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The town of Vrchlabi is known as the gateway to the popular Krokonose (Giant) Mountains and offers a wide variety of both summer and winter sports & cultural facilities. In addition to the new ski park which is currently under development there are also 11.3 km of down-hill slopes.
The local ski area
Vrchlabi
Located in the mountain town of Vrchlabi, this luxury project offers investors the opportunity to utilise the exclusive apartments for their holiday use throughout the year.
Completion Quarter 4 2009
Range of Apartments 27 sq m 69 sqm
Perched on the Elbe river in the
mountain town of Vrchlabi, this luxury project will set a distinct standard for
years to come in the region of Liberecky Kraj. Only 150 meters from the historic
centre, this scheme will combine traditional townhouses with a modern
villa-house.
Riverside Vrchlabi is positioned to cater for the growing market of more
discerning international and local travellers, with properties offering
including secure parking, laundry room, ski storage, sauna, gym and café bar. A
total of 55 units, this boutique development will be targeting the growing
holiday market in the Krkonose Mountains. Only 15 units have been allocated for
international sales and a pre-sale discount of 5% is being offered on these
initial units. Prices range from 45,600 - 50,000 CZK per sqm, with units
starting from circa 1,390,600 CZK (34,765 GBP / 50,560 EUR) and increases over
the duration of the build cycle are expected to be 15-20%. In addition to
excellent payment terms with low deposit on exchange, the developer is currently
in negotiations with a potential short-term operator to sign a 3 - 5 yr. lease
on the premises, which means that owners will have the added benefit of being
able to make use of the property during their holidays as well.
What makes this development particularly interesting is the potential fall-back
options. Should holiday rentals not meet expectations in terms of revenue
generation, investors have the option to lease out the units on a normal 1-yr.
lease contracts to employees of the new Skoda Car Factory that is about to
undergo modernisation to become a full-scale manufacturing plant for Skoda &
Volkswagen by 2010. The company is investing CZK 55 billion in to it's Czech
plants as part of this modernization process and the Vrchlabi factory workforce
is expected to double to 3,000 personnel with a capacity to produce 200,000 cars
per annum- including Audis, Seats and Volkwagens. The average wage of a
blue-collared worker in the Skoda company is currently 22,000 CZK, and with a
current shortage of design-orientated apartments in Vrchlabi, demand (both
rental & resale) is expected to be very high for the units at Riverside
Vrchlabi.
Investment Overview:
▪ Luxury boutique holiday-apartment development
▪ Located in the historic town of Vrchlabi, gateway to the Krokonose
Mountains
▪ Off plan investment- due to complete Q4 2009 (in time for the ski
season)
▪ Growing tourist market- both internationally & locally- with a lack
of supply of high-end accommodation
▪ High capital growth and potential short-term operator in negotiation for
3-5 yr. lease
▪ Only 15 units allocated for international sales
▪ Average unit price (including parking, storage, excl. VAT) of 1,922,000
CZK, price p/sqm 45,000 CZK
▪ LTV's (mortgage leverage) expected of 90%+ for non-resident purchasers
▪ No capital gains tax if held for 5 yrs.
▪ Low exchange deposit of 15%, remainder on completion.
▪ Equity requirements starting at 211k CZK (7.9k EUR / 5.3k GBP
Looking for ski property? We have ski properties in Austria please follow the links below