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  • 4
  • Almeria
Price £127,346
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Property Description

A truly remarkable investment opportunity, with the possibility of leading to a free house! This near completed house was being built to house a family living in Barcelona, because of the ages of the children work commitments and other factors the family have decided to stay where they are leaving the father with a dilemma. He was a shareholder in the building company and because it was being built for his family construction is to a very high standard. All paperwork is in place and the land is urbanisable, and the project is around six weeks away from completion. He now wants to cut his losses live with the family in Barcelona to live out his retirement.The numbers are astounding,There is a mortgage outstanding to be paid on sale. The bank valuation on this mortgage is nearly €300,000, making a selling price at today’s rates of around €340-360kCompletion of the property is as follows:Selling price as it stands €160,000Cost to complete, with all paperwork €28,500 and six weeks.Pool between €18,500 - €20,000 quote suppliedFull completion with pool €208,500.Then the good bit! Adjacent is a larger plot with all planning permission approved and paid for, for the same model of house!Estimated cost to build €120 - €130,000 and sellable for €340-€360,000 that’s less than half the price of the value of completing both houses and around a 55% return on investment. At this stage there are also possibilities o changes of plans, for example to make the top floor a separate apartment, giving further income potential, Any serious investor or person dabbling in Development projects needs to make enquiries as soon as possible.The plots are 7minutes from Arboleas, 35 minutes from five golf courses and beaches and 2hours from the furthest of 4 airports. All details supplied on request this wont be around for long, this type of opportunity does not come around every day.

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