Location
Sofia
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Competitive advantages
- Premium apartments within private complex
- Within the greenbelt of the University Quarter, Sofia
- High rental occupancy
- Rental return: Between 6% and 8%
- Increased investment in the University Quarter
- Infrastructure development & continued growth of Sofia Business District
- 7-10% price increase after 14 January 2008
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Country
Bulgaria
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Prices from
£50,873
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A sound investment property located within one of Sofia’s key growth areas
Rockarch Estates are pleased to have been appointed as an agent for the sale of Belgravia - a complex comprising 4 residential buildings each with between 23 and 29 premium studios, 1-bed and 2-bed apartments located in the heart of the University Quarter. General Information
Located between the prestigious area of Lozenets and Sofia’s business district and with stunning views of Vitosha Mountain, The Belgravia sits within one of Sofia’s key growth areas. This private complex is in the heart of the University Quarter, and is naturally protected by surrounding parks, sports fields and university buildings.* In this phase, there will be four residential buildings each with between 23 and 29 premium studios, one-bed and two-bed apartments. The development has three phases of construction, with the second phase launching in August 2007. Our architecture and construction brief was to develop apartments that have strong appeal within the local market in order to maximise rental return and reselling prospects.
Gated communities with leisure and parking facilities have become increasingly popular within the Sofia market and with limited room for expansion so close to the city centre, demand for such accommodation is high. Accordingly, rental returns from these apartments will have a premium and there will be a dedicated onsite rental and management company available for our clients.*
* As of 27th December 2006 a new law was passed prohibiting any new building in this area, reserving it for sport and recreation facilities only.
The Location
- University Quarter, Sofia (greenbelt district)
- One of the fastest growing areas of the city
- Ten minutes drive to city centre
- Five minutes drive to the business district
- Easy access to and from Sofia Highway and Sofia airport
- Prime residential area for embassy staff
- Within walking distance of two underground stations
- Under 2km from Vitosha skiing, next to the National Sports Academy and Winter Palace of Sport
- Surrounded by parks, playing fields and university buildings
- Excellent views of Vitosha Mountain
- Investment from multinationals flooding into the area
- Comprehensive plans to develop local infrastructure are well underway
Distance from
Sofia Airport – 8km
Ski center Borovets – 80km
Ski center Bansko – 143km
Completion Date: Mid/End 2009
Property Type: City & Cultural Apartments
Completion Stage: Launch
Number of Bedrooms: Studios, 1 & 2-Beds
Size: 45.00 m² - 88.00 m²
Facilities
- Accommodation: 44 studios
- 26 one-bed apartments
- 28 two-bed apartments
- Finishing: Complete to high specification (see specification details)
- Furnishing: Additional to purchase price
- Elevators: Each building has a low-noise elevator
- Additional spaces: Most studios & apartments have a balcony or private garden
- Communal facilities: Concierge
- 24-hour security
- Property management & rental
- Maintenance
- Electronic key card gate system
- Gardening
- Cleaning
- Gym and sauna
- Health & beauty salon
- Restaurant
- Underground parking
- Broadband, cable TV
- Additional facilities: Access to tennis courts, 50m pool and other sport facilities
Competitive advantages:
- Premium apartments within private complex
- Number of units: 98 (4 residential buildings)
- Location: Within the greenbelt of the University Quarter, Sofia
- Development stage: Phase II (phase I sold out to local market in 3 months)
- Rental market: Business professionals, university professionals, international under/postgraduates*
- Rental return: Between 6% and 8%
- Rental occupancy: High
- Construction starts: August 2007
- Construction period: 24 months
- Recommended term: 3 to 5 years
- Secondary market: Local professional, business experts and investors.
- Market growth: Average of 20% per annum (2002-2006)
- Long term drivers: EU accession, increased foreign investment, lowering of interest rates, introduction of mortgages, limited room for expansion
- Short term multipliers: Increased investment in the University Quarter, infrastructure development, continued growth of Sofia Business District
* 12% of graduates in the university quarter are international students, who pay up to 11 times the average Bulgarian tuition fees and have a relatively high disposable income.
Property Management
The target rental markets for the Belgravia are local business professionals, diplomatic staff, university professionals and overseas under and postgraduates.
There will be a dedicated onsite rental and management team. This company will invest in promoting to the target rental market, exclusively for investors in The Belgravia apartments.
It is a luxury complex and demand is anticipated to be high, therefore a premium will be charged to tenants. We anticipate a return from between 6% and 8% of purchase price. Investors will be charged 10% of rental income for this service.
Floor Plans
Download Premium Apartments within private Complex Belgravia Floor Plans in pdf format for your review. Please note it may take a few minutes depending on your internet connection. NOTE: To view the floor plans you need pdf reader. If you don't have one, Adobe Acrobat Reader is free and can be downloaded from here.
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Prices
Price per square metre € 1,330 - € 1,400
- Studio € 73,766*
- 1 Bed € 96,224*
- 2 Bed € 141,035*
* all prices include VAT
Maintenance Fee
The maintenance fee is € 8 (excl. VAT of 20%) per sq. m. per year. This charge excludes private utility usage, insurance, local taxes, and rental management fees.
Payment Options:
Option 1 (Standard)
Option 2 (Pre-arranged 65% Mortgage with UniCredit Bulbank)
- Reservation fee - €1,500 (£1,130.00) – This fee is refundable within 7 days
- 1st payment of 35% - on exchange of contracts within 21 days ( less reservation fee)
- Last payment of 65% - at Act 14 Certificate for rough construction, expected for August 2008
Finishing
According to developer’s specifications:
- Kitchen: Tiled floor. Complete units, fitted sink, twin taps and wall cupboards with built in lights
- Plumbing: All piping and central heating included
- Bathroom: Bath* and taps, toilet, basin and mono block tap mixer sink, complete shower unit, extractor fan and fittings and accessories. Floor and wall tiles
- Communications: Internet, phone and cable TV access
- Electrical: Switches and sockets throughout
- Heating: Centrally heated radiators throughout
- Entrance doors: Reinforced security doors (quadruple lock)
- Doors: High quality internal complete with door furnishing
- Windows: High quality double-glazed
- Floors: Parquet throughout complete with wood edging, except kitchen and bathroom, which will be tiled
- Walls and ceilings: Smooth plaster and painted
- Lighting: Spotlights throughout
* some studios do not include baths
Furnishing
Not included in the price. |
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