• Kavarna Bay
  • Lake Durankulak

Kavarna Bay

Kavarna Bay is the development of a coastal site in the Black Sea Region, Kavarna comprising up to 600 units being a mixture of studios,1, 2 and 3 bedroom apartments. Each apartment will be fitted out to a 4 star standard and the majority will take advantage of the magnificent sea views. The site is approximately 58,000 m2 (circa 15 acres) and is located 55 kilometers north of Varna, the capital of the Black Sea Coast and is 30 - 45 minutes drive from Varna International Airport. The town of Kavarna is 3 kilometers away, while the international resort of Albena and Golden Sands are 15 and 25 minutes drive time respectively. The Region of Kavarna is experiencing considerable investment with the building of golf courses, real estate and leisure resorts. Three golf courses are proposed for the region with the Kavarna Bay development being adjacent to an 18 hole Gary Player championship golf course and driving range.

Key Features

  • A two year investment into a Life-Style Residential Development of 600 units on the Black Sea. Offering the investor the opportunity to enter into a lucrative partnership with the developer, where he/she will share in their profits.
  • Invested through Crannog Asset Management (Crannog), who will act on behalf of the investor.
  • Real Estate Development Investment with Returns of 25% accrued per annum via a Loan Agreement with the Returns and Capital being repaid at the end of the Project.
  • Additional Investor Returns via a 15% share in the Development Profit.
  • Preferred Investor status with the Returns and Capital being paid before the Developer.
  • Favourable Irish Income Tax Rate of 23% on the Returns.
  • Crannog's independently appointed Quantity Surveyor will monitor throughout the performance of the Project in line with the Project Business Plan. No significant payments will be made without Crannog's sign off and agreement.
  • Crannog's loan will be secured by way of a first charge over the land until the Construction bank's funding is drawn down. At this time a 2nd charge will be held behind the bank. Additional security via a pledge of shares.