15 bedroom Hotel for sale with countryside view in Locorotondo, Puglia

5,950,000 EUR 5,117,000 GBP 6,426,000 USD

Reference: 209393

Bedrooms: 15
Bathrooms: 16

Features

Fruit Trees
Vineyard or Wine Making
Hot Tub or Sauna
Air Conditioning
Renewable Energy
Possible Extra Dwellings
Potential for Income
Countryside View
Good Condition

Details

First time on the market, having been in the same family for 4 generation, this is a genuinely unique opportunity to purchase a large trulli complex which has been lovingly restored to an excellent standard.

The property currently comprises of accommodation for over 40 people with 15 bedrooms and 16 bathrooms, divided into 11 self contained trulli apartments all with air conditioning, solar panel heated water and a kitchen area in each.

There is also a spacious 1 bedroom house for the owners/manager with structural, plumbing and electrical work already complete on a possible extension to the house or this could be used as another apartment or a restaurant which could operate 12 months of the year.

The property has extensive well maintained gardens with mature fruit and olive trees dotted around. There is also a large kidney shaped swimming pool with Jacuzzi overlooking the vineyards. Under the pool is a games room, shower room and toilet and the wine cellar to keep the wine during the fermentation process.

The vineyards currently produce around 2,000 bottles of wine and the olive trees produce between 300-500 litres of oil depending on the yield.

There is an outside kitchen and pizza oven with a seating area for 80+ guests and is perfect for evening meals, parties or weddings.

The property is situated in the heart of the Valle D'Itria, one of the most sort after areas in Puglia, if not Southern Italy and is just 2 km from Locorotondo, a thriving small town famous for its international music events and many festivals. Locorotondo, officially one of Italy's most beautiful towns, is less commercial than its neighbour Alberobello and offers a great selection of restaurants, bars and pizzerias. It is also perfectly positioned to visit the wonderful beaches - just 20 minutes away, and other historical towns such as Martina Franca, Ostuni and Cisternino with Lecce only 1.5 hours away. With the airports of Bari and Brindisi only 1 hour and 45 minutes away respectively it is also well positioned for guests to reach or indeed to arrange airport pick ups.

The property is currently being run part time as a B and B open only from April to October by the family itself yet the potential for growth is enormous. It is on the market simply because the current owners are retiring and their children are not in a position to take it on.

Areas for potential growth include cultural group holidays such as painting, photography, cooking or language holidays. These have been tried in the past and have been very successful.

There is also a market for small boutique weddings - again the property has hosted a number of weddings which have been a resounding success.

There is also the potential to open 12 months a year hosting conferences, meetings as well as holiday makers - all apartments have central heating and wood burning fires. The potential for a restaurant is also massive with the perfect area already structurally restored using local stone and permissions already granted to open a restaurant.

It must be stressed that tourism is booming in the area yet there is not a boutique hotel in the marketplace with most concentrating on self catering/B and B accommodation.

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Italy Property Buying Guide

1. Making the Offer to Purchase (Offerta)

Once you have found the property you wish to purchase you will start the process by making a formal offer to the vendor, the estate agent will act on your behalf and put forward the offer, a deposit will be made available, generally around (10,000 - 20,000 EUR). Once the vendor has accepted the offer it will be formalised in writing to the vendor in both English and Italian. If this is accepted the deposit (Caparra Confirmatoria) will be paid to the vendor. This will form a legally binding contract. Neither party may withdraw at this point, the sale can be forced by either party or a claim for damages can be made. If the purchaser withdraws their deposit will be lost, if the vendor withdraws the purchaser can claim twice the deposit in compensation.

2. Signing the Preliminary Contract (Compromesso or Contratto preliminare)

The next step will take place between 1 and 3 months after the offer has been accepted, this is a formal agreement between the vendor and purchaser to sell and buy the property, this agreement is the Preliminary Contract and will contain the conditions and terms of the sale. It is important at this stage that you have a full understanding of all the details contained in the contract. We would strongly recommend that you appoint a Notary who is fluent in English. This document will include the purchase price, a detailed description of the property including completion date and will cover any obligations placed upon the buyer and the vendor. All information relating to the property including any planning permissions for the property and the cadastral details (a public record, survey, or map of the value, extent, and ownership of land as a basis of taxation). Once the Preliminary Contract (Contratto preliminare) has been signed a further deposit (Caparra Confirmatoria) will be paid, this will generally be 10% - 20% of the purchase price. There will also be an estate agents Commission Fee (Provvigione) which will need to be paid at this point.

3. Signing the Final Deed of Sale (Rogito or Atto Notarile)

The purchaser must have a bank account in order to make the purchase on completion. The signing of the final deed of sale which will authorise the transfer of the property must be overseen by a Notary (Notaio). The buyer will select and hire the Notary, but they are members of an independent body of public/professionals who will draft the purchase deed, they will oversee the passing of the title legally from the vendor to the purchaser. The Notary will also verify the legality of the documentation and registration with the Conservatoria dei Registri Immobiliari and the Local Land Register.

4. Formalities to be observed after Completion

Foreign buyers should obtain a certified copy of the Purchase Deed (Rogito), which the Notary will have lodged with the authorities. Generally this will be available to collect around 2 – 3 weeks after completion. The Notary will also give you a form to complete for the the local authority (Questura) who will have been given formal notice of the purchase. Your Notary will help you to complete this form. You will need to contact the utilities companies to set up new contracts (power, water, telephone, gas etc.). If the property is a flat, the condominium manager (Amministratore del condominio) should be informed of change of ownership of the property.

IMPORTANT - Disclaimer : All information provided is believed to be current and provided free of charge. No liability can be accepted for the reliability of the information and statements made as this is obtained from 3rd parties. We always recommend you take legal advice from a fully qualified Lawyer or Notary before buying a property overseas.