Unique investment project in the centre of Novigrad - for complete renovation
A very attractive project in Novigrad near the Old Town and the Old Marina of Novigrad!
Exclusive location in the center! Town marina is nearby, new luury marina of Novigrad is 100 meters away!
Property is meant for complete renovation. Location in the core of the town makes this property unique town-structuring tourist center.
At the moment Novigrad centre lacks 4-5 star hotel unlike Porec and other cities.
Plot of land with number of old buildings and ruins ( land plot surface of 12546 m2), where according to the local urban plan buildings of 26929 m2 brutto surface is possible to construct.
The construction of a hotel, casino, wedding hall and restaurant is anticipated + residential apartments.
Residential apartments that would be perfectly rented.
The plot itself consists of several parts: 3000 m2 (residential development up to 30 apartments or villas), 3000 m2 (up to 30 apartments or villas) and 6546 m2 (40 rooms under the hotel, spa, casino, wedding hall).
It is possible to change the concept.
The property is on a balance of Croatian company which is under bankruptcy procedure. Purchase should be agreed both with owner of the company and with the bank which hold the unpaid credit obligation for cca. 4 mln euro. The cost of the project may rise as bank % over credit are accrued every day.
It is supposed that ALL existing buildings will be demolished.
New construction will cost cca. 1500 eur per sq.m. (materials+works) + project + communal tax.
Realization of the project will require cca. 40-42 mln euro.
Purchasing procedure will require settlement of unpaid credit issues with the bank.
NOTE: At the very first stage a detailed presentation of BUYER is required and his investment profile.
Agency commission for this particular project purchase will be 6% from the Buyer side.