LS3 is a newly renovated apartment that was previously an office space. Located in a mixed use building (residential and commercial) yet in a top location overlooking the large avenue and its city lights providing a buzzing sight, while inside there is quiet and calm environment.
X Architecture wanted to aim the orientation of the apartment towards the large façade opening above the busy street and the great views of the local sights. The minimalistic layout is consisted of 2 bedrooms, 1 large washroom, one storage area and an open plan living room – kitchen area. Drenched with natural light all day long the large façade allows the guests to feel the magic colors of the Athenian sky. The tailor made fully equipped kitchen, the unique bathroom structure combined with the interior lighting and smart features of the house have created an amazing city center apartment.
- Smart House Accessories
(smart access to control the window blinds, the clima, the card access of the building and the apartment)
- Oak flooring
- Large dimension Spanish tiles for the washroom
- Large Façade allowing natural sunlight to enter the apartment all day
- Fully Autonomous heating system via heat pump
- Interior lighting schemes
- Large bedroom area
BUSINESS MODEL & NUMBERS
This project was a unique transformation of an office space into a loft type luxurious apartment. The decision of purchase, despite its previous use as an office that had bold features for an apartment and surely not mainstream (lack of balcony areas, only the front façade with natural light), was made based on its top location, the great unobstructed view and the overall character X Architecture could provide to the project. The project managed to attain an astonishing 60% net profit on the resale after completed while the current owner receives, based on short term rental periods, 7% - 9% yields. The overall needed period for this project’s completion (acquisition, renovation, selling) took less than 12 months.
The apartment is in the booming Sygrou Avenue right next to the Akropolis Museum. Being a breath away also from the parliament building and all of the major sights of the city (Parthenon, Akropolis museum, Plaka area, etc.) in addition to the easy availability of all transport mediums the location is a top residential and touristic area. Within walking distance there is Kolonaki area with the numerous boutique shops, bistros, and the theater downtown district area with all of the major shows.
Athens, especially the downtown district area, is currently under great reconstruction in the private sector via the creation of new luxury hotels and in the public sector via the municipality that creates pedestrian streets and an overall more tourism friendly profile. Finally not to be neglected that within less than 10 minute drive one can experience the brand new Athens sea riviera.