Excellent reconstruction project in Volosko - possibility to make 2 luxury villas
Excellent investment property in Volosko - destination which is demanded 365 days a year being conveniently location between luxury Opatija and business-oriented Rijeka!
Property is located just 150 meters from the sea and beach of Volosko on an elevated position which ensures beautiful sea views and views over Opatija!
Total surface of land is 1621 m2. presently there is an older building of 240 m2 with 4 rental apartments there. Property requires complete renovation.
We recommend to demolish the building completely, to split the land into two parcels of 750 m2 and build two luxury villas of cca 200 m2 each netto or two apartment buildings of 1.200m2 BRP each.
Potential consttruction costs for 1200 m2 x2 = for 2400 m2 is 2,5 mln euro. Total purchase and construction expenses will be cca. 4 mln euro
Selling price for potential apartments is 3200 eur per m2 on the ground floor, 3500-4000 eur per m2 on the first and second floor and 5000 eur per m2 for penthouse.
Average selling price per m2 is 3800 eur per m2. Average expected selling income is 6.840.000 EUR.
Profit before tax is 2 840 000 eur.
Volosko holds a key position on Kvarner riviera.
Newly constructed COSTABELLA project neaby is adding 5 star flavour to this charming place with postcard views.