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Build your own Italian resort for £1.1 million

Posted by: In: Real Estate 05 Nov 2014 Comments: 0 Tags: , , , , , , , , , , ,

The village was originally conceived by Graziano Pavan, who owns the property. Graziano worked for two years on the project after purchasing the land.

During that time, the essential infrastructure was put in place, from the entrance road with palm trees and access roads to an automated gate and electricity and water. Graziano and his construction company also completed the first villa.

The beautiful three-bedroom property, unfurnished with a high quality finish, is ready for occupancy, with a maximum capacity of 8 beds.

It boasts a beautiful sea view from the window. This was the plan for all of the waterfront villas, with each property facing the Aeolian Islands. Unfortunately, though, the European recession struck, causing work on the development to be suspended two years ago.

Now, Pavan has put the whole site up for sale so that another investor can complete his dream.

The essential infrastructure is already in place, complete with entrance road and gate

The total land on the market spans 344,500 sq. ft., with the possibility of constructing properties in an area of 53800 sq. ft. The existing villa is included in the sale.

“An investor could build the other villas or even construct a hotel resort,” explains Graziano’s son, Pietro.

The potential is easy to see. The development is located in Messina, gateway to Sicily and a short boat trip from the Aeolian Islands. One of Italy’s UNESCO World Heritage Sites, the Aeolians include the famous Stromboli volcano and attract up to 200,000 visitors per year. Ferries regularly travel to them from Messina, Naples and Palermo. Indeed, Palermo Airport is only a couple of hours’ drive from the resort.

The total land spans 344,500 sq. ft
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A source of Greek myth as well as holidaymaking, the seven islands are as distinct as they are diverse, but their stunning beaches remain unspoiled outside the busy vacation season. The cuisine, meanwhile, focused on fish, peppers, tomatoes and lip-smacking wine, remains sumptuous all year round.

The islands are the inspiration for the whole development, reveals Pietro. The properties follow the old Aeolian architectural style, established through the ancient Aeolian way of living. They are characterised by an open roof and a portico, which allows for protection from sun in the day and humidity in the evening, while the column-supported horizontal design highlights the open view of the ocean. The existing villa also has its own private tropical garden, with each aspect based on “very specific standards” – and completed to a very high level of quality.

The gorgeous view of San Giorgio di Gioiosa Marea

The individual villa cost €200,000 to complete, explains Pietro, but newer units would have a far lower construction cost, with an estimated two years to complete the entire process. Taking into account engineering and site management factors, Pietro estimates the cost per unit to be €150,000, with an anticipated resale price of €250,000 – a gross revenue of €100,000 per villa.

The site could also allow for a luxury hotel with 10 villas surrounding it, which would lead to much higher returns. With Italy’s economy predicted to return to growth in 2015, the timing is already more favourable than it was for Graziano. Indeed, in the second quarter of 2014, arrivals at Italy’s tourist accommodation jumped 3.6 per cent compared to the same period in 2013.

For investors willing to think bigger, Pietro adds that there is a chance to buy an additional 119,000 sq. ft. of land at a “very interesting price”.

A completed three-bed villa is included in the price
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Five years ago, work began a high-end resort on the island of Sicily. The development, planned to consist of 34 villas with strong returns per property, was suspended in 2012 due to the financial crisis.

Now, you have the chance to complete the project.

Build your own Italian resort for £1,097,286

Click here for more information to make an enquiry

Italy, Property Investment

Source: The Movechannel


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