Seaside plot of 150.000 sqm. at the arena named “Koutsounari ” of Ierapetra , Crete. The plot’s adjoining beach is one of the best in Crete, and its lenght is over 800 meters.
We developed a project to build in this plot a luxury hotel complex of 800 beds, covering an arena of 70.000 sqm. For this particular hotel a building permit construction of luxury hotel has been issued and all permits required have been recieved covering the carrying out of the investment.
The Greek government grants a subsidy of 10 million Euros for this project, which expires on 31.12.2015 with a further applied extension on 31.12.2016.
The total investment in 2009 price amounts to 45 million Euros.
The remaining uncovered 80.000 sqm. can be used for any turist development such as tourist-holiday houses and villas with individual swimming pools, or for the construction of a second hotel unit of 800 beds.
The property is located 6 km away from the nearest town ( Ierapetra ) , which offers all the necessary services for hotel guests ( Hospital , Police, Port Authority, etc. ). It is located 100 km from Heraklion airport, distance covered in about 1.5 hours by car.
Total acquisition price 12.000.000 €