San Spirito Island, situated in a lagoon that is a ten-minute boat ride to Venice’s San Marco Square, is now for sale with an asking price of €28 million. The seller, Poveglia Ltd., is interested in attracting investors who are willing to restore the island to its former grandeur. The island boasts 3,500 square meters of historical structures and is zoned for hospitality, residential and office space, and surveyors believe there is room for another 1,000 square meters of new construction. The history of the island dates back to the 12th century and in past years was a favorite resort area for local and visiting dignitaries and royal families. For more on this continue reading the following article from Property Wire.
An island in the lagoon off Venice is for sale in a rare opportunity for developers and real estate investors.
Colliers International has received an exclusive mandate to market San Spirito, which has 3,500 square meters of existing historical structures and the potential of an additional 4,500 square meters of new construction. The asking price is €28 million.
The main use designations permitted by the local regulatory plan are residential, hospitality and offices.
‘The island, where works to recover the old convent are already underway, could become the location of a prestigious hotel or could see the realisation of luxury residential units. Investors have the unique chance to customise an island to their own needs,’ said Massimo Saporito, head of Investment Services for Colliers International in Italy.
‘Furthermore, the local real estate market is dealing extremely well with the economic instability thanks to a solid demand for high end properties,’ he added.
According to Saporito the island provides an ideal location for investors and developers and is only a ten minute boat ride from San Marco Square and close to Giudecca and Lido.
It has a rich cultural history that dates back to the XII century when the island was the seat of a monastery. Later it became the gathering place of ambassadors, diplomatic delegations, royal families and noble travellers thanks to its unique charm.
San Spirito Island is currently owned by Poveglia Ltd, a special purpose entity formed by a group of Venetian real estate entrepreneurs who focus on the recovery of local historical properties. They are looking for investors and developers willing to work on this exclusive project and to bring the island back to its ancient splendour.
This article was republished with permission from Property Wire.
