9 bedroom Residential Building with Apartments for sale with sea view and Income Potential in Es Castell, Menorca
The 392m2 property is arranged over four levels, in addition to a substantial accessible roof terrace enjoying panoramic views across the surrounding area and towards Mahon Harbour.
The ground floor features a private garage and an independent apartment.
On the first floor there are two separate apartments, each currently arranged with two bedrooms.
The second floor was originally configured as two independent dwellings and was subsequently remodelled to create one particularly spacious apartment.
This co...
The 392m2 property is arranged over four levels, in addition to a substantial accessible roof terrace enjoying panoramic views across the surrounding area and towards Mahon Harbour.
The ground floor features a private garage and an independent apartment.
On the first floor there are two separate apartments, each currently arranged with two bedrooms.
The second floor was originally configured as two independent dwellings and was subsequently remodelled to create one particularly spacious apartment.
This configuration may offer interesting possibilities for the future, subject to the relevant technical and planning requirements.
The third floor accommodates a further apartment, originally arranged with three bedrooms. One of the bedrooms was subsequently converted into a terrace with partial harbour views, while another was transformed into a private sauna and spa area.
This upper apartment provides access to an impressive roof terrace extending across the entire footprint of the building, offering attractive panoramic views.
The property would benefit from refurbishment and updating, but its size, configuration and location provide considerable scope to create an appealing residential investment in Es Castell.
Depending on the purchaser's objectives and subject to all necessary permissions, it could be considered for long-term rental, the creation or reinstatement of several independent residential units, or as a wider refurbishment and investment project.
Three of the units are currently let. The contractual position and terms of the existing tenancies will therefore need to be reviewed and taken into consideration by any prospective purchaser.
A property offering multiple possibilities in an established location close to the harbour, particularly suited to purchasers looking for an entire building with existing accommodation, garage space and significant potential to add value.
garage
terrace
sea views
5 bathrooms
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This Apartment is located in Es Castell 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.