Old Post Office Business commercial object Central activities

Transcription

1 Old Post Office Business commercial object Central activities

2 About Atlas Group Atlas Group has over 30 members operating in the area of banking, financial services, insurance, real estate, production, tourism, media, education, culture and sport. Our companies have offices in Montenegro, Serbia, Cyprus and Russia Atlas Group is organised as a modern management unit with a main objective to increase the value of all member companies by improving performance, investing in new projects and creating of synergy between the member companies. Atlas Group operates in line with global trends promoting sustainable development and utilization of renewable energy sources. Philanthropic activities conducted through the Atlas Group Foundation, which is a member of the Clinton Global Initiative. Atlas Bank was awarded the status of the best Bank in Montenegro, and Atlas Group as best financial group for by world economy magazine "World finance. In order to promote its mission Atlas Group has hosted many famous personalities from the spheres of politics, business, show business and arts.

3 About Montenegro Located in Southeast Europe in the heart of Mediterranean. Extreme natural beauty and cultural historical heritage (4 national parks, Old town Kotor under UNESCO protection). Area: km 2 ; population: ; climate: continental, mediterranean and mountain; Capital city Podgorica with around inhabitants. Borders with Croatia, BiH, Serbia, Albania and South part faces Adriatic Sea. Traffic connection: airports Podgorica, Tivat in Montenegro and airport in Dubrovnik, Croatia, port of Bar and Porto Montenegro, good connection of roads with international traffic. Currency: EUR Achieved political and economic stability in the process of joining: EU, WTO and NATO Economy is largely oriented towards real estate and tourism development stimulative investment climate (income tax 9%, VAT 19%, customs rate 6,6%, tax on real estate transaction 3%). World Bank in Doing business report for placed Montenegro per easiness of doing business at 44th position out of 189 countries. Montenegro has highly liberal entry Visa regime towards states of EU, former Soviet Union and Middle East. The possibility of obtaining economic passport for parties that invest in Montenegro is announced. Average income of direct foreign investments in Montenegro in past 3 years was app. 600 million EUR. Average GDP in past 3 years is app. 3,1 billion EUR (FOR increase between 2,5% and 3,5% is expected); Average inflation rate in past 3 years is app. 3%.

4 Direct lines From airport: Podgorica, Tivat and Dubrovnik TIVAT PODGORICA Belgrade Niš Moscow ST. Petersburg Copenhagen London Paris Zurich Frankfurt Vienna Ljubljana Ancona Bari Rome Napoli Brindizi Budapest Istanbul DUBROVNIK Berlin Frankfurt Rim Munchen Zurigo Athens Barcelona London

5 About Budva Budva is Montenegrin coastal city with inhabitants. Budva is one of the oldest settlements at Adriatic coast with tradition over years. Budva s Riviera represents high end summer resort and center of Montenegrin tourism, known by natural sandy beaches, rich cultural historical heritage and various contents for fun and recreation. Theatre city Budva and numerous cultural manifestations and festivalis provide huge contribution to cultural city life. In previous period Budva marks constant growth of tourist arrivals and overnights, with longest duration of tourist season in Montenegrin coast. Large amount of investments in tourism and real estate in Montenegro is oriented towards Budva s Riviera and marks constant growth despite negative effects of global crisis. By Adriatic highway Budva is well connected to international road traffic, 20 km from Tivat airport, 63 km to Podgorica airport, 70 km to Dubrovnik airport. In direct vicinity of Old town there is modern city marina with docks for smaller vessels and yachts. Currently present world hotel operators in Budva s Riviera are: Aman Resort, Iberostar and following operators are announced: Hilton and Wyndham Hotels Group.

