Medium Sized Block on Corner Plot in Primaverii
Print this page BackArea: Primaverii - Sales
- Usable Internal Surface (sqm): 0
- Bedrooms: 0
- Kitchen: Closed
- Outdoor area: Yes (garden)
- Security: No
- Bathrooms: 0
- Reserved parking: Yes
Property Description: This is a mixed ownership deal. The block belongs to two owners (friends), while the garden belongs to the city. The two owners would like to sell the block (including the land on which the block is built), while the city is (so far) only interested in continuing the rental agreement which is about 500 Euros per year. The block was built as two apartments in 1936 with a shared roof terrace, storage attic and a large garage space on the ground floor. The total constructed square meter size of the block is currently 720 sqm. Footprint of the building is 180 sqm. The size of the plot is 550 sqm, of which 370 sqm is garden, rented from the city. The owners have permission and legal permits from the city to destroy the block and re-build with two floors higher (six floors in total). Importantly, this is a corner plot which affords benefit in terms of privacy, natural light and parking. The current configuration and design of the building is limiting in terms of opportunities for renovation given that the building was purpose built as two separate apartments. The best options from a return on investment basis will be to raze the building and construct either a private house, or luxury apartments. In effect the sale is for the opportunity to rebuild on the same foot-print, with six floors in total representing 180 sqm X 6 for 1,080 square meters of luxury construction. Using a rough calculation considering the neighborhood and anticipating intelligent design and luxury finishing's we believe the finished project should be worth 3.2 million Euros at resale value. Should the city make available the land for sale and the consequent footprint of the property were enlarged the extra value would represent roughly 18,000 Euros per square meter of extra footprint (3,000 Euros X 6 floors).
Neighborhood Description: Primaverii. The most expensive neighborhood of the city and walking distance to three parks; Herastrau, Bordei and Floreasca.
Property Description: This is a mixed ownership deal. The block belongs to two owners (friends), while the garden belongs to the city. The two owners would like to sell the block (including the land on which the block is built), while the city is (so far) only interested in continuing the rental agreement which is about 500 Euros per year. The block was built as two apartments in 1936 with a shared roof terrace, storage attic and a large garage space on the ground floor. The total constructed square meter size of the block is currently 720 sqm. Footprint of the building is 180 sqm. The size of the plot is 550 sqm, of which 370 sqm is garden, rented from the city. The owners have permission and legal permits from the city to destroy the block and re-build with two floors higher (six floors in total). Importantly, this is a corner plot which affords benefit in terms of privacy, natural light and parking. The current configuration and design of the building is limiting in terms of opportunities for renovation given that the building was purpose built as two separate apartments. The best options from a return on investment basis will be to raze the building and construct either a private house, or luxury apartments. In effect the sale is for the opportunity to rebuild on the same foot-print, with six floors in total representing 180 sqm X 6 for 1,080 square meters of luxury construction. Using a rough calculation considering the neighborhood and anticipating intelligent design and luxury finishing's we believe the finished project should be worth 3.2 million Euros at resale value. Should the city make available the land for sale and the consequent footprint of the property were enlarged the extra value would represent roughly 18,000 Euros per square meter of extra footprint (3,000 Euros X 6 floors).
Neighborhood Description: Primaverii. The most expensive neighborhood of the city and walking distance to three parks; Herastrau, Bordei and Floreasca.
