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Redevelopment project & features

A series of renovation works have taken place in the property in 2006-2007, whether of individual units (see Due Diligence no. 6), or of the façade and all common areas (see Due Diligence no. 1).

The current owners' intent was to retrofit the property based on the key-in-hand formula, consistent with interdependent yet autonomous luxury suites, unique in the world, each with fitness and wellness area, equipped with the most advanced technology available worldwide and with sophisticated private outdoor green areas that can be enjoyed all year round, which is absolutely extraordinary for a property located in the center of the most important art city in the world.

The apartments will be equipped with exclusive common services of security, concierge, valet, office and private screening hall.

The Redevelopment Plan was designed exclusively for the growing international UHNW segment, whose demand will be ultimately met by the unique features of the property and its location in Italy's capital city, with its unparalleled aesthetic and historical heritage.

The owners could rent the apartments at following fees:

Garden Apartment € 2.300 daily
Ambassador Executive Apartment € 3.700 daily

The Concierge(developer) provides to book the apartments with all the appropriate guarantees.


Property Taxes:

Garden Apartment € 7.744 per year
Ambassador Executive Apartment € 12.487 per year


The Property

What property is it?

The property, along with another apartment of different size and features, constitutes the Palazzetto inside Palazzetto Albertoni Spinola, an architectural masterpiece with magnificent views and amenities, created by two geniuses of the Italian Renaissance: architects Giacomo Della Porta (1952-1602) and Girolamo Rainaldi (1570-1655). The compound is protected by the Italian government.


Where is the property located?

The property is in the Campitelli neighborhood, in the heart of Rome, steps away from the Campidoglio, Piazza Venezia, Fori Imperiali, Colosseo and Piazza Navona: an area that has been declared a World Heritage site by UNESCO.


What is the current state of the property and what does the redevelopment involve?

The property is currently in excellent condition. A large amount of redevelopment work has been carried out on the entire building in 2007 and the maintenance work continues to this day.

The Redevelopment Plan provides the key-in-hand formula and will produce two unique apartments in the heart of the Eternal City, each with a fitness area, a spa, and the state-of-the-art technology. Both of the apartments will share the security services, the screening hall and the business office, thus constituting a super-condominium within the building.


Visits to the property

How and when can I visit the property?

You could book an appointment for the visit by contacting Sotheby’s International Realty.


Who will be present duting the visit?

In addition to the Sotheby's International Realty official in charge, the following personnel could be present at your request:

- the project's managing team; 

- the architect in charge of the works, the selection of furniture and the green areas; 

- the firm in charge of the redevelopment works and in particular the technological systems;

- the art historian specialized in the historical buildings of Rome.


What languages are spoken?

English is the official language, while Mandarin, Spanish, French, German, Russian and Italian are also spoken.


Condominium expenses

How much are condominium expenses and what are they for?

- The maintenance fee is related to the common services for the entire building and it includes the expense for the building’s doorman, the cleaning of the common area and the administrator's salary.

It is € 4.944 per year for the Garden Apartment, and € 9.240 per year for the Ambassador Executive Apartment.

- There is also a supplementary fee for the special services that are optional and intended for both of the apartments, the super-condominium within the building.


What are the super-condominium services and what are their costs?

The super-condominium includes the 24/7 security, the valet and the concierge, at a price to be defined according to the choice of use, while the screening hall and the business office could be booked at any time for € 100 per day.


When can I choose which services to receive within the super-condominium?

After signing the Notary Deed and until the completion of the redevelopment work, you will have time to decide which services to receive among the 24/7 security, the valet and the concierge.
However, the screening hall and the business office are always available on demand.


How many parking spaces do I have available?

You’ll have two parking spaces per apartment inside the building.


Taxes

How much are the property taxes?

- € 7.744 per year for the Garden Apartment.

- € 12.487 per year for the Ambassador Executive Apartment.

Please refer to IMU (Imposta Municipale Unica/Municipal Real EstateTax) for the taxes of the second property.


Redevelopment

Can I choose the furniture and the furnishings?

The Redevelopment Plan provides the furniture solution in details, but you could work with the architect in charge of the redevelopment to freely choose other solutions that you may prefer, within the budged provided.


When will the property be transferred?

The transfer of the ownership takes place 60 days after the signing of the Notary Deed, while the physical delivery of the property is expected no later than 6 months of the signing.


Price and methods of payment

How can I check the adequacy of the price?

The Appraisal of the property has been compiled by a professional applying the international standards. The applied method is the comparable one, and a series of benchmarks are listed to confirm the stated value. Please refer to the Summary Assessment for further details.


What are the methods of payment?

- 10% of the total amount upon the signing of the Offer Form;

- 90% of the total amount in an escrow account upon the signing of the Notary Deed;

- The new owner will take possession of the property 60 days after the signing of the Notary Deed and the notary will deposit 90% of the paid amount in the seller's account;

- Upon the delivery of the redeveloped property, the notary will deposit the remaining 10% in the seller's account.


Due diligence and Italian tax law

How can I ensure that everything is in compliance with the Italian tax law?

The Due Diligence is ready and accessible online (by requesting a password from Sotheby’s International Realty) or at the office of Sotheby’s International Realty. An expert assigned by you would require a few hours to verify it.


I do not have any legal counsel in Rome. What should I do and what’s the cost?

Sotheby’s International Realty recommends the following world-renowned notary firms:

- Notaio Luca Amato, Via Po 25/A 00198 Roma;
- Studio notarile associato Gilardoni, Via Giovanni Nicotera 4 00195 Roma;
- Studio Legale Abbatescianni, Via Sabotino 12 00195 Roma.

Your country's legal counsel shall contact the Italian legal counsel assigned by you.
Since the Due Diligence is ready, a maximum of 10 hours would be sufficient for any professional in charge to verify the congruity of all documents.


According to the Italian tax law, which form of acquisition will enjoy more convenient indirect taxes?

Compared to an acquisition by a legal person, an acquisition by a natural person will enjoy more advantages in the registration tax and the mortgage tax.
The taxes on purchasing a first property are 2% of its revalued cadastral income, while for a second property the taxes are 9%.


Do the Italian regulations allow the acquisition from a legal person?

Certainly, the Italian regulations allow the acquisition from a legal person and this topic is explained in details in the Due Diligence section.


Acquisition procedure and timeframe

What is the acquisition procedure?

The steps are:

- Signing the Offer Form that includes all the attachments and paying 10% of the total fee;

- 10 days after the owner’s acceptance of the offer, signing the Notary Deed in the presence of a notary, along with the payment of the remaining 90% to the bank account under the name of the notary, who shall hold the total amount for 60 days (the time required by the Ministry of Cultural Heritage and Activities to exercise its right of first refusal);

- 60 days after the signing of the Notary Deed, the new owner takes possession of the property and the notary deposits 90% of the amount in the seller's bank account;

- After another 4 months (or 6 since the signing of the Notary Deed) the redeveloped property will be handed over to the new owner along with the testing of the redeveloped property by a professional third party, and the remaining 10% will be deposited in the seller's bank account.


Guarantees

What are my financial guarantees in regards to the delivery timetables and the execution of the redevelopment work?

The notary shall retain 10% of the total payment until the redeveloped property is delivered and tested. This fee largely covers the costs of the work and any penalties.


What guarantees do I have regarding the established delivery times?

There is a penalty of € 1,000.00 for each day of delay with respect to the established delivery date.


What can guarantee that the redevelopment of the property is implemented with the highest professional standard?

A qualified professional assigned by you or recommended by Sotheby’s International Realty will inspect and test the redevelopment work, at the seller's expense.



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