Construction project – Large 6 bed Villa for sale in Roque del Conde

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Sorry, this property is sold! It was a very good opportunity to own a large corner villa in Roque del Conde at a fraction of the going rate – make sure you do not miss out on the next such opportunity by subscribing to repossession and bargain property alerts below and receive all our new listings as we publish them – don´t miss another Tenerife bargain!

A half built villa for sale in the Roque del Conde area at a knock down price of just 499,950€. This is planned as a 6 bedroom, 5 bathroom villa on a corner plot of 1,100m2 with a build size of 600m2 making it one of the largest in this area. the plot is in a commanding corner position with magnificent views overlooking Roque del Conde, and Costa Adeje.

The property has been constructed over 3 floors. Two compromise the habitable living area and the third is the garage  / basement. The ground floor garage / basement area is around 250 square metres which gives masses of space that could accommodate a gym, games room, bar, storage area as well as having plenty of space for vehicles. The first floor at over 200m2, is designed to contain two large kitchens, two large living rooms, two large dining rooms, and two family bathrooms. The top floor consists of 6 bedrooms and 3 bathrooms with large outdoor sun terraces to take advantage of those incredible views. It measures in at over 150m2 plus the terrace areas. The exterior of the property is designed to have gardens on three sides with a south facing swimming pool. A large supporting wall separates the main gardens from the lower terraces.The rooftop can also have usable space – another large sun terrace with all day sun could be opened up here whilst a sloping roof could be fitted along the edges of the top floor leaving the centre flat and providing around another 80m2 of usable outdoor space.

Valuing and pricing a project like this

The average price of plots of land for sale in Roque del Conde has fallen over the past few years and is now around 330€ per square metre (based on 10 plots which we surveyed this week between 500m2 and 2000m2 and priced between 128,000€ and 750,000€ – we removed one price which was overly expensive and out of line with the rest – this brought the average down considerably.) For 330€ per square metre you should expect a “mid row” plot with houses either side and with good views. This figure rises to over 400€ per square metre though for corner plots with the best panoramic views such as this one. So based on current land values and prices, this plot alone without any of the build work is worth in excess of 440,000€. If this were in an inferior position (mid row) it would still be valued at around 365,000€.

On top of the cost of buying the land, the owner has pent in the region of 250,000€ on the build work and a further 80,000€ on the licenses, legal and administration work and architects fees. Total spend to get to this stage would be around 770,000€ and would require around 2 years. So the total saving is in the region of quarter of a million Euros and a time saving of 24 months.

Costs to complete and final valuation

The owner has had quotes from three builders on completion costs and they vary between 300,000€ and 350,000€ although this is open ended depending on whether you wish to spend a lot more on the best quality materials. You could spend 500,000€ if you really wanted to. But the total price for a complete villa is around 800,000€ to 850,000€ plus costs of around 10% (this is the same for all property purchases.)

Value for money

As a pure investment the numbers stack up very well. A 6 bedroom villa as large as this one on a plot this size would sell for between 1.5 and 1.9 million Euros i the current market (there is a similar albeit smaller villa for sale nearby for 1.5 million Euros.) So even being pessimistic, you are looking at a final sales price of a minimum of 1.5 million Euros. Time frame for completion is between 6 and 12 months as opposed to around 3 years when starting from scratch. So you a profit of over 500,000€ in less than one year on a net invest of under 1,000,000 Euros. There is also a construction mortgage facility in place for the property which can be transferred to the new owner which would reduce the amount of cash required by around 50%. So a 425,000€ investment returning a net profit of over 500,000€.

Buying for personal use

If you are not in the market to buy as an investment then what you have here is a blank canvas. One of the biggest villas in the area, with all the hard work done for you ,with no compromises whatsoever on the style, design, architecture of the finished project. This can be 100% personalised to suit your every need. Your own villa built to your exact specifications, but with all the hard work already done, all of the licensing and administration taken care of. An excellent option if you are in the market for your own grand bespoke villa at a knockdown price.

Viewings are strictly by appointment and if you wish to discuss in further detail with ourselves or the owner of the villa, view plans and blueprints etc then this can be arranged after a viewing.

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Sorry, this property is sold! It was a very good opportunity to own a large corner villa in Roque del Conde at a fraction of the going rate – make sure you do not miss out on the next such opportunity by subscribing to repossession and bargain property alerts below and receive all our new listings as we publish them – don´t miss another Tenerife bargain!

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