Building Description

The complex is situated in the most preferred region of the resort, near the first station of the ski cabin lift (approximately 400 m away) facing Pirin Mountain in one of the directions and the city of Bansko and Rila Mountain in the other. The architecture decisions are consistent with the unique Balkan architecture and traditions typical for the region. A modern infrastructure to the complex is under construction (asphalt-paved road, plumbing, draining and sewing networks).
The construction works of the building in Bansko has progressed considering it’s bringing into exploitation for the forthcoming winter season. The interior and exterior ground coats, stuccos, tiles, faience and other finishing works are performed at the moment. 

Technical Parameters
 
• Building Plot Area - 1564 sq. m.
• 4 stores + 2 garret floors
• Total Built up Area – 4 600 sq.m. (400 sq. m. basement)
• 58 apartments (covered parking lot, gym, Finish and Turkish sauna)

Market Trends

Taking into account the development of the recreational properties market it is considered advisable that the complex is utilized in one of the following schemes:

1. A sale-trade of the property to an investor, willing to offer it to a secondary market (Russian, Dutch, Greek, Spanish), counting on the possibilities of the speculative market.
The level of the market price at which a similar architecture decision carrying apartments are sold in the region is about Euro 1400 -1500 per sq. m. and the annual rate of the sales is approximately 8-10 apartments. Given this scenario the entire building could be sold for approximately Euro 4 500 000 -5 000 000 (VAT included) depending upon the stage of completeness (mainly the furniture).

2. Exploitation of the complex as a hotel by an investor.

This decision is advisable considering the fact that Bansko is turning into a whole year resort. In such a case an additional construction of an out door swimming pool, a tea-room/snack bar/fast food and/or other improvements might be done.

Business Plan Forecast

• Number of apartments in the complex – 58 (covered parking lot, gym, Finish and Turkish sauna)
• Number of Guest Nights (per year) - 300
• Average Price (per night) – 80 BGN
• Expected Revenue (60% occupation) :
58 app. x 80 BGN/per night x 300 nights x 60% = 835 200 BGN /  Euro 427 000
• Service and Maintenance Expenses 30% -  Euro 128 000
• Expected Annual Revenue –  Euro 300 000