Hotel-apartment building with commercial premise is offered for sale in the prime central location, Mitropoleos square.
Total 1.015sqm. 4 level Building (plus Ground floor & Basement)
- Plot area 195sqm
- 15 Urban Premium Suites (25-60 sqm each) – Lobby at Ground Floor ( four floors/suites are in the final stage of construction and need internal finishing , approximate estimated cost for completion is around 250 000 Euros.)
- Terrace & Roof Garden – overlooking Mitropoleos Square, Athens Historic Center & Acropolis View.
- At Ground floor (135sqm) the well known ‘Barbounaki’ restaurant operates (10 years leasing agreement) – directed from the famous chef Mr. Papaioannou.
Revenue resulting from the rental of rooms in the course of time, depending on the type of rooms and seasonality (occupancy ranges from 70% to 90%).
Operating costs, including the annual rent of the whole asset as currently applied under lease in force (which in case of purchase will not exist!) and staff costs – figured full employment (with 24-hour reception & manager) due to this the cost is increased. Under normal circumstances, the company can operate in 1 + 1 person at reception and person responsible in 8-hour basis. In this way you can save about 50.000 € / year.
Purchase option 1. Buy only the rooms (4 floors and roof) the sales price is determined at 4.000.000 € (7%).
Purchase option 2. In case of sale of the whole building (with the ground store which is currently leased to the restaurant ‘Barbounaki), the value of the property based on the performance of the guaranteed rent (under lease) store will be added. Specifically, the monthly rent amounting to 5.000 € have annual income 60.000 € and yield of 7% – 8%, the value of the store determined at 850.000 €, the sale price of the property is 4.850.000 €.