Golasecca - Italy
In early 2017 Pendragon Italia Srl acquired 14 terraced houses for a total of 2’500 square meters at auction from a developer bankruptcy.
The construction works were almost fully finalized and in 2017 and 2018 we have completed the houses by laying down the floors, fitting the bathrooms and Kitchens, painting the walls and completing the external communal areas. Between 2019 and 2021 the houses were sold.
The houses were acquired at auction at 370 euro per square meter, we invested 200 euros per square meter to complete the works and they were sold at 1’100 euro per square meter.
Les Houches - France
Les Paradis, is located only 5 minutes from the centre of Les Houches and from the Ski lift and slopes. In 2016 the fund bought the Chalets and converted them into 2 luxury Chalets by fully renovating them; works have been carried out during 2017 and 2018. Each chalet had his garage plus external parking.
The marketing activity started in 2019 and was slowed by the Covid Pandemic and in order to maintain the profit on the project we did not accept several offers received which would have eroded most of the project profits. This confirms that our strategy to avoid the use of financial leverage (loans and mortgages) is successful as it avoids any sale pressure.
The properties were sold in late 2021 and early 2022 with a gain of euro 150’000 for the fund.