6 RESIDENTIAL REAL ESTATE AND APARTMENTS In the offer there is lack of attractive real estate hence why the trust of Investors for construction within exclusive zone of Montenegrin coast is present. Prices in mentioned zone range from to /m 2 In demand 62% of foreign real estate buyers in Montenegro buy for their own needs; 24% buy for their own needs and renting; about 10% buy for investment purposes; 4% are those who continue to live in Montenegro after purchase. Apart from that, the presence of Russian community that creates additional demand for new commercial, social and cultural contents is rising. In Montenegro mainly buyers come from Russia, Great Britain and Ireland. In previous period there was high level of older generation buyers from high standard countries who spend whole year in Montenegro due to suitable climate and low living costs. Short market review Real estate and Tourism in Montenegro Table1: Real estate prices in exclusive zone along the coast Project Location Price ( /m 2 ) Savina settlement Herceg Novi President Igalo Porto Montenegro Tivat ; penthouse Island view Resort Tivat TQ Plaza Budva ; penthouse Tre Canne Budva Apartments Pržno Ave Maria Koljčević Reževići Apartments Petrovac Flats/Apartments Bar Source: Real estate market analysis in Montenegro, Century 21 Capital Real Estate/Atlas Invest research

7 COMMERCIAL MARKET With the expansion of tourism at Montenegrin coastline there is the need for construction of modern commercial catering area that meets global standards. In that sense due to lack of adequate offer there is significant room in the market. In Podgorica average rent price in Delta city shopping mall is 20,87 /m 2, and prices range from / m 2. Rent in future commercial zone Atlas Capital Center range from /m 2, and average lease price is 22,77 /m 2. In shopping center Mall of Montenegro planned average rent price was 18,75 /m 2, however, given that this shopping center could not realize its project as planned and that very low amount of area is leased, some of the tenants pay the rent based on sale profit, which is 5% out of gross profit, and others pay fixed rent and have lower rent price than planned. Regarding renting office space at the coast, prices range depending on quality and location. Price of A class goes between /m 2, and for B class type from /m 2 Project Location Object area Content Segments area Delta City Podgorica m 2 Hypermarket m 2 Shopping center m 2 Mall of Montenegro Podgorica m 2 Shopping zone (including bowling hall, restaurants, cafes) m 2 Green market m 2 Business center Nikić Podgorica m 2 Shopping center m 2 Atlas Capital Center Podgorica m 2 Residential units m 2 Residential Units m 2 Commercial part m 2 Business area m 2 Hotel m 2 Kamelija Kotor m 2 Shopping center, restaurants, fitness center, bank m 2 and services TQ Plaza Budva m 2 Commercial area m 2

8 Location Location is in Budva in direct vicinity of Old town in central pedestrian area, at some 50 m from city marina. In the proximity there are hotels Mogren and Avala, and central city parking. Click on image for google map Western border of the lot is Mediterranean street that represents connection to Adriatic highway, and from Eastern side it faces promenade Slovenska obala. It is in the center of cultural-entertainment events that Budva is known for. Location stretches on 3.139,20 m 2 and it is possible to construct m 2 of commercial content.

9 Currently at the location there is a facility with: restaurants, cafes, bank and entertainment content. Planning documentation for the design of new object is passed Detailed urban plan Budva Center. Old Post Office Vicinity of beach, Old town Budva, cultural historical contents, restaurants, bars and promenade offer to visitors access to all contents in one place. In Budva Old town, there are commercial objects of smaller capacities and insufficient infrastructural equipment for representation of luxury global brands that are very interested for presence in Budva. Given the fast trend of Budva development, with accent on zone where Old Post Office is placed, planned commercial contents and capacities stand out as unique for that function.

10 Project Old Post Office Given its position and function location has huge investment potential. Market trends provide constant demand for commercial area near location. Part of communal charges will be compensated with area of existing object and also by using sustainable energy sources. Function of content on urban lot: commercial activities (with auxiliary central activities and business apartments in upper levels. Reference Obtained urban parameters as per DUP Added value Values Area of urban lots m² Construction coefficient GDCA 4, ,80 m² Occupancy coefficient Area under objects 0, ,52 m² Maximum elevation Up to P+8 Parking (not counted in GDCA) above/under ground levels Free areas (terrain around objects 1.255,80 m² By joining the EU it is expected that the prices of sale/rent of real estate in Montenegro will rise. Direct vicinity of all important city contents. Possibility to use sustainable energy sources. Private public partnership with Budva municipality.

11 References

12 Atlas Investments Ul. Stanka Dragojevića 4; Podgorica T: ; F: