A 500-acre tourism development project in the Erimitis area of ​​northern Corfu is back on track. According to the leaders of NCH Capital, the investor, the cost of construction is currently being specified due to the rise in the cost of materials. Once this is completed, the process of handing over the €130 million project to a construction company will follow so that the necessary work can be carried out.

Such as Andreas Santis explains “K”.Managing Director of D. Balkans, NCH Capital Greece and Cyprus, “There has indeed been a delay in realizing our investment as the pandemic has intervened and now we also have new factors to evaluate such as increased material costs. and the war in Ukraine.

However, another reason, perhaps the most important, that caused the delay in the start of the project, was the negotiations between NCH Capital and a group of interested investors from the surrounding area. Reportedly, these are international figures such as Nat Rothschild of the banking family of the same name (although he is mainly involved in construction), Rob Lucas, managing partner of CVC Partners, and Henry Holderman, head of Reggeborgh Invest, which now controls the Ellactor group.

Construction cost is currently being updated.

These individuals have expressed, both publicly and privately, their reaction to NCH Capital’s promoted investment by acquiring private villas in the surrounding area. Characteristic was the public criticism of Prime Minister Mr. Mitsotakis by Mr. Rothschild two years ago in his article in “K”, which, among other things, noted that “the future of Greek tourism lies in the construction of green and sustainable private homes” .

As Mr. Santis confirms, “At NCH Capital, we are not dogmatic. We are also accountable to our investors and shareholders. Thus, in the previous period, there were discussions about the possibility of selling the project to NCH Capital or the participation of these entrepreneurs in it, possibly differentiating its nature, using, incl. a smaller part of an area or bounding a building.” However, in the end, these negotiations were not successful, and NCH Capital will now carry out the investment on its own, given that the necessary permits have been obtained and there are no other obstacles.

The Kassiopi project involves the construction of a five-star hotel complex with a capacity of 90 rooms, for which, according to Mr. Santis, there is an operating agreement with a large hotel group. It is planned to build up to 116 tourist houses and villas. In particular, it is planned to build 76 residences ranging from 80 to 200 sq.m. (divided into 38 smaller buildings) and 40 plots will be created where it will be possible to buy and build luxury villas ranging from 300 to 800 m2 in cooperation with NCH Capital, choosing from 13 different types of projects. In fact, there will be the possibility of combining sites, for something more specialized and larger in size. The duration of the investment is estimated at four or even five years, as the residences will be built at different stages and depending on the progress of the pre-sales.