|
- Exceptionally rare opportunity to develop a tourist property in the most desirable part of Italy’s most popular region for property investment, Tuscany
- Tuscany’s government has recently ceased issuing planning permits for new real estate developments in the region meaning that opportunities like this are gold dust
- Azienda Agricola is a renovation project consisting of old farm buildings and 27 hectares of accompanying agricultural land
- It is located in the most desirable and expensive part of Tuscany to buy property, in between Montalcino, Siena, Pienza, Chianti and the beautiful village of San Gimignano
- Ryanair will soon be operating flights to Siena, the closest city to the property, 55 km away
- Other local attractions include a number of thermal spas and a golf course (currently under construction)
- The project is being offered for €1,500,000 with estimated renovation costs of €1,000,000; the projected resale value of €3,000,000 will generate a profit of €500,000 for the investor
Val d’Orcia is a region in Tuscany, central Italy, stretching from the hills just south of Siena down to Mount Amiata. The countryside here undulates in gently rolling hills and there are picturesque towns and villages dotted about, such as Pienza and Montalcino, whose wine is considered to be one of Italy’s best. This is the classic Tuscan landscape which has been celebrated in works of art from Renaissance paintings to modern day photographs. For this cultural significance, Val d’Orcia received UNESCO World Heritage Site status in 2004.
Azienda Agricola consists 700m2 of residential buildings, 800m2 of agricultural buildings and 27 hectares of accompanying farm land. It is located 50 km away from Siena, 20km from Montepulciano, 15km from Montalcino and 10 km from Pienza. There are 3 thermal spas in a 20km radius of the property (San Filippo, Cacsiano dei Bagni and Chianciano) and a golf course is under construction 15km away. The nearest airport is currently Rome 160km away, but Ryanair will soon fly direct to Siena (50km away).
The buildings currently on the Azienda Agricola site need to be demolished. The residential buildings can be converted into either an agriturismo (restaurant) with 5 apartments or 8-10 residential units; the construction can be split into 2 or 3 buildings. The agricultural premises can be converted in covered parking spaces or a stable block (or similar agricultural construction); a swimming pool can be built here if not visible from the road. The farm land must remain in agricultural use and can be leased to neighbouring farmers. Currently the local municipal government has ceased issuing planning permits for new construction until the new “Piano Regolatore” (regional planning document) has been decided; renovation projects by contrast are subject to normal planning considerations.
Azienda Agricola is being offered for €1,500,000, which works out at €2,142 per m2. Additional buying costs will include a broker fee of 2%. Renovation costs have been estimated at €1,000,000 which will build in a projected resale value of €3,000,000, making the investor a profit of €500,000. The buyer must pay the vendor a deposit of 20%-30% on exchange with the rest on completion 2-3 months later. We can introduce translators, lenders, architects and building companies to the investor if require
|
