Best of Soller

Visit this project at www.bestofsoller.com

A development of 6 luxury properties consisting of 2 apartments, 3 duplex’s and a penthouse in the town of Soller.

The Opportunity:

Located in the town of Soller on the North-Western coast of the island of Mallorca is a new project to build an assortment of properties. Built to a high standard and in a privileged location, this development will be almost unique within the confines of the town.

Excavation is scheduled to start in December 2006, with completion due in Spring / Summer 2008. All of the apartments are located in a single block of 3 floors plus underground parking in a garage level. Bluebird CAPITAL (BBC) is currently in negotiations with the developers to secure exclusivity to market the development and a multi-purchase discount for all 6 units to a single investor or investment entity. This will enable the investor(s) to benefit from the uplift in the retail sale price and, over the period of the build, the capital increase of the units. Once this has been negotiated on behalf of our investor(s) BBC will undertake a sales campaign to secure end-buyers for each unit, or, at the investor(s) discretion release a limited number of the units to the market with the intention of driving up further the resale value of the remaining units.

The Situation: Set at the end of the scenic mountain steam train ride from Palma, Soller is a small, elegant and arty town. Surrounded by breathtaking scenery with mountains on all sides, the centre is a mix of picturesque narrow cobbled streets and a large leafy square. Soller enjoyed much of its development during the 19th C as a result of trade with France, where it got wealthy on its crop of citrus fruit and olive oil. The area still retains the feel and influence of a Southern French town. Sitting in a bowl, surrounded on all sides by mountains, the extant of development in the area is naturally curbed and in the central town only infill and demolished sites offer opportunity for development. The square is a great place to enjoy a coffee, admire Gaudi's imposing church and watch the old tram rattle down to the nearby Port. The development is situated in the South of the town a few hundred yards from the Church and Square. The plot is located on a citrus orchard and surrounded by 2 and 3 storey properties. The town offers all facilities of a modern residential area and has a thriving tourist economy. There are many exclusive hotels in the area and access to the villages of Deia and Valledemosa where celebrities such as Michael Douglas and Pierce Brosnan have homes and which were made famous by Chopin and Robert Graves.

The Market: Property in the town is generally composed of 3 storey townhouses of the 19thC with some older Mallorcan type mansions. To the north of the town on the levels linking it with the Port of Soller, there are a number of recent new build apartment blocks and linked houses.

These are generally low to middle quality build intended as affordable housing for the local population and an attempt to keep locals in the area who might otherwise be ‘out priced’ by foreign residents and investors buying in the town. New developments are limited and it is felt that the development of high quality apartments in the area is a market not currently catered for in the town. We are confident that there is nothing else currently on offer in the area of such quality and close access to the local amenities. The apartments should appeal to both local buyers and investors looking for rental potential, which is high during most of the year due to the town and ports appeal during the peak season and walking in the Tramuntana mountains in the off season.

The Building: The building will be 3 storey’s above ground level with roof terraces and underground garage parking. The South facing façade will be finished in stone and decorated in keeping with the surrounding buildings. Windows will generally be full length with external shutters, again a familiar design statement on town buildings. The units will be finished to a high quality, with air conditioning, quality wood and marble floors, Roca bathrooms and fitted, equipped kitchens. The duplex’s and ground floor apartment will have terraces with splash pools and views over the town. The first floor apartment and penthouse will have terraces and town views towards the port. One parking space per apartment is included in the prices quoted below.

General to project: Just a couple of kilometres away the Port de Soller can be reached by tram. This is a low-key seaside resort, with a small sandy beach and plenty café’s and restaurants. The area is also undergoing significant development and investment in a new marina for small boats as well as increasing the number of moorings for larger yachts. There have been a number of trendy new hotels opening in the past 18 months, the Aimia is a luxury, modern hotel with a spa and the Hotel Esplendido, a classic waterfront hotel for the 1930’s has been reformed by the Es Portixol hotel group. Property prices have seen a steady increase over the same period with several new developments. Close to Soller are the picture postcard villages of Fornalutx and Biniaraix, immaculate ancient villages set in a dramatic landscape. Both villages sit under the Tramuntana mountains highest peak, Puig Mayor. Soller’s popularity is increasing as the road link to Palma enhanced by the Soller Tunnel a few years ago, is made easier with an extension to the carriageway. Soller residents benefit from a pass allowing free use of the toll tunnel linking the town to Palma and the south of the island. The target buyers are English although the area has a high appeal to German and Scandinavian buyers as well as Spanish. Current demand from all of these groups is high. The properties will be built to a high quality and issued with the Spanish equivalent of the NHBC. Internal fittings and finishes will be high quality, bathrooms and kitchens will be included.

This project has been 50% subscribed so should you wish to receive a copy of any current Investment Memorandum (IM), please contact us, register your interest and we will be pleased to send you further information.