Property ID : FOL_Campello-invest
For Sale €10,000,000 - Investment project
Spanish beachfront condo distressed sale ideal for international property investors seeking prime locations on Spain’s most popular Costa. Seven pueblo-style blocks totalling 127 units offered at EUR 10m – 50% of book value. The key beachfront location is five metres from the sandy Alicante beach and Mediterranean Sea.
This new sale is due to failure of the original developer, whose ambitious plans were approved by the planning bodies locally and regionally. 90% of the construction work has been completed. Latest official valuation of the project as offered is €24M.
Total developed area is 10,917m2 construction on a front line plot of 13,237m2 with 6,509m2 garage space. This provides a creative opportunity for new owners to remodel the communal areas and improve communal amenities for use as a hotel, gated resort or for remodelling for sale of individual apartments.
Apartments are 2-bed, 2-bath with gardens or terraces and come with secure parking and storage space. Developer price list indicates price range €189,000-€200,000 each unit. Distressed price by order of the controlling institution is typically €78,000 per unit: Equates to total sale price of €10m (ten million euros), especially relevant to investors seeking better than average returns from the fast recovering Spanish real estate market and booming hotel sector.
Last beachfront opportunity for International investors?
This is probably the last beachfront development of its size available in Spain. It was granted planning permission in 2005, prior to the introduction of new laws to control coastal development.
Final 10% completion work costed at €2.4M
- Garden Areas landscaping
- Large swimming pool to be tiled/finished
- Changing rooms, gym and spa,
- Reception area
- Laundry room
- Cafeteria, kitchens
- Function room
- Apartments on lower levels facing the beach to be fitted out
- Private terrace areas at beach level
PLUS Optional link to existing marina for use by residents/guests.
The condo is located above sandy Cala Lanuza beach at El Campello, a modern vacation resort with a two mile promenade. Owners and tourists enjoy many local amenities including waterfront restaurants, bars and shopping malls.
Tourists can walk to Cala Lanuza station on the light railway linking Alicante City and Benidorm. Excellent motorway links, between Alicante and Valencia Airports and all Costa Blanca holiday resorts, ensure easy travel for visitors.
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