mil - restoration portfolio

8/10/2019 MIL - Restoration Portfolio

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Restoration Portfolio


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The Ultimate Restoration Portfolio comprises a unique

and valuable assembly of traditional stone buildings

for restoration.

Offering a diverse mix of (re)development opportunities,

the restoration projects are located in both prime coastallocations (e.g. Lustica Peninsula) and in the relatively

undiscovered rural hinterland/Skadar Lake region.

Beyond the aesthetic attributes of location and architecture,

the attractiveness of this asset class also relates to the

embedded planning status and significant tax (cost)

advantages e.g. if the project remains sympathetic to the

footprint & dimensions of the existing building framework,

only a restoration permit may be required rather than

full planning consent. In addition to the planning status

provided by the existing structure, the zoning status

(Detailed Urban Plan or DUP) of a number of the projects

allows for significant additional (complimentary) builddensity on the site e.g. the Olive Mill Estate in Lustica.

The Restoration projects are available as an entire portfolio

or as individual assets.

In this brochure we have focused on a number of the key

projects in order to demonstrate what can be achieved.

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Coastal Rural Mountain Lake

Location

Belvedere Cottage 7

Orchard House 7

Church House 7

Hamlet Cottage 8

Hilltop 8

Meadow Cottage 8

White Cottage 8

Church Valley 9

Pond House 10

The Guard House 10

Valley Cottage 11

Valley House 11

The Retreat 12

Vine House 13

Vista Lodge 13

The Lodge 14

Loven Mountain Retreat 15

Moraca Valley 16

Lakeside Cottage 17

Lakeside House 17

Olive Mill Estate 1

The Lustica Estate 1

Olive Grove Cottage 2

Ponte Villa 3

The School House 4

Villa Petrovac 5

Sunset House 6

Sunset Cottage 6

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MONTENEGRO

Bosnia-Herzegovina

Croatia

Serbia

AlbaniaAdriatic Sea

Montenegro

PLUZINE

SAVNIK

ZABLIAKBIJELO POLJE

BERANE

PLAV

ANDRIJEVIKA

MOJKOVAC

KOLASIN

NIKSIC

TIVAT

SKADAR

LAKE

KOTOR

RISAN

DUBROVNIK

GRUDA

HERCEG

NOVI

BUDVA

BAR

ULCINJ

PODGORICA

CETINJE9

12

3

6

5

11

13

1417

8

10

15

16

7

1

4

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Olive Mill Estate is one of a number of sites

in this portfolio that is suited to small scale

development and restoration. The Estate is

located in the picturesque village of Zabrdje.

This village is at the highest point on theLustica peninsula and has one of the most

beautiful views in all of Montenegro.

Set amongst a hamlet of attractive villas,

Olive Mill Estate is so called because Lustica

is famous for its abundant olive groves. The rich

cultural heritage and lovely beaches make this

peninsula a prime holiday destination. Zarbdje

enjoys a real village lifestyle but is perfect for those

still looking for the convenience offered by town

living and Budva and Kotor are only a 20 minute

drive away.

There are two ruins on the site with two access

points onto the land from the main road. Over the

last few years, the region has seen an increase

in new developments, however one can still

experience the secluded and tranquil environment

that this hideaway will provide.

Olive Mill Estate

Bijela

Kotor

Budva

Tivat

Lustica

Rose

Radovii

Lastva

Herceg Novi

BAYOF KOTOR

ADRIATICSEA

E80

E80

E80

E80

E65

E65

E65

E65

Distances

Main road 20 km

Budva 45 km

Airport Tivat 23 km

Dubrovnik 90 km

Plot size 1,680 m

Existing building footprint (ruin 1 & 2) 172 m

Existing area ruin 378 m

Proposed GDA 1138 m

Coastal

Olive Mill Estate

Site Description

Olive Mill Estate is located on North-East facing

slopes with spectacular panoramic views of the

Kotor Bay. The site consists of a lower and upper

ruin with an internal central space.

