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Residential Development for sale

Northern Cyprus - Karsiyaka, Girne

Guide Price £1,900,000

like this property?

Call: 03339 397003

Commercial information:

  • Business for sale
  • 807,293 sq ft (75,000 sq m)

Key features:

  • Debt Free Assets
  • No Bank Loans Taken Out
  • 4 Land Banks in Prime Locations
  • Stylish and Copyrighted Property Designs
  • Clean Title Deeds in Company Name
  • 5 Mortgage Customers
  • Mortgages pay the Company 7.9% per annum
  • Mortgages are Fully Secured by the Company
  • No Defaults by Mortgage Customers
  • All Building Permits have been paid for in full

Full description:


BUSINESS DETAILS - FOR SALE AT 1,795,000 EUROS (1,900,000 GBP)

The island of Cyprus is split into two parts - north and south. The company is registered in the Turkish Republic of North Cyprus, it is not a Greek Cypriot company in the Republic of Cyprus. The Greek Republic of Cyprus suffered a financial crisis in March 2013, and this has impoverished South Cyprus. Lots of investors, including Russians, will be moving their money to North Cyprus, and the company will benefit from this.

1. Land Banks
The land value of 909,000 is based on a current valuation, and is a conservative estimate. The current valuation takes into account the fact that properties have been built and sold on all sites.
Site.....................................Total Plots...............Plots Sold......... Land (donums)
Karsiyaka Meadows............20................................16.......................15
Karsiyaka Bay Vista..............8...................................1..........................6
Vogue Beach View................5...................................2..........................8
..................................................8 Apartments.............0
Kumyali..................................26.................................10.......................26

......................................................................................Total...................55 donums
Land size is measured in donums and 1 donum is 1,338 sq metres.

The Karsiyaka Meadows site has benefitted from infrastructure development including an electricity substation, street lights, pavement and roadway undercore. Other sites have electricity and some additional infrastructure in place.

All the sites have Turkish Republic of North Cyprus (TRNC) planning permission and building permits. All costs for these permits have been settled by the Vendor.

The complete land bank has been paid for, including all taxes, and Title Deeds are registered in the name of the Vendor.

2. Property Designs
Wellington Estates Ltd have developed stylish and iconic property designs. The Nebula bungalow is a well proportioned family property which is ideal for couples seeking a retirement home. The Fantasy Tower is an iconic and eye catching design that is immediately recognizable on the Cyprus landscape. The Kantara Castle evokes associations of a fortress from the colourful history of Cyprus.


3. Reason for Sale
The owner is a UK national and wishes to retire. He has no male heirs to inherit the business. He will make every effort to assist the new owners upon request.

4. What the Purchaser will acquire -
a. All issued share capital and total control of the company and its assets.
b. All the land registered in the company name including planning permissions
and building permits.
c. Customer mortgages of around 460,000 GBP, paying annual interest of 7.9%
d. All property designs and architectural copyrights.
e. Main website and two subsidiary websites.
http://www.wellestates.com/
http://www.north-cyprus-property.org/
http://www.lcic.net/

f. Established network of bankers, lawyers, accountants, architects, contractors
and suppliers.
g. VAT credit of around 120,000.

5. Customer Mortgages
The financial and banking sector of North Cyprus is not well developed, and banks tend to concentrate on retail customers, credit cards and car loans. They do not normally give mortgages for people to buy property.

Due to the limited availability of mortgages for purchaser of North Cyprus property, the company has granted mortgages to seven customers. It would be possible to sell these mortgages to a mortgage lender or bank. These mortgages currently include both monthly repayments of capital and interest at 7.9%. The company has retained the Title Deeds of all properties that are subject to customer mortgages in order to be assured of security. There have not been any mortgage defaults or late payments. In the current financial climate, guaranteed income returns of 7.9%, payable monthly, are an attractive proposition. The Mortgage Account stands at around 460,000. A new mortgage of 126,380 has been granted, but construction has not as yet commenced: this figure is not included.

6. Directors Loan of 680,000
This will be wiped out by the redemption of customer mortgages and the sale of shares. The company will be sold on a debt free basis.

7. Workforce
All workers are either self employed or are employed by third party contractors. There is no monthly salary or wage liability. The company has developed close working relationships with sub contractors who can deliver all the building services required to construct quality properties.





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More information from this agent

This pin shows the exact location of the property as provided by the Advertiser

Nearest Airports*

  • Ercan (Domestic), 61.1 miles

*Distances are straight line measurements. This feature is currently in beta.

To view this property or request more details, contact
Wellington Estates Ltd, Cardiff

03339 397003  Local call rate
About Wellington Estates Ltd, Cardiff

Wellington Estates Ltd is a North Cyprus registered property development company. Our mission is to purchase attractive parcels of land and construct quality villas and apartments for customers.

We are committed to designing and constructing villas on land we ourselves own. Due to the fact that purchasing land in overseas locations is often a complex and risky matter, we only conclude purchases after exhaustive searches of local title deeds have been made.

The fact that the land on which villas are built is owned by ourselves provides significant reassurance to non Cypriot purchasers of our properties. During the last 8 years we have purchased several significant banks of land. All this land has been paid for in full and there are no mortgages, loans or any other charges on our land. In addition, prior to any proposed land purchase, we conduct a range of searches. This not only tells us the status of the land in terms of North Cyprus Title Deeds, but also whether the land was in Greek Cypriot occupation or ownership prior to 1974. The latter point is vitally important as we wish to be assured that there are no dispossessed Greek owners seeking to reclaim land.

For this reason, all Wellington Estates properties are built on land which we own. Please ask your solicitor to examine our title deeds and perform a Land Search.
In addition, Wellington Estates Ltd gives customers a Land Guarantee that indemnifies a customer against any future adverse claim.

For those clients who want a mortgage in order to defray the cost of a property purchase, we offer mortgages of up to 15 years.

Most Wellington properties are built 'Off Plan'. This means that customers can tailor the main property layout to suit their individual needs.

Wellington Estates design and build stylish and adventurous properties for discerning customers, with taste, sophistication and imagination.

The directors and management of the Company are split between North Cyprus and the UK. There is a UK Chairman and an office in South Wales which can assist UK Purchasers and investors.


Disclaimer

This is a property advertisement provided and maintained by Wellington Estates Ltd, Cardiff (reference well_sale) and does not constitute property particulars. Whilst we require advertisers to act with best practice and provide accurate information, we can only publish advertisements in good faith and have not verified any claims or statements or inspected any of the properties, locations or opportunities promoted. Rightmove does not own or control and is not responsible for the properties, opportunities, website content, products or services provided or promoted by third parties and makes no warranties or representations as to the accuracy, completeness, legality, performance or suitability of any of the foregoing. We therefore accept no liability arising from any reliance made by any reader or person to whom this information is made available to. You must perform your own research and seek independent professional advice before making any decision to purchase or invest in overseas property.

or call 03339 397003
Calling from outside the UK? 0044 1446 760105

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