Open to investors

1,706 m² building in Terpsithea

multi-purpose building · 1,706 m² · 6 levels

Piraeus, Terpsithea, Greece · Property code BI-GR-014

Offer to the investor

Property: Piraeus, Terpsithea: multi-purpose building, 1,706 m², 6 levels.
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: €3,500,000 plus deal costs of about €192,500.
We offer: Participation in the purchase through the project company and a share of income after renovation, from letting or sale of the units.
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: 1,706 m²
Price per m²: €2,052
Floors: 6
Basement: 540 m²
Built: 1968
Condition: needs renovation
Strategy: renovation

About the property

A 1968 building, renovated in 1991, in central Terpsithea, one of the fast-growing parts of Piraeus. Suits residential and commercial use. Needs renovation, vacant.

Vacant
Residential zone
Transport and shops nearby

Investment terms

Purchase price: €3,500,000
Acquisition costs: about €192,500 (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.

Property fact sheetPDF · key facts, termsRequest
Investment memorandumPDF · full calculation, scenarios, deal structureRequest
Land registry extractPDF · title and encumbrancesRequest
Floor and apartment plansPDF · areas and layoutsRequest
Technical reportPDF · condition of the building and servicesRequest
Draft investment agreementPDF · share, rights, distributions, exitRequest
Draft 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.

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

Bridges is responsible for

Negotiation and the purchase price
Due diligence: lawyer, engineer, taxes
Setting up the project company and the notary deal
Renovation, completion, preparing the units
Letting or sale of the units
Building upkeep, company taxes
Regular investor reports

The investor receives

A share in the company that owns the property
Their share of net income
Approval of key decisions: budget, sale, price
Access to documents: land registry, contracts, accounts
Reports: money, works progress, expenses, photos
A clear exit: sale of the property or a share buyback

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

A residential district of Piraeus close to the city centre and the sea: families and port professionals look for homes here.

Nearby

Central Piraeus and the port
Kastella hill and Mikrolimano
Piraeus station: metro line 1 and trains
Tram to the coast and Athens
Local schools, shops and parks

The map point is the centre of the area. The exact address is in the property dossier.

Purchase price€3,500,000Discuss the purchase