M32 project was a demanding yet trophy project for Potential firm. The top location of the building and its neoclassical architecture create a real jewel in the heart of Athens in one of the top streets of the city.
The challenge of this project was to carefully restore the almost entirely damaged structure and have the building returned to its initial state adding high end interior detailing and design. This future luxury exclusive boutique apartment hotel wants to offer to its guests the sense of the older Athens pampered with all the modern features and amenities.
The building will be consisted of five apartments all facing the elegant Mitropoleos street. Inside the highlight is the high ceilings with the original roof decorations of the 19th century. Add the on foot proximity to all of the major sights of the city, its top end shopping downtown district and the easy accessibility by all the means of transportation synthesize and create the unique and one of the few remaining trophy projects.
- Elegant Location
- Neoclassical Building
- High ceiling with original 19th century roof decorations
- Luxury independent boutique apartments
- Concierge Service
- Valet Parking
- Penthouse apartment with amazing outdoor terrace
BUSINESS MODEL & NUMBERS
Based on the great expertise our firm has for downtown Athens area, Mitropoleos is what an emblematic project means. First to mention is the project’s location that is superb and eclectic, in the heart of the city and within walking distance from the major sights and buzzing spots. Secondly, yet equally emphatic is the building’s architecture and cultural history that has announced it as a monument preserved building. The above elements turn this investment into something unique. The new formed boutique hotel makes this building elegantly posh with the nostalgia of old Athens in one of the best streets of the town. When fully constructed, this 310 sqm building will have 5 rental suite apartments with a projected valuation range from 2,700,000 € to 3,600,000 € enabling its owner for astonishing profit margins when sold. The tourism orientation of the building’s construction gives solid yields per annum ranging from 4% to 6% in the most mature part of the Greek market.
The expected profit when someone resales such property is ranging from 25% - 35% (when completed and operated). As we speak, the estimated selling prices range from 8,700 €/sqm - 11,600 €/sqm but such buildings can easily be a lot more based on their status.
The building is situated in the well prestigious Mitropoleos street. Being a breath away 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.