Giustiniani 19
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Each step is an item of the business plan. The state grant and the works already carried out reduce the cost of the restoration; what remains is the gross profit of the operation.
Sale prices from the Gabetti analysis. Click a heading to sort; each row leads to the apartment, from which the menu takes you back to the dossier.
| Unit | Type | m² | €/m² | Price |
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The starting point is the business plan of the operation, with its figures. By moving the levers each investor can enter their own assumptions and see how the result evolves.
Gross profit and ROI, before corporate income tax. VAT does not appear because for the investor it is a pass-through item. The state grant is estimated and subject to disbursement.
Observations prepared by reading the business plan together with the project area table. They help those assessing the operation to ask the right questions.
Prices come from the Gabetti Property Solutions analysis: an average of €4,416/m² with a range from €3,133/m² for the first-floor one-bedroom apartment to €6,348/m² for the duplex with terrace. The areas in the business plan (1,606 m²) match the project commercial area (1,589 m²) except for rounding. Two differences to align: unit A3.02 is listed as a two-bedroom apartment, in the project it is a 75 m² studio; A5.02 is at 170 m² against 168.8 in the project.
The total cost includes purchase, deed taxes, restoration as per estimate (€2.5M) net of the works already carried out (€0.2M) and of the estimated grant (€0.57M). The works estimate already includes technical fees and site management. Purchase and sales brokerage are at zero because they depend on the agreements between the developer and the agency handling the sales: those assessing the operation can enter their own in the simulator.
VAT is not a cost of the operation: for a company it is a pass-through item, which is why the business plan leaves it at zero. The sale of the palazzo, with the building permit approved, is subject to VAT at the standard rate of 22%: the reduced 10% rate applies to sales of buildings already restored by those who carried out the works, not this case. With a VAT-taxable sale, registration, mortgage and cadastral taxes are due at a fixed amount.
The grant for listed buildings is estimated at 30% of the validated €1.9M amount and includes the reimbursement of the financing costs of the operation. It is paid out in three progress instalments, with a minimum instalment of 30%: it comes in alongside the restoration and eases the funding need during the works, not just the final result.
The 71.8% ROI is calculated on the total cost net of the grant. Over eighteen months it corresponds to about 43% annualised. It is a gross return: income taxes and the cost of capital must be considered in the final assessment, and the simulator lets you do so in a single gesture.
The authorisations have already been obtained and the amount validated by the Heritage Authority: the risk hardest to price is behind us. The entry price, €2.5M for 1,964 m² gross, is worth about €1,270/m² in the old town of Genoa. The mix of seventeen units, from studio to penthouse, spreads sales across different audiences and budgets. A public grant paid out with the works and deductions for buyers support both cost and demand. The margin is wide: even with revenue down 10% and works up 10%, profit stays above €2M, with an ROI close to 47%.
Confidential document, prepared from the business plan of Nautilus S.r.l. The simulations are working tools and do not constitute an offer or a guarantee of results.