This initial proposal is for a development of 30 studios (condos) on idyllic land situated near Porto Heli (approximately 75 miles south of Athens). Each of the studios will be of an approximate area of 32sq.m (650 sq ft), but early investors will be able to select their own design with larger interior or separate villas provided extra land is purchased initially.
The site is outside the town's extremities are allowed to have 210 sq m of building per 4 stremmas (4000 sq m) residential. However, once it becomes commercial they are then allowed 20% of the land's area as building. In write ups the emphasis should be on 'commercial purpose' as this also links with a possible grant where must be seen to attract the tourists. 30 studios sleeping 4 is maybe a holiday camp approach but added to all the facilities which include small shops a Taverna and therapy rooms, it gives a good basis to achieve financial success. It also means the facilities can be used by the local female population who are sadly lacking the means to pamper. We can always expand some studios by initially purchasing more land. Most of the sites are flexible in this respect. It is intended that the 'holiday' part of the business be a UK company of a similar name.
Each will consist of minimum of kitchen, bathroom, bedsit and mezzanine bedroom added to the above figures.
Apart from the apartments there will also be a community centre, which will be devoted to individual spiritual unfoldment, a retreat yoga center and accommodation for complimentary therapies.
Facilities will also include swimming pool, Taverna and small shops, in order to make this an attractive holiday centre and retreat and cater for considerable interest from the locals.
It is an ideal place to sell holidays from various locations in the European Community,and, particularly with yoga - worldwide, together with an emphasis not only as a spiritual centre, but also as a centre for art, music and other activities.
The company will initially purchase a total of 10 stremmas of land (10,000 sq m). According to Greek planning law the ratio of buildings to open land should be 1/5 of the area. (i.e. for 10,000 square metres of land, 2000 can be committed for building purposes) Therefore, the development will be of low density.
Porto Heli is 75 miles south of Athens. It is situated in Argolida on the East Peloponnese where there is the ancient city of Mycenae and the theatre of Ephidavros both well worth a visit. You cross the breathtaking Corinth Canal if traveling by road to/from the Airport.
After arrival at Athens airport, there is a regular hydrofoil transport from Athens to the village of Porto Heli. The site is less than 10 minutes from the bay of Porto Heli. Hire cars are available in the village at reasonable commercial rents.
The site is elevated and looks over the sea. The areas surrounding Porto Heli are sparsely populated and therefore give a high degree of privacy.
The cost of land will be secured at between £380,000 and £700,000 (depending on which site) once the company is formed. There is a choice of sites and prices. Each of the studios will be sold on a 99 year lease at €140,000. It has been suggested that investors might like to link their investment to the purchase of a studio at a discounted price thus avoiding the legalities of becoming a Partner.
The construction will be completed by local builders, known to the designing architect who will also be supervising the construction.
It is anticipated that the construction of the main community Centre, swimming pools and restaurants etc. together with the studios can be completed within 12 months so we can aim for the 2010 holiday season.
Finance for studio purchase can be arranged through Greek Banks and the rate of interest applicable to residential mortgages is lower than in the UK. Advantageous rates are available for the construction of the project.
Porto Heli is in a secluded bay and therefore it is a safe area for all water-sports, scuba diving yachting, water skiing, etc. Facilities are available for each of these activities in the Bay. Close by is the market town of Ermioni where there are numerous shops, restaurants and Tavernas. With a short boat trip you can reach the quaint islands of Hydra and Spetses.
There are restaurants and hotel facilities also in the Bay and is therefore a quiet area for families to enjoy holidays or for individuals to enjoy a quiet retreat.
These can be taken from any of the major UK airports to Athens and pre-booking can be made for the hydrofoil trip from the port of Athens to Porto Heli. The hydrofoil trip from Athens lasts approximately 2 hours and is a cruise in itself. Alternatively there is a coach service or take a taxis. The cost of flights to Athens vary but a return flight can be obtained from budget airlines at approximately £200 subject to timetables and the time of the year of the flight.
A company is in the process of being formed in Greece through the local Notary and in order to become a fully registered company, it requires investors to put in an initial €150,000 plus €50,000 as initial capital. It is suggested that a minimum input per investor be €25,000 . Each of the investors will be treated as a partner of the company. Alternatively, this money can be left in for investment on special terms for a minimum period of 56 days and then returned to the investor but would not be profit sharing and not be Partners.
It will be necessary, under Greek law, for each of the Partners to present themselves to the Notary after obtaining a tax number in order to verify identity and credibility and then place the monies into a holding account in the name of the company for the company to become an effective trading organisation. Once you understand how it all works it is relatively straightforward and by using local experts we are ensuring their cooperation.
The company will also be seeking a potential grant from the Greek Tourist Board as they have expressed an interest in this development and are sympathetic to assist in its completion. (could be up to 40% of construction costs)
It will also give each investor the opportunity of visiting the site and to gain an overview of the benefits of this development as an investment proposition.
A projected cash flow is available to interested parties, showing a substantial profit.
We have been warned that we will be copied as the commercial with residential will catch on. Our advantage is our links with yoga and the 'spiritual' side etc.
We can get special prices at the 4 star hotel where we can begin trial runs of classes and it is they that own an 800-seat conference centre next door, to the hotel, for special events that we would want to put on.
We have formed, with a similar name, a company in the UK to run the retreats activities. It also helps with tax by spreading profit and taking advantage of the differences in VAT law between the two countries.
Whilst not part of the initial package we are being encouraged by locals to expand the number of locations and as a separate project, bring our specialist knowledge of mental health care, to a project that can be equally lucrative.