30 bedroom Apartment for sale with sea view with Income Potential in Mahon, Menorca
This unique long-term investment opportunity is the acquisition of a limited liability company that owns a prime real estate portfolio.
It includes a 48 m2 commercial space, three storage/garage units of
22 m2, 35 m2 and 41 m2, and two ground-floor apartments of 35 m2 and 40 m2.
The first floor consists of five residential units ranging from 49 m2 to
67 m2, with the same configuration on the second and third floors.
The penthouse level features a 160 m...
This unique long-term investment opportunity is the acquisition of a limited liability company that owns a prime real estate portfolio.
It includes a 48 m2 commercial space, three storage/garage units of
22 m2, 35 m2 and 41 m2, and two ground-floor apartments of 35 m2 and 40 m2.
The first floor consists of five residential units ranging from 49 m2 to
67 m2, with the same configuration on the second and third floors.
The penthouse level features a 160 m2 apartment with an expansive
102 m2 panoramic terrace offering unrivalled views.
Additionally, the company owns six parking spaces in a nearby building.
While most of the apartments require renovation, the exceptional location, high demand for rental properties, and the acquisition through a limited liability company make this an intelligent and highly profitable investment strategy.
The property enjoys a privileged location in one of the most exclusive areas of the largest natural harbour in the Mediterranean. The strong rental market ensures a steady demand and excellent returns, while the optimised company structure provides tax advantages and efficient asset management.
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This Apartment is located in Mahon in Balearic Islands
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Buying a Property in the Balearic Islands
1. Putting down a Holding Deposit
On finding a property you wish to purchase you will need to negotiate the terms, price and conditions of the sale with the owner. This part of the process is not binding. We would recommend using an independent English speaking legal advisor. Once a purchase price has been agreed, normally a holding or reserve deposit will be required to ensure the property is removed from the market. The sum required will vary between properties and will be based on the purchase price. A time limit for the preagreement to be signed will be arranged and there will also be legal checks to be made.
2. Setting up a Pre-agreement (Contrato privado de compraventa)
The pre-agreement will set out the conditions under which the Buyer and Seller agree to complete the purchase of the property and the price they have agreed upon. Relevant details will generally be included for example the property details, purchase price and the date for completion. A deposit will be required at this point, this will vary, but will generally be 10% of the agreed price. This agreement will include a penal clause if the sale does not go through. If the seller pulls out of the sale your compensation will be double the deposit you have paid, but if you decide not to go through with the sale then your deposit will be lost. Certain checks will need to be made before signing the contract, checks should be made against the title of the property, mortgage status and if the property has any debts held against it. The planning status should also be looked into. These conditions can be varied by the seller and the buyer and other types of agreement can be made.
3. The Contract (Escritura de compraventa)
Before a non-Spanish purchaser can buy a Spanish property they will need to have set up a Spanish bank account and obtained a Spanish tax number (NIE). The completion will take place in the presence of a Notary Public. This is a Spanish public official, by law the deed of sale must be witnessed by a Notary Public. You will also need your own independent, expert legal advisor to act on your behalf. On Completion the buyer must pay the balance, that is the price agreed after the deposit has been deducted, plus any other fees on the completion date. Both buyer and seller must sign the Escritura de compraventa contract, (this is the Spanish equivalent of the title deeds). The title deeds (escritura) will be given to the buyer, this will be done in the presence of a Notary Public, they will certify that the transfer has taken place. The tax office will be sent a copy and the property registry will be informed of the transfer.