Development land for sale in Herakovo

Property type
Development land
(Land, Investment land)

Herakovo / Bulgaria

Total area
120000 sq.m

  25 €/sq.m

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Distance from the property to major attractions
  • Airport Sofia (SOF): 22km
Information about the property

Herakovo Hills Project

For sale a plot of land of approximately 120,000 s.m. with a preliminary project for gated community complex.The plots have been regulated.

Designed as a gated community for middle-class buyers Herakovo Hills sets the task to offer a new way of life for the families of professionals who work in the Bulgarian capital Sofia but, at the same time, want to enjoy the peace and quiet of a life in the countryside. The project is conveniently located close to the recently renovated E-80 highway linking Sofia with the Serbian border. The project area has developed rapidly in recent years with many big box retailers, car dealerships and logistics facilities setting foot along the highway. This is expected to increase the number of jobs in the area and, consequently, drive up the demand for new housing.

At 30-minute ride to Sofia City center and less than 10-minute drive to Sofia ring road, the project location provides for an easy commute to almost any point of the Bulgarian capital. At the same time, it offers unspoiled rural atmosphere and breathtaking views towards two mountain chains: Vitosha to the south-east and Stara Planina to the north-east. Moreover, the project location lies on the path of the same fresh air current, which has turned the neighboring town of Bankya into one of Bulgarias most famous rehabilitation centers.

Herakovo Hills project will be developed on a land plot of 220,000 sq.m. and will comprise approximately 420 single family and semi-detached homes. The developer is also planning on building a kindergarten, several small parks and childrens playgrounds, a commercial area, as well as numerous sports facilities, including a spa center and tennis courts.

So far the developer has acquired 120,000 sq.m. of the 220,000 sq.m. earmarked for the project at an average price of 23 Euros per sq.m. and has obtained zoning with the following parameters: Kint 1,2, density 60% and height 10 meters (3-story buildings). However, in order to leave enough open space the concept design envisages only 30% utilization of the allowed Kint. The projected sales price of the houses is between 130,000 and 150,000 Euros (at builders finish), including the cost of the land plot.

Seeking JV partner: The project developer is currently seeking JV partner, who is expected to acquire a 50% stake in the project in several stages . The money that is to be invested in the first stage of the project is 300,000 E.
This money will be used in order to acquire the rest of the land plot (at an average price of 18-19 Euros per sq.m.) and start building the project infrastructure and a small number of model houses.

Price for all the plots and preliminary project plans - 3,000,000 Euro
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