Residential Building for Sale in Iskele

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£1,800,000 GBP

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Ref 2205249 | Iskele, Famagusta | 38 Bedroom Complex

Currency services provided by Excel Currencies £1,800,000 GBP  |  €2,090,350 EUR (Approx)  |  Approx. US$2,237,092 USD
  • Type: Residential Building
  • Location: Iskele
  • Province: Famagusta
  • Country: Cyprus
  • Bedrooms: 38
  • Bathrooms: 22

•6 x 3 bed detached villas •10 x 2 bed semi detached •Large communal pool • Kiddies pool •Opposite the beach •Company included •Gated community •Buy to let •Management company available to run the business •Great profit returns

This complex of 16 villas which are all being sold together on 5600 square metres of land opposite the beach. The villas are divided into six three bedroom detached villas, and ten two bedroom semidetached villas, all built to a luxurious finish and located opposite the sea in the popular area of Iskele. The style of the properties is totally unique, with well-maintained garden area and a large pool plus kiddie’s pool.

Reference HP1904

The Rental Potential DETACHED PROPERTIES November – April £500 per week May – October £750 per week

SEMI DETACHED PROPERTIES November – April £350 per week May – October £550 per week

Figures based on full occupation during the peak season and 50% during non peak 27 weeks in peak season 27 x £750 = £20,250 x 6 villas = £121,500 27 x £550 = £14,850 x 10 villas = £148,500 14 weeks off peak 14 x £550 = £7,000 x 6 villas = £42,000 14 x £350 = £4,900 x 10 villas = £49,000 TOTAL FOR THE YEAR = £361,000 It may work to exclude one of the semi detached properties for on site Management and an office and maybe even a small market, with the maintenance team being on site 24 hours a day. Costs for on site Management + pool / Garden cleaning £3,500 if managed by Busy Bees , TOTAL £42,000 per annum The profit would be subject to taxes which can be discussed in further detail with viewing prospects. As foreign investors cannot buy more than one property, the complex comes with a Company that is being sold within the price.

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