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Commercial Property of the Week

16.09.20

La Turbie is well known by residents of the French Riviera as the hidden gem famous for its rich Roman history and spectacular panoramic views over the principality of Monaco. Today, the hilltop village remains a working town with many residents commuting into Monaco and a popular second home destination for Monaco residents. The picturesque town has a thriving tourist industry, serving as the perfect base for international tourists to explore the magic of the Riviera, as well as the nearby Alps. The main tourist accommodation available in La Turbie is Hôtel Napoleon, which is currently undergoing a significant expansion and internal reconfiguration, providing a unique opportunity for discerning investors who could secure the premises for €7 million through local specialists Finlay Brewer International.

The 13,142 sq. ft. hotel is currently spread over three storeys and has twenty-four rooms, restaurant, bar and function room. The major expansion is due for completion in Q4 2020, adding two additional stories increasing the size of the néo-provençal hotel to 15,672 sq. ft., comprising of 34 rooms and two suites.

Rista Backovic, Director at Finlay Brewer International, comments; “Hôtel Napoleon is the main tourist accommodation in the village, making this a prime investment opportunity. The current expansion and internal configuration will create a canvas for the buyer to take the project forward, putting their own mark on the hotel.

 

“La Turbie is only a ten-minute drive from Monaco so is exceptionally popular with Monaco residents. Many have second homes here and commute daily.  who come for the scenic views and fantastic gastronomical offering, and twenty minutes from France’s third busiest international airport, Nice Cote d’Azur Airport, attracting hikers and skiers year-round.

“The recent pandemic has caused a shift in how people travel. European holiday makers are after destinations that are easy to drive to, such as La Turbie, which is a gateway to key parts of the south of France making it a draw for locals and international tourists. It is ideally situated on La Grande Corniche, one of the world’s best drives, which gently winds up to the village and has breath-taking views of the Mediterranean, it is a must-see for anyone touring the Riviera.”

The three-star hotel saw healthy occupancy rates of 60-65% during 2018 and 2019 and following the expansion could be transformed into a boutique hotel by updating the current interiors to create a sophisticated and luxuriant atmosphere. The ground floor originally comprised of a 90-cover restaurant, bar area and functions room but is undergoing a reconfiguration to provide the space for spa and beauty amenities for both guests and non-guests.

France’s national tourism board, Atout France, are reporting a spike in domestic tourism as French holiday makers look internally for both sun, sea and ski. A study conducted over lockdown revealed 59% of French people intended to go on holiday next year, with 87% saying they would stay in France and 54% favouring coastal destinations. The French Riviera is expected to be popular, attracting in the region of five million visitors annually. Similarly, the UK market has its sights set on a return to France next summer to make up for lost family holidays.

La Turbie is a charming medieval village, nestled in the rolling hills 500m above the principality of Monaco, where residents enjoy the rare opportunity to ski in the Alps one day and swim in the Mediterranean the next. The heart of the busy village is a harmonious blend of medieval and baroque architecture, cobbled streets, arches and passageways winding around delightful stone houses.

The towns roots trace as far back as the Roman Empire, aptly deriving its name from Tropea, the Latin word for trophy. The main tourist attraction is the Trophée d'Auguste monument, built in honour of the Roman Emperor Augustus and accompanying museum where visitors can learn of the town’s historical importance. A popular hiking destination, the paths from La Turbie lead up the peaks of La Fourna and Tête de Chien, which offer panoramic vistas of Monaco, Vintimille Bay, Roguebrune Cap Martin, Cap Ferrat, Cap de Nice and Antibes and sometimes even the island of Corsica can be seen on a clear day.

On the market for €7 million with specialist property agents Finlay Brewer International, viewings are strictly by appointment only. For more information on the Hôtel Napoléon contact Finlay Brewer International on Tel: 020 7371 4166 or visit: www.finlaybrewerinternational.com

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