Beachfront Land Estate in Sitia, Crete going to auction on October 30th
The property of 250,000 sqm is located on the beach of Agia Fotia and includes semi-completed buildings, built according to the respective building permits. The land estate is classified as an even and buildable area that allows a development to each one of the individual land parcels. The land estate is owned by two companies and is going to auction at the Price of €7.5 m. The asset management potential has high possible returns on investment and a double-digit Hurdle Rate. The Gross building area in on the land is 16,000 sqm. The property can turn into a large-scale resort development with the prospective room capacity exceeding the 400 rooms, but it can also become and be sold as houses. Sitia is a fast-growing hospitality market with large scale investments in the pipeline, mainly of high luxury, and many facilities (yacht marina, golf course). The property is close to the Vitsentzos Kornaros International Airport and to the city of Sitia. See more property info HERE. Auction links HERE, HERE and HERE.