Update from the developer:
Following the developer's policy of transparency and transmission of information related to the project of Albacete, GARAJES YTRASTEROS C / JORE GUILLEN 10/12, the developer will now detail the progress achieved during the month of February:
1. On February 8, 2021, the demolition project of the existing building on the site began.
2. On February 9, the demolition of the existing building was completed and the site was left ready to start the construction works of the future property and the construction company and technicians of the foundation work proceeded to stake out the earthworks for the foundation.
3.On February 12, the foundation works began and were finished on February 16.
4.On February 17, the floor of the ground floor was executed.
5.On February 18 the developer began the assembly of the pillars of the ground floor and they were finished on February 19.
6.On February 20, the works for the execution of the first forging began.
7.On February 26, the first floor was finished and the pillars of the second floor were assembled.
As we progress in the execution of the work, we will inform you promptly.
A new document containing pictures of the progress has been added.
From Urbanitae, we present a new project that consists of the development of new construction development in the center of Albacete. It is a small block of 4 homes, which correspond to the second phase of a project of 7 homes of which the same developer has already built and delivered the first 3. The project CCOUNT licensed works, and all of the homes already reserved.
Albacete is the largest and most populated city in Castilla La Mancha, a leading regional economic engine in Spain, the economic and judicial capital of the autonomous community.
The project is located in the Franciscans neighborhood, in the center of Albacete. It is the most populated neighborhood with a population of close to 20,000 inhabitants. It is located just 900 meters from the Plaza de la Mancha and 500 meters from the Abelardo Sánchez Urban Park. Enjoy a privileged location within the city surrounded by services and leisure and connected through the N-340, with the A31, the highway that connects Madrid-Albacete-Alicante.
The promoter of this opportunity, SFT, is a Galician real estate company, which has development experience in Albacete. The project is the second phase of an adjoining development that has been delivered and sold in its entirety in 2019. The project is located at 10-12 Jorge Guillen Street, in the Franciscanos neighborhood in Albacete. Its managers have related professional experience at the local level. Within the documentation area, you can find information about the promoter.
The project has a capital gains strategy, which consists of an alliance with the developer to develop the complex of 4 free homes with garages and storage rooms, all of which are used as a first home. The promoters have signed a purchase option with the owners of the plot. The building license has already been granted by the town council. He currently has reservation contracts signed with 4 buyers. At the time of purchase of the site, the private contract for the sale of said reserves will be formalized.
The proposed promotion consists of 4 homes on an urban plot between party walls, distributed over 4 floors above ground, 6 parking spaces and 4 storage rooms. The homes have a 2/3 bedroom typology and have between 80 and 120 m2 built. The basement is shared with the first phase of the project and is already built.
The operation will be structured through a company already established exclusively for this project by the developer. In said company, a capital increase will be carried out where both the developer and the Urbanitae investors will contribute the necessary capital for the purchase of the site and even the necessary capital for the development of the construction. Therefore, it is not foreseen to have bank financing and the operation will be financed with the own resources contributed to the vehicle and the amounts paid on account by the home buyers. For the construction of the houses, the developer will have an outside construction company, which has already intervened in the first phase of the project.
The promoter will be dedicated to the integral management of the development and will also be an investor in the project, contributing around 30% of the total investment capital.
There are several reasons to invest in this project:
The developer expects to generate a total income of 804,054 euros with the sale of the 4 homes, which would mean a net profit for the investor estimated (after expenses and taxes) of around 14%. Currently, it has reserved 100% of the total of the houses. In the event that any of the reservations are not formalized, the developer will sell those homes throughout the construction process.
A variable remuneration structure has been proposed with the promoter. It is a successful commission in favor of the promoter; If the project's annualized net Internal Rate of Return exceeds 15%, the excess will be distributed in proportion to 50% for the Promoter and 50% for all partners of the vehicle.
A market study has been carried out to determine if the sales prices raised by the developer are reasonable. Given the high demand already demonstrated in the promotion (4/4 reserved units) , the promoter does not foresee great difficulty in selling any more units in case any reservation is resolved. You can see more information in the documentation, "Sales witnesses", where you will find a list of homes for sale in the area.
Currently, there are no similar new construction developments in a radius close to the project location.
The estimated term of this project is 14-16 months.
It is important to bear in mind that in any real estate development the terms can vary both upwards and downwards.
All investments carry risk. We detail the clearest risks we have identified for this project:
Warnings and Risks
Urbanitae Real Estate Platform PFP (Urbanitae) does not hold the status of an investment services company or a credit institution and is not attached to any investment guarantee fund or deposit guarantee fund. The information published by Urbanitae Real Estate Platform PFP on its Website is for informational purposes only and in no case may it be considered as recommendations to investors.
The participatory financing projects published by Urbanitae on its Website are not subject to authorization or supervision by the National Securities Market Commission or by the Bank of Spain, therefore, all the information provided by the promoter in relation to the projects has not been reviewed by them.
Urbanitae expressly informs that, in the event of non-compliance with the total investment volume of the project, the term for the capture may be exceeded by up to 25%, maintaining the same investment conditions. Likewise, the project may be financed by Urbanitae when at least 90 percent of the financing objective has been reached, after discounting the participation in the project that the platform itself may have. All of this in accordance with the provisions of Article 69 of Law 5/2015 on the Promotion of Business Financing.
The investment in the projects published on this Website may entail certain risks, such as the risk of total or partial loss of the capital invested, of not obtaining the expected monetary return or lack of liquidity. Therefore, we advise investors to only invest an amount that they are willing to lose and suggest that they diversify their investments to minimize and mitigate potential risks. In the event that the promoter is unable to return or remunerate the funds received, Urbanitae will not return their investment to investors.
SFT Real Estate is a development company founded in 2013, oriented to the promotion of the first residential homes in Castilla la Mancha and Galicia. Its managers have more than 15 years of experience in the sector.