Distance from the property to major attractions
- Airport Sofia (SOF): 170 km
Location: ski resort of Bansko, Gondola/Kempinski Hotel area
Distance to the Gondola: 100 meters
Distance to the center of Bansko: 1,200 meters
Floors: 7 levels (basement, ground floor, 4 floors, 1 attic floor)
Function: elite residential holiday development/apartment hotel with facilities and extras
• residential apartments: 32 units (studios, one-bed, two-bed apartments) - about 1,932.75 sq.m.
• reception desk area: 34.54 sq.m.
• manager’s office: 10.67 sq.m.
• conference hall: 34.40 sq.m.
• restaurant: 194.57 sq.m.
• indoor swimming pool: 93.44 sq.m.
• changing rooms to the pool: 37.59 sq.m.
• spa center: 155.60 sq.m.
Total built-up area of the whole building: 2,493.56 sq.m.
Exclusive consultant on the project: BULGARIAN PROPERTIES – strategic planning, marketing and sale of the units in the building, establishing of a joint venture enterprise, project management, management of the enterprise and its work after it starts functioning.
Description of the project:
A rare opportunity to acquire a prime building plot with a project with a unique location and execution plan in Bansko - Bulgaria’s biggest and most developed ski resort. It is set in close proximity to the Gondola – the main lift in the resort and second line from the main street of the resort – Pirin Str. It is opposite the emblematic 5-star Kempinski Grand Arena hotel. This plot was bought some years ago and its status was later changed for the construction of a luxury apartment building of the highest quality.
All the necessary architectural and other technical designs have been drafted and have been approved by the Chief Architect of Bansko and there is a valid issued building permit for the plot. This means that the construction of the building can start immediately.
The area of the plot is 944 sq.m. The total built-up area of the building is 2,493 sq.m. and it is designed with a total of 7 levels. The building will have 32 apartments – mainly one-bedroom as well as a few two-bedroom ones – whose areas vary between 42 and 84 sq.m. The aim is to achieve the highest possible standard by using the best construction materials and by adding many extra facilities:
• Reception area
• Lobby area
• Conference hall
• Heated swimming pool with changing rooms
• Spa center with sauna, steam room, Jacuzzi, massage rooms, solarium, gym and changing rooms
• All apartments will have fireplaces
The building will have a lift and the heating will be local using pellets or gas.
The project was designed by one of the most successful architectural companies in Bulgaria. The building is modern, in the Alpine style. The materials that will be use for the finishing works will be of the highest quality and with a contemporary design.
All these extras and the high-quality characteristics combined with the prime location in this most sought-after ski resort make Chateau Blanc one of the most desirable complexes in Bansko.
What is important is the fact that this is the last remaining undeveloped plot in close proximity to the Gondola. The buildings around it were built about 5 years ago and do not have the advantage of a modern style, contemporary materials and extras or the most efficient technical solutions (for example the heating system). This allows the investor to build a complex that will stand out among the best developments in the ski resort of Bansko.
Our company and the other companies from our corporate group can offer a full range of services and solutions for the construction of the complex as well as project management, investor control, document flow and administration services. We can also offer the units in the building for sale on completion. After Chateau Blanc is finished we can provide quality property management and maintenance services as an apartment hotel. In fact BULGARIAN PROPERTIES can provide the investor with everything necessary for the successful realization of the building.
Note: As well as the asking price the seller also wants to receive two one-bedroom apartments in the finished building.
Business plan for the realization of the project:
• Object of the investment project: the main business idea is the construction of an elite residential building with holiday apartments and all extras a hotel can provide (read below), sale of the apartment units to end clients, management of the building, renting out the apartments and business exploitation of the commercial units in the building. Standard of the execution: very luxurious and finding a place among the emblematic buildings in the resort. All prerequisites for realizing a first-class project are there: the best possible location in the resort, unique architecture of the building, all necessary facilities and extras are in place, optimal distribution of the units in the building.
The investor’s profit is planned to come from the sale of the apartment units to end buyers and later from the management and business exploitation of the building as a property management company, and from renting out the apartments to tourists.
There is also an option for a business plan for the construction of an apartment hotel which will be owned 100% by the investor and the investor will exploit it as a luxury tourist accommodation.
• Price of the land plus all architectural plans and documents, building permit: 549,000 EUR
• Cost price of the construction and finishing works: 1,000,000 EUR (cost price per sq.m. 400 EUR at a standard as shown on the 3D images)
• Cost price of the furnishing and equipment for the apartments, the facilities and the commercial areas: 350,000 EUR (at a standard as shown on the 3D images)
• Remuneration for the mediator selling the apartments to end buyers: 91,800 EUR
• Other costs for the construction and realization of the project: 100,000 EUR (administrative, logistic, organizational costs, taxes and fees)
• Total cost price of the project with key-ready finishing works, without furnishing: 1,640,800 EUR
• Maximum period for building the development and putting it into exploitation: about 18 months (with secured financing)
• Maximum period for realization and sale of the separate apartment units in the development: about 36 months
• Financing on the part of the investor: about 924,000 EUR (the financing must be secured and spent in parts, as per a specific time schedule/plan that is consistent with the stages of the construction and realization of the project)
• Total income from the realization of the project: 2,339,400 EUR
including 1,835,400 EUR (from the sale of the apartment units at a price of 1,000 EUR/sq.m. - unfurnished)
including 504,000 EUR (if the commercial and business areas are sold at 900 EUR/sq.m. (total area of 560 sq.m.) – furnished)
• Net profit from the realization of the project: varies
- if only the apartments are sold: 194,600 EUR + additional long-term profit from the management of the building, the renting out of the apartments and the business exploitation of the commercial areas
- if the apartments, tourist facilities and the commercial areas are sold: 698,600 EUR
• Profitability for the investor(%): 75%
• Investor's equity: 100% (the seller wants to sell the plot and the whole project)
Note: all cited figures and periods are for reference only as they are valid and as accurate as possible as of the date of the drafting of this business plan (27.11.2011).
The figures and periods can vary during the actual realization of the project, in accordance with the present business conditions and the situation on the market.
This presentation and business plan should be used for information purposes.
If the investor wishes any changes can be made to the plans of the building, its function and to the overall idea of the investment project. For example, the facilities and commercial areas can be replaced by more holiday apartments.