Superb opportunity to acquire a full block of apartments in Istanbul Beyoglu in need of renovation.
The property is located in a fast up and coming area and offers full sea views. Ideal opportunity for a boutique hotel development in the very heart of Istanbul.
Purchase price of the property works out as approximately GBP 950 per sqm. Considering that renovated properties in the same area sell from GBP 3,000 per sqm, the development and resale opportunity is indeed significant. The area has a very high foot hold and serviced suites / boutique hotels enjoy 80% + occupancy throughout. This signifies a real opportunity to develop the site as a hotel.
Estimated renovation costs GBP 250,000 GBP 500,000 depending on style and purpose selected.