Commercial For Sale in Alcaucin - Ref no: Cop It
Property From A Distance, Near Alcaucin, Malaga, Andalucia
Private Swimming Pool
Lake, Countryside & Mountain Views
Ref No: Cop It
Property type: Commercial
9 Bedroom(s)
8 Bathroom(s)
Price:
850,000 Euros..
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Image:Hotel, Near Alcaucin, Malaga, Andalucia
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A rare opportunity to buy a fully registered hotel in a stunning location near Alcaucin, just 40 minutes from Málaga airport, 25 mins ftom the beaches and 18 hole golf course at Torre del Mar.
The property is laid out on land of approx. 7,000 sq.m., with 2 separate buildings, linked by a salt-water pool and surrounding terrace. One building comprises 8 large en-suite bedrooms with balconies and fantastic views of the surrounding countryside.
The 2nd building has restaurant, bar, reception area, kitchen and large salon with open wood fire. The lower floor of this has a 1-bed apartment and a workroom for storage, laundry etc. This latter can easily be converted into another apartment.
Both buildings have full heating / air-conditioning units.
The property is sold freehold with all necessary documentation, registered with Junta de Andalucia as a 2 star hotel rural . It is however adaptable and could easily be changed into self-catering apartments with separate restaurant and bar, or all into apartments. Either way it will provide an excellent home and income business opportunity.
The hotel is company owned with an existing 325,000 euro mortgage which is transferrable. Buying through a share transfer would avoid the need to apply for a mortgage and incur the mortgage arrangement costs. A substantial saving.
A further potential cost saving if you buy the property by way of a share transfer would come from you not needing to pay the property transfer tax.
Christies, the business specialists, valued the property at 925,000 euros last August, but the owner is forced to sell because of ill health and is asking a much lower price and will look at offers. This means that when you take into account the possibility of taking over the existing mortgage and of avoiding a lot of purchase costs there is an incredible deal to be done here.
The vendor tells me that there is a potential turn over of about 225,000e uros p.a. at reasonable room charges, (typically 80euros/room) and overheads of approx. 48,000 euros p.a. So you only need 20% occupancy to break even.
This property would be ideal as a base for activity holidays like mountain biking and walking or special interest groups which would ensure high occupancy levels and much higher returns.
Built size: 300 m2
Plot size: 7,000 m2
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