West Islands Properties presents for sale a plot of land suitable for housing development, located on one of the most popular streets in Santa Cruz de Tenerife, Calle San Francisco. The property offers a unique investment opportunity as it is zoned for residential use with the possibility of building up to six floors.

EXAMPLE/ DEVELOPMENT PROPOSAL CALLE SAN FRANCISCO:
-Plot size: 260 m².
-Utilisation: 100%.
-Number of floors: 6.
-Detailed study.
-Number of homes per floor: 3 of 70 m² = 210 m² per floor.
-20% of floor area for common areas per floor = 52 m².
-3 dwellings per floor x 6 = total dwellings 18.
-Land price: €950,000 divided by 18 dwellings = €52,700 land cost per dwelling.
-Retail price per dwelling
70 m² x €4,500 m² = €315,000.
Total retail price of development
€315,000 x 18 homes = €5,670,000.
Price reference:
The reference used to apply these sale prices is a Daltre development on the same street, marketed at a price of around €5,000 per square metre.
Another alternative:
Land zoned for the construction of an iconic 18-room hotel.
If this alternative is chosen, it should be noted that it would be eligible for RIC (Real Estate Investment Company) status.

Don't miss out on this investment opportunity!

Contact us for more information.