The residential investment, totaling 225 million (including VAT) in The Ellinikon by the special purpose company AURA Residential, is expected to be completed by the end of 2028 and includes the construction of 146 apartments for rent and 45 for sale.
The Spyros Latsis family (main shareholder of Lamda) through the company Xeris Ventures participates in AURA Residential with a percentage of 80% and Ellinikon SA, a 100% subsidiary of Lamda for the large development on the former airport site, participates with a percentage of 20%.
Based on the report of the land value (33.130 million euros excluding VAT), the investment concerns 4 buildings with a final height of 50 meters.
Based on comparative market data, the 146 apartments will be rented at an average price of 37 euros/sq m/month and the 45 apartments for sale at an average price of 10,400 euros/sq m.
The total cost of the investment, in addition to the value of the plot, includes a total capex (including VAT) for the construction totaling 169.320 million euros as well as 11.5 million euros (excluding VAT) for the infrastructure projects that will be implemented on the specific plot, in an area of 15,944 sq m.
The maximum permitted building (Gross Floor Area) of the plot is estimated at 28,699 sq m.
More specifically, towers 1, 2 and 3, which are intended for rent, will include 9 one-bedroom apartments, with an average area of 70 sq m, 66 two-bedroom apartments with an average area of 102 sq m, 63 three-bedroom apartments with an average area of 131 sq m, and 18 four-bedroom apartments with an average area of 202 sq m. Tower 4, which is intended for sale, will include 4 one-bedroom apartments, with an average area of 70 sq m, 12 two-bedroom apartments with an average area of 115 sq m, 13 three-bedroom apartments with an average area of 177 sq m, 15 four-bedroom apartments with an average area of 232 sq m and one five-bedroom apartment with an area of 353 sq m.
The sale of the apartments is estimated to take place between 2025-2029 at an average annual rate of 25%, while the exit yield for the apartments to be rented, taking into account the specific characteristics of the project, its use, location, etc., is estimated at 4.5%.
The development time, including the necessary licensing procedures, according to Lamda, is estimated to be 51 months and therefore the project delivery date will be December 31, 2028.
