Surinvest presents the sale of a residential complex which was built in 2005 as a high standard care home for dependent elderly people. The complex has not been put into operation or exploited as it does not comply with the technical parameters (dimensions) according to the regulations of Order 5/11/2007 to which it was subjected once the construction was completed.
Location. The centre is located in the area of El Candado, 8 kms from the historic centre of Malaga, and 1.5 kms from the beach, on a large plot of 35,209 m2 with partial views of the sea and the landscape of the area.
The project. With the construction carried out between 2005 and 2006, the change in the regulation of the centres for the elderly that the Junta de Andalucía carried out according to Order 5/11/2007, the construction project did not meet the technical requirements, thus preventing its opening and operation as a care centre for the elderly.
Licences. The complex nevertheless obtained an Opening Licence as a Day Centre issued on 15/3/2007 and an Occupancy Licence granted on 12/3/2009. But it was never operated as such.
Active. The built-up area of the complex is 5,367 m2, and accommodates 67 en-suite flats with a capacity for 128 people. The cost of the project in 2005 amounted, according to information provided by the property, to €15,000,000. The price requested by the owner family in its current state, without equipment and furnishings, is 7,000,000 euros, which represents a 50% discount on the investment made, and represents a return on investment of 1,304.27 euros per m2 built (5,367 m2), and 198.81 euros per m2 of plot (35,209 m2).
Capex. The adaptation of the complex to the current regulations for its operation as a care centre requires an estimated Capex of €2,500,000.
Uses. There is the possibility of requesting a change of use for other purposes, such as hotel.
Characteristics of the dwellings and services. Each flat has a minimum surface area of 40m2, distributed in a living room/kitchen, a separate bedroom for 2 beds, and a complete and adapted bathroom. The flats were conceived to offer spacious, comfortable and intimate spaces for their residents. The modern facilities offer complete services for the resident, such as restaurant, gym, hairdressing salon, laundry, reading and activity rooms and ergotherapy, clinic, chapel, swimming pool, gardens, and space for 131 parking spaces.
If you would like more information, please contact us, we will be happy to present this project to you personally and in detail.
The sale price does not include the costs and taxes applicable in Spain, ITP 7% in resale, or VAT 10% plus AJD 1.2% in new construction, as well as sale and purchase fees, legal, bank, notary and registry fees, among others.
This information may be subject to errors, omissions, modifications, prior sale or withdrawal from the market.
Available sheet. Decree 2182005 of 11 October.