Distressed Asset Land for Tourism or Residential Development For Sale

Business description

1,1 hectares of land in the best Romanian Black Sea coast resort, with sea front view and easy access. Distressed asset, price five times lower than last year. Authorizations to build four large (apart)hotels, with a total built area of over 40.000 sqm. Estimated profit of over 17.000.000 EUR.

Property information

Real Estate:

Real Property Included

Location:

In Mamaia, the largest Romanian resort on the Black Sea coast, located about 5 km north of Constanta City on a stretch of land a few miles long that separates Lake Siutghiol from the Black Sea.

The resort was officially open in 1906. Currently, it can accommodate about 20 000 visitors in more than 64 hotels.

Mamaia has an 8 km long by about 100 m wide beach with most of the hotels located in close proximity or directly on the beach.

The resort has plenty of football, tennis and mini golf courts, some large bowling halls, few outdoor theatres and concert arenas and hosts every year concerts, a well-known music festival, as well as a challenger tennis tournament and the third of the six races in the Class 1 World Powerboat Championship, Lake Siutghiol being the perfect place for water sports or cruises to the nearby Ovidiu Island.

Other attraction in the area is “The Vacation Village”, where tourists can have fun in one of the rides, can buy souvenirs or dine at one of the twenty or so restaurants with dishes specific to various country regions.

Premises details:

•Land: 11.354 sqm
•Percent occupied by buildings: 45% (11.354 sqm x 45% = 5.109 sqm)
•Total built area: 40.872 sqm (5.109 sqm x 8 nivele)
•Building sales value: 44.959.200 Eur (40.872 sqm x 1.100 Eur/sqm)
•Cost of buildings: 24.523.200 Eur (40.872 sqm x 600 Eur/sqm)
•Land price: 3.400.000 Eur (11.354 sqm x 300 Eur/sqm)
•Profit: 17.036.000 Eur

According to city planning certificate issued in 2008 and the Detailed Urban Plan, 5 buildings can be built as follows:
•Villa GF+6F (total built area of 3.167 sqm);
•3 villlas GF+4F+A (total built area of 7.057 sqm);
•A residential complex composed of one building B+GF+12/15F (with a total built area of 22.075 sqm) and another building B+GF+8F (with a total built area of 12.986 sqm).

Estimated total built area of 45.825 sqm.
CUT (land use factor): 3,99.
POT (percentage of land occupancy): 38,81%.

Available utilities in the area: electricity, water, sewer, gas. To supply electricity and water and sewerage network already exists authorization.

Current stage of design: project of tourist villa GF+6F is ready and will be used as a model for the other 3 buildings. The project for the tourist residential complex is suspended at the time being, due to lack of financing.