Building for Sale

Exclusively from our office. Complex consisting of two ground floor shops and two suites, with a total area of 175 sq.m. available for sale. It is located in the heart of the beautiful Old Town of Rethymno with its wonderful alleys and Venetian-Ottoman references. The two ground floor shops have a total area of 75 sq.m. and are also sold separately. The two suites have a total area of 100 sq.m. The entire building has been fundamentally renovated 15 years ago, it is in excellent condition and is ready for use. The suites are used as short-term rental rooms while the shops are leased with the lease expiring in June of 2025. The new owners will have the option to either extend the lease after renegotiation, or develop the properties themselves. The prospects for utilizing the specific properties are unlimited. One can consolidate the suites and create a single residence of 100 sq.m. for private use in the heart of the Old Town while taking advantage of the shops. Alternatively, one can utilize the shops and keep the residences on short-term leases. In any case, the options and combinations of utilization of the specific properties are numerous. The shops have a food and beverage operation licence and are equipped, while the suites are nicely decorated and sold with their furniture and equipment. In other words, the new owner can, by purchasing the specific properties, start the amortization of the investment from the next day. This is not particularly common in Old Town properties as due to restrictions from the archaeological service, interventions on the properties and securing the required permits can become a particularly time-consuming and expensive process. The specific properties can give a return on investment that will reach or exceed 6% per year, a number that is almost impressive for the area. The Old Town of Rethymno due to the finite number of properties definitely gives the existing properties a surplus value which is often a negative factor in the annual financial performance of a property. The specific properties, however, due to the initially requested price in combination with the immediate start of amortization due to their excellent condition, also gives their purchase an immediate investment character. The castle of Fortetsa, the most important landmark of the historic town of Rethymno and one of the best preserved Venetian castles (with oriental touches) in the country is less than five minutes' walk from the property, while the vast beach of Rethymno is about 15 minutes far. Properties such as these perfectly express the character of the area and in fact are what create the unique atmosphere of the city, turning it into an excellent tourist destination for almost all seasons. Responsible for the listing is Mr. Konstantinos Μoullos, licenced realtor with General Commercial Registry Number (GEMI) 3469607. Despite the fact that Aspis Real Estate Rethymno takes all precautionary measures to ensure that everything that is written in our classified ads is true, these are by statement of the sellers therefore we cannot accept any responsibility for the correctness of the information. In any case we offer a strong recommendation to check the information with certified professionals before any down-payment.