Historic building in central Athens

listed building · 2,200 m² · 4 floors

Athens, historic centre, Greece · Property code BI-GR-012

Offer to the investor

Property

Athens, historic centre: listed building, 2,200 m², 4 floors.

Status

Ready for investment. Bridges runs the full turnkey cycle: purchase, renovation, sale or letting, and management.

We are looking for

Investors for the €6,890,000 project: purchase, deal costs, works and permits. Take the whole project or join with a share from €100,000.

We offer

A finished product: we buy the building, create the apartments and sell them to our own clients seeking a Golden Visa. The investor receives a share of the sales profit.

Bridges does

The whole cycle ourselves: due diligence and purchase, design and permits, renovation, sale or letting to our own clients, upkeep, taxes and reports.

The investor receives

A share in the company that owns the property, distributions from income, access to documents and regular reports.

Calculation

Project profit of 33-40% a year; the step-by-step calculation is in the project plan below.

Project plan: 44 apartments for Golden Visa buyers

We convert the building from commercial to residential use and divide it into 44 apartments of 30 to 60 m². An apartment in a converted building qualifies its buyer for a Greek Golden Visa from €250,000, while ordinary housing in central Athens requires €800,000. The buyers are investors who need the visa: our clients and partners worldwide.

Investment

€6.89m

Project profit

€3.54-4.11m

Per year

33-40%

Term

1.5 years

A full turnkey cycle: we buy the building, obtain the permits, renovate and sell the apartments to our own clients. You fund the project and receive reports and money.

You can join with a share from €100,000

You can take the whole project or join with a share. Your share in the project company equals your share of the capital and profit is split the same way, so every investor earns the same percentage. Example: €100,000 is about 1.45% of the project and €50,000-60,000 of profit over 1.5 years on top of the returned capital.

The apartments

About 1,758 m² of the building's 2,200 m² becomes apartments; the rest is stairs, walls and corridors. Prices follow our Golden Visa sales: on average 40 m² for €250,000, and no apartment sells below €250,000.

What the project needs

Building purchase

€4,000,000

Transfer tax, notary, lawyers (5.5%)

€220,000

Works: 2,200 m² at €1,000

€2,200,000

Architect, change of use, heritage approvals

€150,000

Contingency (10% of works)

€220,000

Project company, insurance, taxes during works

€100,000

Total investment

€6,890,000

What the investor earns

How we count the annual rate: €6.89m invested comes back as €11m after 1.5 years, of which €4.11m is profit. €4.11m over 1.5 years is 40% of the amount invested per year. Base case: apartments at the prices in the table. Cautious case: every apartment at exactly €250,000, works 10% more expensive. Profit is before tax: in Greece the project company pays 22% on profit and 5% on dividends paid to the investor. Apartments in an older building sell without VAT. The calculation is preliminary: exact figures follow measurements, the architect's design and the tax review, and go into the investment memorandum.

Timeline: about 1.5 years from purchase to the last sale

1. Due diligence and purchase1-2 monthsLegal, engineering and tax review, the project company, the notary deal.
2. Salesright after purchaseAs soon as the building is registered to the project company, we start selling apartments off-plan to Golden Visa buyers. Most are sold by the time works finish.
3. Design and permits4-5 monthsThe architect divides the floors into apartments; we obtain the change to residential use and the heritage approval.
4. Works10-12 monthsBuilding services, partitions, kitchens, bathrooms, finishes, facade and common areas.
5. Paying the investoras units sellSale proceeds go to the project company account: first the investment is returned, then profit under the agreement.

Key facts

Type

Commercial building

Status

Open to investors

Area

2,200 m²

Price per m²

€1,818

Floors

4

Condition

ready to use

Strategy

renovation

About the property

A listed building with a historic facade in the very centre of Athens. Generous volumes and a coherent layout allow a hotel, upscale apartments, offices or a mixed-use project. Air conditioning, aluminium windows, mechanical ventilation, internet.

• Historic building in the centre
• Suits a hotel or apartments
• Metro, museums and business districts nearby

Investment terms

Purchase price

€4,000,000

Acquisition costs

about €220,000 (transfer tax, notary, lawyers, 5.5%)

Works budget

about €2,200,000 (€1,000 per m²)

Owner of the property

project company in Greece

Participation format

a share in the project company or a loan to it, per agreement

Management

Bridges: works, letting or sale, upkeep, taxes, reports

Investor distributions

from net income, on the agreement schedule

Bridges fee

management fee and a share of the result, fixed in the agreement

Exit

sale of the property or a share buyback

Documents

Property documents are shared after a short introduction and a confidentiality agreement.

• PDFProperty fact sheetPDF · key facts, termsRequest
• PDFInvestment memorandumPDF · full calculation, scenarios, deal structureRequest
• PDFLand registry extractPDF · title and encumbrancesRequest
• PDFFloor and apartment plansPDF · areas and layoutsRequest
• PDFTechnical reportPDF · condition of the building and servicesRequest
• PDFDraft investment agreementPDF · share, rights, distributions, exitRequest
• PDFDraft management agreementPDF · Bridges duties and feeRequest

How the deal works

We do not resell the property. It is bought by a project company set up by Bridges. We are responsible for negotiation, acquisition, works, letting or sale and reporting; the investor finances the purchase and receives their share of the income.

1. NegotiationBridges agrees the price and purchase terms with the owner.
2. Due diligenceA lawyer checks title and encumbrances, an engineer checks the building. The investor receives the reports.
3. Project companyWe set up a separate company in Greece. The property will be registered to it, not to Bridges or third parties.
4. Investor agreementWe sign an investment agreement: share, rights, income distribution, exit.
5. Purchase at the notaryFunds go from the project company account to the seller through the bank; title is registered in the land registry.
6. Works and launchRenovation or completion on the agreed budget, then letting under our management or sale of the units.
7. Income and reportsIncome goes to the project company account; after expenses the investor receives distributions and a regular report.

How investor money is protected.

Separate company

The property belongs to the project company. It has no other debts and no other properties.

Money through the bank

The purchase is paid from the company account through the bank and the notary. No cash, no intermediaries.

Title in the registry

The company ownership is registered in the Greek land registry; the investor receives the extract.

Decisions together

Selling the property, new debt and major expenses only with the investor consent.

Which agreements are signed.

Non-disclosure agreement

Before the full property dossier is shared.

Investment agreement

Amount, share in the project company, rights, distributions and exit.

Articles and shareholders agreement

How the company makes decisions and what requires investor consent.

Purchase agreement

Acquisition of the property by the project company at the notary.

Management agreement

Bridges duties for letting and upkeep of the property and the fee for them.

The final structure of the agreements is agreed by both parties lawyers before signing.

What is checked before the deal

Title

Land registry extract, encumbrances, status of each unit.

Permits

Compliance with permit documents, remaining building rights, heritage restrictions.

Technical

Structure, services, roof and facade, works budget and timeline.

Market

Rental rates and sale prices by local transactions, demand from our clients.

Location

The very centre of Athens, between Omonia Square and Monastiraki. This is a living city, not a tourist fringe: Athenians work, study and live here, next to City Hall, universities, the central market and three metro stations. An apartment here suits anyone who wants to live centrally without a car: a Golden Visa buyer, a student, a lecturer, a short-stay tenant. That makes the apartments easy to sell and, if needed, to let.