The lake property on a large lake in Northern Italy measures 17,900 m². The property borders directly on the lake shore and includes a small harbour facility, which will later be converted into a marina with approx. 50 berths. There is only a public footpath between the lake and the property. The construction of a shore road is excluded. The current older buildings no longer meet today's requirements and are to be demolished with the permission of the municipality.
Already 10 years ago the change of use of the terrain was considered. The plans submitted were not approved by the municipality or the provincial government at the time. The planned 5-storey development with approx. 300 apartments is now off the table.
The construction plans of 4p Verwaltungsgesellschaft m.b.H. have been approved by both the municipality and the provincial government. Apartments with a total of 14,238 m² living space can be built. The apartments will have a size of at least 100 m² wfl. An underground car park and an extension of the port facility are planned.
A market value report of more than 18,750,408.84 EURO (as of 2014) is available. A purchase of the property at this price was economically not meaningful. a freehand purchase from the financing bank was also not possible since with a rat tail of other liabilities was to be expected. For this reason, several auctions have been conducted in the past two years, but all of them did not lead to any results. Now pending auction will be successful at approx. 5.5 million. The investment for the entire project amounts to several tens of millions of euros, taking into account risk surcharges and construction interest, and is to be implemented in three steps:
Purchase of the land as well as the valid building permits.
Construction of a small but fine hotel complex and apartments. Production costs approx. 2.100,- €/m².
Selling prices between 4.500,- and 5.000,- €/m² living space. The proceeds are therefore
approx. 64.000.000 EURO.
Determination of sales channels after securing the overall financing
9.800.000 EURO are required for the purchase of the land, the project and the building permit for purchase price, taxes, notary, broker, architect, tax consultant and legal advice costs.