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Discounted italian development opportunity with 44% ROI


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Two historic palaces (6390 sqm) in Italy's attractive Marche region and ready to develop - now discounted to €2.3m (€362 per sq metre)

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Discounted italian development opportunity with 44% ROI

  1. 1. THE TWO PALACES I DUE PALAZZI Montalto delle Marche ITALY © Copyright Cocoon Sacconi Ltd 2015
  2. 2. © Copyright Cocoon Sacconi Ltd 2015
  3. 3. Cocoon Sacconi group Welcome to The Two Palaces, I Due Palazzi, investment proposition, an opportunity to own and develop an important piece of Italian history in the beautiful, peaceful, affordable and increasingly popular Le Marche region. The Cocoon Sacconi group of companies owns Palazzo Sacconi and has recently added the rights to market Palazzo Vescovile to offer a complete historic story. Palazzo Sacconi, whilst a spectacular granary, is classified as storage (warehouse) and so Cocoon Sacconi worked with its technical team and local authorities to gain approval for its conversion into residential and/or commercial use. With Palazzo Vescovile, this now creates a substantial and viable redevelopment opportunity. British architects, EMC Ltd, have teamed with Cocoon Sacconi to create an option for redeveloping and integrating The Two Palaces. This brochure aims to share the historic story and to show the potential for this attractive investment opportunity. Fran Kruc Chairman, Cocoon Sacconi Ltd © Copyright Cocoon Sacconi Ltd 2015
  4. 4. Location The Marche region borders Tuscany and Umbria to the west and the Adriatic coast. Inland from Ancona and Grottammare on the coast, Montalto is in the province of Ascoli Piceno and sits midway, some 30 minutes from both, between the sea and the Sibillini Mountains. Whilst still considered undiscovered, Le Marche is becoming more and more attractive to people who wish to live or holiday in the region’s stunning scenery. The region provides many natural attractions, like the remarkable underground caves at Frasassi, as well as offering a plethora of leisure activities – from beach to skiing, history and culture to hiking and cycling. Ready access is by road via the Adriatic coast motorway, by air from Ancona, Pescara and Rimini airports, and by rail via the main rail hub at San Benedetto del Tronto. Marche was featured in the BBC’s popular series Italy Unpacked (2015 Series 3:2 ‘To the centre of the earth’) when historian Andrew Graham-Dixon and chef Giorgio Locatellli explored the culture and cuisine of the region. © Copyright Cocoon Sacconi Ltd 2015
  5. 5. INVESTMENT PROPOSITION Purchase of the two historic, inter-connected palaces, Palazzo Sacconi and Palazzo Vescovile, which are strategically clustered at the top of the medieval hillside town of Montalto delle Marche, to redevelop into residential and/or commercial use, for which outline planning has been obtained. THE TWO PALACES – I DUE PALAZZI Montalto delle Marche, Italy © Copyright Cocoon Sacconi Ltd 2015
  6. 6. History The two palaces, Palazzo Sacconi and Palazzo Vescovile, form a spectacular heritage property which dominates the medieval town of Montalto delle Marche – the birthplace of Pope Sixtus V. The Sacconi Counts settled in Montalto in the late 1600s. They built Palazzo Vescovile around 1730 and it was the residence of Cardinal Carlo Sacconi. Being wealthy agricultural landowners, the family built a huge granary on four floors (each with independent access). The project was commissioned by the Count’s nephew, Count Giuseppe Sacconi, the legendary architect who designed the distinctive monument to Vittorio Emanuele II in the centre of Rome and, importantly, he was Superintendent for Arts and Monuments for Marche and Umbria 1891-1902. The granary, Palazzo Sacconi, was completed in 1902. © Copyright Cocoon Sacconi Ltd 2015 PALAZZO SACCONI
  7. 7. PALAZZO SACCONI © Copyright Cocoon Sacconi Ltd 2015
  8. 8. History continued Cardinal Carlo Sacconi wanted his residence, Palazzo Vescovile, linked to the granary, the new Palazzo Sacconi, and so a vaulted corridor was created. Since the mid 1900s, Palazzo Vescovile has been owned by the Diocese of Montalto. It is sometimes referred to as the Bishop’s Palace (BP). link to Palazzo Vescovile Palazzo Sacconi PALAZZO VESCOVILE © Copyright Cocoon Sacconi Ltd 2015
  9. 9. PALAZZO SACCONI (PS) and PALAZZO VESCOVILE (BP) Plan © Copyright Cocoon Sacconi Ltd 2015
  10. 10. Development Options There is outline consent to allow for a full range of development options including apartments, hotel, retail, management centre, care home, offices – or a combination of uses. The planning authority would entertain any proposition combining sensitive renovation with effective occupancy and economic use. Detailed plans are available for an optional proposition to combine the two palaces to create 26 apartments and a 25 guest-room hotel with shared leisure facilities. The assumptions and costings which follow have been based on this development option. The development proposition for ‘I Due Palazzi’ described here will continue to evolve as our British architect and Italian technical team enhance the plan. Any data (measurements, figures, etc.) and calculations are indicative – based on the current stage of the proposition and some assumptions. They are intended for illustrative purposes only, given that a purchaser will have their own development idea, business variables and assumptions to consider. © Copyright Cocoon Sacconi Ltd 2015
