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The Residence At Cabanas, Algarve

CONDOMINIUM DEVELOPMENT IN CABANAS, PORTUGAL

Brendons Auctioneers are assisting Habondia with the sale of a condominium development in Cabanas, Portugal which has been named "The Residence in Cabanas". Habondia have been asked to sell the properties associated with the condominium on behalf of a major Portuguese bank. Below you will find the outline details as provided by Habondia: THE RESIDENCE AT CABANAS The development is split into 3 complexes and is a mixture of 1, 2 and 3 bedroom apartments, studio apartments, and 2, 3 and 4 bedroom detached villas. All of the properties on the development are completed and have been built using the best quality materials. They all come with a fully fitted kitchen, which includes granite work surfaces, polished stone flooring, fitted wardrobes and premier quality tiles and bathroom fittings. The three complexes are set in beautiful, scenic surroundings and each has all the facilities expected from such a premium location with their own tropical garden and pool. The motivation for this development is the increasing demand for golfing holidays in the eastern Algarve. Developments like the Residence at Cabanas are becoming more and more sought after by keen golfers and investors alike - especially as it is only 500 metres from the 18-hole Benamore golf course. The expected rental for a 2 bedroom apartment, not including the Winter period, is 5,000 Euros per annum, and for a 3 bedroom apartment, 6,000 Euros per annum. Both these figures are net. However, with the proximity of the Benamore Golf Club, and other premier golf clubs nearby, and the growing popularity of all year round golf in the Algarve, it is possible the rental income could be higher. LOCATION Cabanas is situated just 7km from the beautiful town of Tavira at the beginning of the lagoons to the Ria Formosa National Park. The history of Cabanas, known as Cabanas de Tavira due to its proximity to Tavira, goes back to 1734 when tuna fishing began to develop as an important industry in the region. Nowadays, Cabanas offers a rich cultural heritage yet still retains the quiet charm of a Portuguese fishing village. The beach is only 3km away and is 7km long, while the Benamor Golf Course is just 500m away with breathtaking views towards the Atlantic Ocean.

Accommodation

2 x studio flats Price range in Euros: 72,000 to 74,000 36 x one bedroom flats Price range in Euros: 82,000 to 141,000 121 x two bedroom flats Price range in Euros: 114,000 to 182,000 6 x two bedroom houses Price range in Euros: 276,000 to 335,000 17 x three bedroom houses Price range in Euros: 261,000 to 297,500 5 x four bedroom houses Price range in Euros: 356,300 to 356,300

VIEWINGS

Any prospective purchaser who wishes to view the properties will be met at Faro airport by the Property Agent and taken for a tour of properties and the local area. All viewings are arranged in liaison with Habondia and will be subject to the availability of the Strategic Partners.

ADDITIONAL INFORMATION

For further information please call us on 020 8998 6500 or via e-mail: auctioneers@brendons.co.uk

Price Information

*Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Additional Fees

Please note that the following additional fees will apply to the purchase of your property:

1. Buyers Premium of £600 inclusive of VAT
2. Other fees as listed within the Special Conditions of Sale that form part of the legal pack which is made available to you prior to auction. You will be expected to sign this document as well as the Sales Memorandum at the time of purchase.
3. Stamp Duty - rates easily available on-line
4. Your solicitor fees and any survey fees
5. Insurance - it is your responsibility from the date of exchange to insure the property purchased.