Piraeus centre building let to a public agency

commercial building · 1,750 m² · fully let

Piraeus, city centre, Greece · Property code BI-GR-009

Offer to the investor

Property

Piraeus, city centre: commercial building, 1,750 m², fully let.

Status

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

We are looking for

An investor for the purchase amount: €3,000,000 plus deal costs of about €165,000.

We offer

Participation in the purchase through the project company and a share of net income from letting under Bridges management.

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

Works budget, income and exit scenarios are in the investment memorandum on request.

Key facts

Type

Commercial building

Status

Open to investors

Area

1,750 m²

Price per m²

€1,714

Floors

7

Built

1975

Condition

let

Strategy

under management

About the property

A seven-storey 1975 building 200 m from the seafront and 150 m from the Piraeus Theatre and the new metro station. 31 rooms, central heating, air conditioning, elevator. Two ground-floor shops with basement and loft, large balconies with harbour views on the upper floors. The whole building is let to a public service.

Units and areas

Ground floor

2 shops, basement and loft

1st-5th floors

about 165 m²

6th floor

125 m² with balcony

7th floor

90 m² with balcony

• Let to a public service
• Metro and seafront nearby
• Harbour views

Investment terms

Purchase price

€3,000,000

Acquisition costs

about €165,000 (transfer tax, notary, lawyers, 5.5%)

Works budget

after the technical check, in the memorandum

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 business centre of Piraeus, home to public agencies, banks and shipping companies, which makes for reliable tenants.