This very rare plot of land is located in a very exclusive location on the Cidade Velha frontline.It used to be a bar-restaurant in the old days and could be redeveloped as commercial or residential. Cidade Velha is a UNESCO’s World Heritage Site.
The total area of the property is 1.081,89 sq.m.
770,45 sq.m. (only ground floor) can be built on, which correspond to the old area occupied by the restaurant.
There is an area of 311,44 sq.m which corresponds to the entrance road, where you can build only some light structures to shade the parking plots. A pool can be easily built on the rocks on the ocean.
Price 400.000 EUR for the land.
This is a unique oportunity to develop a bar/restaurant/boutique hotel or for residential villas or apartments in a World Heritage site on the frontline in Cidade Velha, the historic centre of Cape Verde.
The plot has all the relevant paperwork for land ownership.
Possible development potential - .
Land cost = 400.000 EUR
Construction cost for 770 m2 (500 EUR/m2) = 385.000 EUR
Total cost 785.000 EUR
Sale price 1.500 EUR/m2 = 1.155.000 EUR
Profit = 370.000 EUR