Spanish Property News

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Spain’s last beachfront condo attracts international investors

Spanish beachfront investment €10M condo project of 127 apartments from
Spain’s last beachfront condominium of 127 key ready units is on the market for a bargain EUR 10m. The price is estimated to be 50% below the book value of the original developer who failed six years ago after completing 90% of the gated cliff top development.

The condo, overlooking the beach at Cala Lanuza, El Campello, Costa Blanca north, has remained empty while it was legalised for sale to investors. The new buyers would have the opportunity of remodelling the communal areas and amenities and improving the specification where necessary.

There are 127 sea-view apartments offering 2-bed, 2-bath configurations with private gardens or terraces grouped around communal amenities including swimming pool. This is probably the last beachfront development of its size available in Spain following the new laws affecting beachside development along the Costas. The Cala Lanuza condo was granted planning permission in 2005. Environmental groups, including Greenpeace, raised protests because of the close proximity to the beach. The key beachfront location is five metres from the sandy beach

According to international brokers, Walker Property Spain, this rare Spanish beachfront condo distressed sale is attracting the attention of international property investors seeking prime locations on Spain’s most popular Costa.

Last beachfront condo sale
This distressed sale is due to the recessional failure of the original developer. Their ambitious plans were approved by the planning bodies locally and regionally. 90% of the construction work has been completed. This provides a creative opportunity for new owners to remodel the communal areas and improve communal amenities.

Apartments have gardens or terraces, 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.

Total developed area is 10059.77 m² living / 9.937,11m² local infrastructure and garages.

Spain’s last beachfront condo at EUR 10m 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.

2016-10-20 Interested parties please contact London office or telephone +44 1255 675858

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