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Established Land & Real Estate In Crete For Sale

Crete, Heraklion, Greece
Asking Price:
€1,200,000 Furniture / Fixtures included
Sales Revenue:
Not applicable
Cash Flow:
Not applicable

Property Name: MINOA International Olive Oil Project

Location: Platanos village, Municipality of Gortys, Heraklion, Crete, Greece

Property Type: Industrial Real Estate Facility with wide application

Size: 23,241.9 m2 of land with buildings covering 3,771 m2

Significant Property Tax Breaks for Foreign Investors up to 70%

Location and Strategic Importance: The MINOA International Olive Oil Project is situated in Platanos village, Heraklion, Crete, a region renowned for its premium olive oil production. This prime location places the property in the heart of Crete’s celebrated olive oil belt, where 50,000 metric tons of the world’s highest quality Extra Virgin Olive Oil (EVOO) are produced annually. The property benefits from its proximity to ancient cities such as Gortys and Phaistos and is only a 40-minute drive from Heraklion’s main international port and airport, making it strategically ideal for both production and distribution.

Land Details: The total area of the land is 23,241.9 m2, zoned for industrial, commercial, agricultural, and tourism-related developments. The flat terrain of the land is ideal for construction and expansion, offering Immense potential for a variety of uses. This expansive land area provides a significant opportunity for redevelopment and investment in one of Greece’s most prestigious olive oil-producing regions.

Buildings and Infrastructure:
1. Central Office Building: The central office building is a two-storied structure covering 290 m2, equipped with electricity but requiring upgrades and maintenance. An additional 24 m2 canteen is part of this building, which serves as the administrative hub of the facility.

2. Kernel Olive Oil Plant: Covering an area of 1,126 m2, this plant includes a boiler house, dryer building, extraction plant, and storage tanks. The facility is essential for the kernel olive oil production process but requires significant refurbishment and modernization to become operational.

3. Bottling Plant: The bottling plant spans 1,135 m2 and includes a filtration building and storage tanks. Like the other buildings, it needs substantial upgrades and maintenance to meet modern production standards.

4. Storage Tanks: The facility includes stainless steel tanks with a capacity of 1,000 tons for EVOO and iron storage tanks with a capacity of 850 tons for brute-kernel olive oil. These storage solutions are crucial for large-scale production and distribution.

Roughly $150k–200k Euro worth of metal scrap

Property Information

Real Estate:

Real Property Included

Location:

Platanos village, Municipality of Gortys, Heraklion, Crete, Greece

Size in square feet:
250,187 Square Feet

Business Operation

Expansion Potential:

Development Potential:
1. Industrial Use: Revive the existing infrastructure for olive oil milling, bottling, and byproduct processing. The property’s extensive facilities can be modernized to support a full-scale industrial olive oil production operation.

2. Commercial Use: Capitalize on the strategic location near Heraklion’s port and airport for logistics and warehousing operations. The site can be transformed into a commercial center catering to both local and international markets, leveraging the region’s robust infrastructure.

3. Agricultural Use: Utilize the fertile land for organic olive trees and other agricultural ventures. The site offers significant potential for expanding into bio-product production, including health foods and skincare products, leveraging existing patents and the region’s agricultural heritage.

4. Tourism and Hospitality: Establish a thematic olive oil museum and touristic village, creating a cultural center focused on olive oil heritage. Develop a touristic village hotel with an olive oil culture center to attract tourists and enhance the region’s appeal.

Reasons for selling:

Liquidation, Sell Land

Other Information

Owner financing:
Owner financing is available. Please contact the seller for more information.
Financing available:

Tax Breaks and Incentives for Foreign Investors: The Greek government, along with the European Union, offers substantial support and subsidies for investments, particularly in revitalizing old factories like the MINOA International Olive Oil Project. These incentives can significantly reduce overall investment costs through various forms of financial aid and tax breaks.

Key Regulations and Incentive Programs:
1. Development Law 4887/2022:
Introduction of Thematic Schemes: This law introduces 13 thematic schemes of state aid, providing different types of incentives for private investments across various sectors.
Types of Incentives: Cash grants, tax exemptions, employment incentives, subsidies for machinery and equipment, support for building upgrades, and surrounding improvements.

2. Law 4608/2019 (Strategic Investments Framework):
- Strategic Investments: This framework offers incentives for strategic investments, including fast-track procedures for large-scale projects.
- Incentives Include: Tax incentives up to 55% or even up to 70% of the total investment, Employment benefits, Support for R&D, e-business, marketing, and training.

3. ESPA Programs:
- European Structural and Investment Funds (ESPA): Provide additional support for specific business sectors, focusing on innovation, competitiveness, and sustainable development.

Probability of Tax Breaks at Varying Levels:
1. 30% Tax Break:
- Probability: High
- Confidence Level: 90%
- Rationale: Commonly granted for general investments and refurbishments under the development laws.

2. 55% Tax Break:
Probability: Moderate to High
Confidence Level: 75%
Rationale: Frequently available for strategic investments, particularly those involving significant employment benefits and technological upgrades.

3. 70% Tax Break:
Probability: Moderate
Confidence Level: 60%
Rationale: Usually reserved for large-scale, high-impact projects that align with national and EU strategic priorities, including major infrastructure or technological advancements.

Furniture / Fixtures value:
€200,000 - included in the asking price
Related Documents:
Business closed / Asset sale:
Yes
Distressed:
This business is a turnaround opportunity.