I would like to sell my apartment building that can be converted... (Succeded)
I would like to sell my apartment building that can be converted into a hotel and is located at one of Budapest's most beautiful locations, Bazilika. The apartment is located in the 5th district of Budapest near Bazilika (Hercegprímás street 3) which is one of the most frequented places for tourists. Next to mine property a new 5+1 star boutique hotel is being built, opening is due in the first quarter of 2014.
The area of the property is 1117 m2, it is a historical building which was built around 1900, a traditional upper-middle class building (spacious rooms with more than 4 meter height, large divided double sheathed windows and doors) ground level plus two floors.
The structural status was considered good.
The building has sixteen apartments and two shops with entrances to the street: total area: 2006 m2.
The total area of the apartments I'm offering to sell is 1021 m2 (2-5% more in reality), this is more than 51% of the house. The ownership is shared this way:
Restaurant 1: 335 m2 according to the records /completely functional
Restaurant 2 and office approximately 370 m2 according to records /completely functional
(restaurant 2 and the office can be opened into one space)
The two restaurants have terraces into the inner yard of the building (refer to pictures), approval of these are pending.
Apartment 1 64 m2 according to the records
Apartment 2 96 m2 according to the records /2 levels, all amenities provided
Apartment 1 65 m2 according to the records
Apartment 2 91 m2 according to the records
Loft 840m2 and can be converted
The 51% share can be instantly raised to 65% by buying four apartments, it is possible to acquire 100% share which would require additional negotiations.
The current share is sold for 1.3 billion HUF. The next share would be approximately 500-600 million HUF.