  11. 11. This optional study for the conversion of Palazzo Sacconi and Palazzo Vescovile in Montalto delle Marche is based on the ideas provided by the managing team and partially implemented in a preliminary architectural design. The aim of this study is to explore the possibility of converting Palazzo Vescovile into a boutique hotel, preserving as close as possible its historic features with minimal structural intervention. Fully respecting the functional articulation of the existing complex structure, the proposed layout offers a high standard of functional comfort. To compliment the spectrum of provided facilities (reception, lobby, conference rooms, café and other service areas) a direct link to Palazzo Sacconi’s ground floor spa facilities is secured via the existing passage across the courtyard and an additional lift between the third and second floors of Palazzo Sacconi. The main concept of this proposal regarding Palazzo Sacconi is the approach to apartment design to ensure functionally - best use of the available spaces; proportion of the functional zones - largely as open plan layout with special attention to optimising daylight infusion; structurally - a statically reasonable construction and more contemporary interior features. Increasing the building surface area to 7,235 sq.m, this study aims to provide a refreshing redevelopment project which is enhanced by re-connecting the two historic palaces to create a combined architectural design – I DUE PALAZZI. I DUE PALAZZI – optional development proposition © Copyright Cocoon Sacconi Ltd 2015
  12. 12. PALAZZO VESCOVILE proposition – ground floor Link to Palazzo Sacconi © Copyright Cocoon Sacconi Ltd 2015
  13. 13. PALAZZO VESCOVILE proposition – 1st floor © Copyright Cocoon Sacconi Ltd 2015
  14. 14. PALAZZO VESCOVILE proposition – 2nd floor © Copyright Cocoon Sacconi Ltd 2015
  15. 15. Hotel Current plans are for 25 hotel rooms, in Palazzo Vescovile. The proposed development includes a main entrance lobby and reception, conference rooms, café as well as other communal sitting rooms where guests may relax and invite their friends to join them to enjoy a morning coffee, afternoon tea, an aperitif before dinner or simply to soak up the atmosphere and views. Access to leisure facilities, in Palazzo Sacconi’s stunning vaulted ground floor, will be provided through the existing passage across the courtyard between the two gardens. There will be lifts in both buildings. © Copyright Cocoon Sacconi Ltd 2015
  16. 16. PALAZZO SACCONI proposition – 1st and 2nd floors Lower level Upper level © Copyright Cocoon Sacconi Ltd 2015 Lower level Upper level
  17. 17. PALAZZO SACCONI proposition – 3rd floor Upper level Lower level © Copyright Cocoon Sacconi Ltd 2015 Upper level
  18. 18. © Copyright Cocoon Sacconi Ltd 2015
  19. 19. Apartments Current plans are for 26 contemporary, stylish apartments, each having its own uniqueness. The apartments’ open plan layout offer contemporary interior features as well as optimising daylight infusion. The lower level flows from the main entrance past cloakroom, kitchen and dining area then through to the lounge area which benefits from natural light from the historic windows. Palazzo Sacconi’s high ceilings allow for mezzanine levels to be included. Stairs from the lower level lead to the upper level which provides one or two bedrooms and a bathroom. © Copyright Cocoon Sacconi Ltd 2015
  20. 20. THE TWO PALACES – I DUE PALAZZI A profitable investment © Copyright Cocoon Sacconi Ltd 2015 These indicative figures illustrate the project’s potential: costs and values are based on assumptions and may be negotiated. Item Description Amount in € Costs Purchase of Palaces (incl. Expen.) Current total 6,390 sq.m 2,318,000 Development - apartments, hotel 4,716,000 and spa Post-dev total 7,235 sq.m Marketing and selling 170,000 Total (B) 7,204,000 Value Sale of apartments and value of (A) 11,129,000 retained assets Sale of apartments Apartments (26) 6,298,000 Retained asset Palazzo Sacconi Ground Floor 2,000,000 Retained asset Palazzo Vescovile Hotel (25 rooms) 2,831,000 11,129,000 Gross Profit Sale of apartments and value of (A-B) 3,925,000 retained assets Less tax 775,000 Net Profit Sale of apartments and value of 3,150,000 retained assets Net profit as a percentage on total costs 43.73%
  21. 21. COMPLETION OF DEVELOPMENT With their expertise, as well as local knowledge and relationships, the project management, technical team and the building contractor, who have all been involved in the project since inception, are ready to work with the successful purchaser or investor to see the project through to completion. Cocoon Sacconi Ltd Fran Kruc, Chairman (see my profile on Linkedin) Drewe Lacey, CEO (see my profile on Linkedin) Dott. Mauro Michetti, Project & Technical Team Manager, Italy in conjunction with British architects EM Corporation Ltd Maria Batoeva, RIBA Chartered Architect (member EPF, President BPA) Evgeny Batoeva Head of Design © Copyright Cocoon Sacconi Ltd 2015
  22. 22. I DUE PALAZZI Montalto delle Marche, Italy INVESTMENT PROPOSITION CONTACT Fran Kruc Chairman, Cocoon Sacconi Ltd Mob: +44 7710 743276 Email: