hall with capacity for 180 participants
  • Development cost (including land/existing buildings purchase): 9.8000€
  • Available comprehensive Feasibility study and Business Plan

B.   5* HOTEL

  • Number of Rooms: 82
  • Number of Beds: 244
  • 350 sq.m. Pool with Pool-bar
  • Restaurant, Café-bar
  • Spa, Gym, Tennis court, Playground, indoor Shops
  • Water sports (water-skiing, scuba diving, windsurfing)
  • Multipurpose – Conference Hall with capacity for 180 participants
  • Development cost (including land/existing buildings purchase): 13.5000€
  • Available comprehensive Feasibility study and Business Plan

C.    LUXURY FURNISHED APARTMENTS

  • Number of Apartments: 36 (varying from 50 – 108 sq.m.)
  • Number of Bungalows: 5-15 (various sq.m. options)
  • 350 sq.m. Pool with Pool-bar
  • Restaurant, Café-bar
  • Spa, Gym, Tennis court, Playground, indoor Shops
  • Water sports (water-skiing, scuba diving, windsurfing)
  • Multipurpose – Conference Hall with capacity for 180 participants
  • Available comprehensive Feasibility study and Business Plan
  • Development cost (including land/existing buildings purchase): 13.5000€

INVESTMENT INCENTIVES

All the above-mentioned investments fall under the recent Investment Law (L.3908/2011) in Greece, according to which they can receive a tax credit for an amount that corresponds to 30% of the total development cost (licensing, construction, equipment). This is translated in an approximate 6-8 years operation with tax-free income.

The mayor and local authorities of the area are keen on helping the potential investor by upgrading the surrounding area (plants, trees) and offering services of all kinds (permits for dock and watersports). The underpinning intention is to promote the area and create new jobs for the local population.

Due to the proximity of the hotel to Athens (max. 2 hrs), it would be ideal for the all year round organization of conferences and symposiums. Due also to the proximity to a nearby big city (15 min.), it could attract local population for various year-round events (weddings, baptisms etc.)

COMPLEMENTARY/ALTERNATIVE SOLUTIONS

The unique location of the hotel, right on a 370m. waterfront with amazing view of the sea and crystal-clear waters, make it ideal for an innovative for Greek standards development: that of snorkelling facilities. An additional study is already on course by Genecon Development (restoration of aquatic ecosystems, fish habitat improvement etc.)

Due to the calmness, sea proximity and sense of privacy that the location conveys to the visitor, the hotel could include various healing facilities that appeal to modern city dwellers (stress therapies, dermatological cures closely associated with the exposure to sea iodine etc.)

 

 

 

Alexandra Sekouri
Alexandra Sekouri (Lithos Investment) Phone: Greece +30 6956 096568, US +1 646 923 2151

Alexandra is a REALTOR with an International profile and licensed in Greece and NYS.
CIPS, ABR®, PSA, RSPS, BPOR, TRC, SPV, IPC, PREV

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