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| What price Dracula’s neighbour — SHM have the answer |
The Romanian office of assets valuation and disposal specialists, SHM Smith Hodgkinson, has been commissioned to cast an expert eye over plans to turn one of the most prestigious castles in Eastern Europe into a 5-star hotel and conference centre.
The impressive Cantacuzino Castle counts Bran Castle, better known as Dracula’s Castle, as a neighbour and is in the Prahova Valley of the Sinaia region of Romania — an area known for its concentration of historic properties.
SHM’s Bucharest office has just produced a study for a Dutch investment company looking to obtain finance to renovate and develop the property.
Victor Stan of SHM says: “Our client is examining the possibility of renovating the castle and transforming it into a conference centre and training facility. They are also looking at building 5-star hotel, luxury clinic, 290 luxury residential units on the estate too.”
Cantacuzino Castle estate covers 37,000sq m and includes numerous buildings, a lake, a chapel and it even boasts its own forest.
Adds Victor: “Our task was to estimate the net present market value of the property as it stands, the likely renovation and development costs, as well as the net present market value of the completed compound.
“We also prepared a detailed market study as background research for the appraisal. The study included both residential and hotel industry data, as well as a survey of the historic properties in Romania and Europe.”
“We provided a detailed analysis of the property in its current condition within the local and regional context. We also looked at the planned functions and assessed supply and demand, while market sale and rental levels have also been assessed.
“The Sinaia region is a magnet for tourists and the residents of Bucharest because it is picturesque and has a high concentration of historic castles and palaces like Cantacuzino.”
Simon G Reid SHM Smith Hodgkinson’s Managing Director Property said: “This was a highly unusual brief but serves to underline the diverse nature of the property that we value.
“Our property team has the knowledge and experience to ensure our client received the best possible advice before embarking on this development.”
The Bucharest operation of SHM was established 10 years ago. It has a 20-strong team has developed a reputation for providing professional independent knowledge-based consulting advice across Central and Eastern Europe.
The group, which turns over £5m, has four UK offices, with 20 people being employed at its Manchester headquarters, and a further 20 at offices in Leeds, Birmingham and London.
Press contact: Tony Garner at Viva PR, ++44 (0) 1706 214340. tony@vivapr.co.uk
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