Insider updates on Xirivella residential development project
Early this year, Reinvest24 expanded to Spain, opened our first international branch near Valencia and published our first development project from Spain – Xirivella residential. In this blog article, you will find all the recent updates on this project and follow its construction works in pictures.
Key facts about Xirivella residential project:
- Collateral – Owned by our SPV, secured with a mortgage;
- Fully developed and managed by the Reinvest24 team;
- It is a full-bullet loan, which means that interests accrued, as well as principal will be paid at the end of the loan term.
The update for 25.09.2023
The residential building in Xirivella is nearing its completion under the guidance of our new management. The construction works, which are expected to take up to two months and require a budget of 150k EUR (without VAT and related expenses), primarily focus on addressing quality issues related to painting works, plumbing, electrical systems, and hydro isolation. Additionally, special attention will be given to the interior finish, ensuring the units have a fresh and appealing look that will greatly support our sales strategy. Simultaneously, legal matters related to the commissioning of the building are being diligently handled, with an estimated timeframe of up to three months, and the selling process is projected to take up to five months.
With our clear timeline and focused vision, we are determined to expedite the final stages of the project, encompassing construction, legal matters, and sales. Through the implementation of improved project management and sales strategies, we are dedicated to swiftly reaching a successful completion of this project. With the plan we have in place, it is realistic that this project will be making repayments at the end of this year.
The update for 04.02.2023
The elevator has been installed. The building is now being inspected and final documentation for commissioning is being prepared.
The update for 14.10.2022
Today, stages 6 and 7 have been exited, successfully repaying back to our investors the principal of EUR 150 000.
As currently stated in the schedule, we will be exiting stage 8 on 26th of December and stages 9 and 10 on 26th of January. There is a chance the exit will happen sooner, we are working towards making them as soon as possible.
The update for 09.09.2022
As of now, the apartments in the Xirivella building are ready. The last element that needs to be finalised before commissioning the building is the car elevator that leads to underground parking. Since the model approved by the city architect is not produced anymore, the elevator of the newer model had to be approved. At the moment the necessary permissions are obtained and elevator installation timeline is 2-3 months.
Please, kindly note, that the interests for this project accrue until it is fully repaid, so any delays are compensated. The current value of the apartments compared to the remaining financing amount has LTV below 40%.
The update for 10.06.2022
Xirivella residential project is moving to its end. In May, the 4th stage was exited, earning our investors 14.5% p.a. The very last exited stage was the 5th stage, repaying back the principal amount of EUR 125 000, together with interests. We are currently finalizing the sales process, but there is a possibility that the repayment for the last stages will shift slightly. We estimate it can take from 2 to 6 weeks.
The update for 20.04.2022
Greetings from sunny Spain and Xirivella project, which is repaying the next stages to our participating investors. This time it’s the 2nd and 3rd stages, which are repaying back to our investors EUR 100 000 of principal, earning 14.5 % p.a. The 4th stage will be repaid in the last week of April and the last 6 stages will be repaid back during May.
The update for 11.02.2022
We are glad to announce, that the very first stage of the Xirivella residential development project got repaid back to our investors, who have earned 15.8% p.a. Xurray to everyone who has participated in it!
The update for 28.01.2022
Reinvest24 first Spanish project is moving close to an end. The initial plan was to finalize the exit in January 2022. Due to COVID-19 restrictions, the bureaucratic process was slower than expected, as the local authorities are open now 1 day per week instead of 5. Therefore the first stage will be repaid in the second week of February and the rest of the stages will be repaid one by one until the end of April.
As You can see in the pictures below, we were able to fully develop the inside of the building. Now all the apartments have laminated and tiled floors, as well as new windows and doors. The rooms are equipped with new bathroom and kitchen furniture. To date, all the apartments are ready to welcome new owners. 3 out of 10 apartments are sold, the rest are reserved. Our investors are also able to purchase these premises, therefore if You are looking for buying the property in the developing location near Valencia, kindly feel free to contact us or check this website.
Video update for 31.08.2021
The update for 05.2021
As of today, we have successfully acquired the Xirivella property and started with the project development. The biggest part of architectural works is already done by our main Architect. This involves the creation of apartment plans, choosing the right materials for reconstruction and specifying the requirements for the project. The construction works have already been started and are ongoing on-site. Our Reinvest24 Spain team is visiting the construction sites on a weekly basis and monitors the process personally.
Also, we already started with the selling process for the apartments. This week our Spanish team is meeting the first potential buyers and showing them the premises, although construction work is still ongoing. If You are also interested in buying the apartment of our Xirivella project, you can find more information about it here.
The plan
The initial state of the project in 11.2020
When we acquire this project, the facade, as well as insider premises looked like this. We started to renovate the apartments and as soon as we receive the licence for the facade works, we will proceed with this.
See more details of this property and invest in Spain here.
Wondering what potential we see in Spain and who from Reinvest24 is managing this project on a daily basis? Take a look at our insights about the Spanish real estate market and meet our Spanish team in the articles below: