Our company offers the investor a Grand Palace for investment in the center of capital-city of Georgia Tbilisi.
SHORT DISCRIPTION ABOUT PROPERTY.
Property is located on the Vaja-pshavela avenue in the district of Saburtalo.
An area of a land - 4375.00 sq.m. There are four buildings on a land: 1. building#1 4317,59 sq.m. The Grand Palace has approximately 140 rooms (but one need to change partitions of rooms and reduce their amount. 2. building #2: 376 sq.m. 3. building #3: 300 sq.m.; 4. building #4: 50 sq.m. ;
Asking price: $4.400.000.
ABOUT VAJA-PSHAVELA AVENUE.
It is one of the largest and occupied roads in Tbilisi. Its length is more 4 km. and it crosses through a district Saburtalo. Besides it is a location for many of companies and organizations. The size of the building# 1, area of a land and a location gives us opportunity to upgrade this Grand Palace to â€œ3 starsâ€ hotel. If investor upgrades this palace to â€œ3 starsâ€ and if price rates for apartments will be from $50 to $100 a day the hotel will be occupied at least till (minimum) 70% a month and till 95% on a summer holidays, in Autumn (as this time is very beautiful in Georgia) and in st. Christmas celebrations. NOTE! This is a competitive price because prices for an apartments in â€œ5 starsâ€ hotels in Tbilisi are between $120 to $250 a day + breakfast $15-25. APPROXIMATELY CALCULATIONS FOR UPGRADE A BUILDING # 1.
(Weâ€™ve calculated the costs for 100 rooms). Full renovation will be cost approximately $2.270.000. Round up to $2,300.000.
To book a hotel furniture at Georgian firms: 1 sq.m. furniture costs 200 Lari (Georgian currency. $1=1.63 Lari). So, 200 X ~10 sq.m. = 2000 Lari. Total- 200000 Lari (that is about $122699. Round up to $130000 or even to $150000). Total = $2.450.000. For any case, round up a price to $2,500.000. Total investment price = $6.900.000.
Now, if 100 apartments (from 140) will be occupied during full month for at least $50 a day it will be occupied without problems and give us income $5.000 a day ($150.000 a month) and this is an income only from rent out of apartments because we did not calculate income from restaurant and from other charged services yet. As you see we made only approximate calculations which show that investments will be taken back during in about four (4) years and it will reach income approximately $7.200.000. FINANCIAL SUPPORT
1) if an investor pays for this property at least $500.000 a bank is ready to give a buyer a total loan (step by step) $3,000,000 for 12% in an year for upgrade a palace under RE property guarantee. This is a very good percentage in Georgia as other banks requests up to 18%-s. 2) Besides, seller accepts to receive payment by three transfers during an year.
For futher information, please, connect with us. Mobile: +995555206822; Skype ID: nargani