Planning Statement

Olive Mill Estate is located within the Detailed Urban

Plan (DUP) of the Lustica Peninsula (KO Zabrde,

Herceg Novi). In addition to the existing planning

rights defined by the current building structure, the

DUP for this specific area (or specific land parcels)

allows for a total building density ratio of 80% (over

3 levels). Therefore, Building Permit applications

are in the process of submission for: (i) extensions

to the existing old stone buildings and (ii) additional

new (complimentary) buildings.

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Architectural Plans

Project Description

It has been proposed that the two ruins are each

divided into two houses. A basement has been

added to the upper ruin to accommodate a

main bedroom. There is access from the back

(South-West). Terraces with pergolas are added

to the front of each house on the view-facing side.

The upper ruin is to consist of House 1 (two semi-

detached houses with new basement) and the

Courtyard Units (two, 1 bedroom apartments

over the existing cellar). The lower ruin is converted

into House 2 (two semi-detached houses). A new

row of attached housing is to be situated in the

centre of the site adjacent to a large communal

swimming pool and terrace area. The pool terrace

will back onto a tree-lined pergola which will act

as the parking court. The lowest portion of the

site will accommodate House 3. This will be a

new build and will either be a single house or two

semi-detached houses.

Site Section

Aerial Perspective

7

Masterplan

Floorplans

Basement Level Ground Floor First Floor

House 1 (semi-detached, re-built ruin)

8

In summary the development consists of:

House 1: Rebuilt ruin, two semi-detached,

three bedroom houses with terraces overlooking

the view and rear access. Area of each house

(including terraces) = 135 m.

House 2: Rebuilt ruin, two semi-detached,three bedroom houses with terraces overlooking

the view and rear access. Area of each house

(including terraces) = 147 m.

House 3: New freestanding villa, optional single,

three bedroom house or two semi-detatched two

bedroom house. Area of house = 147 m.

Terrace House: New build, four attached, three

bedroom units with basement level. Area per unit

(including terrace and basement) ranges between

126 and 144 m.

Courtyard Units: Rebuilt ruin; two, 1 bedroom

apartments. Area per unit (including terrace) is

47 and 49 m.


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Currentview ofOlive Mill Estate.

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House 1, although now a ruin, still boasts the

original mill that would have been used to press

olives to make oil. This feature will be preserved

in an architects scheme that is sensitive to the

surroundings and heritage of the settlement.

The ruins are carefully reconstructured while

the new buildings are designed in the traditional

vernacular of double-pitched tile roofs and stone

walls with vertically proportioned openings.

The modern exception is large glass doors on

the view side which open onto a terrace,

shielded by a pergola. All units are fitted with

contemporary interiors.

Infrastructure & Transport Access

A newly built road and pathway connect the site

with the main road. Electrical and phone/internet/

cable are available. There is no sewage connection.

No main water supply, although water can

be pumped into the home from a rain water

storage tank.

Viewsof the surrounding areasandof

the Olive Mill Estate, andthenaf terthe

proposeddevelopment.

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Computergenerated image ofproposed development.


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Ponte Villa is located on the Lustica Peninsula,

in the municipality of Herceg Novi. It is an area

of extreme beauty and rich in culture. This site is

situated in a newly developed area of the coast

and sits in a hamlet of modern villas, creating aclose community feel. Ponte Villa is two minutes

walk from one of the most beautiful and secluded

beaches on this coastline. This location is ideal for

a family holiday villa or a luxurious home for the

more discerning buyer.

The region of Ponte Veslo is a 20 minute drive from

Budva and a stones throw from the popular tourist

destination of Rose. The route to this secluded spot

takes one through the pretty villages of Radovanici

and Begovici, which have excellent views of the

sea and the fishermans village of Bigova. A newly

built two lane road connects the site with the main

coastal road. Architects have planned a villa for

this site which encompasses new development

but yet is sympathetic to the architecture of the

region producing a lovely villa on this exceptional

piece of coastline.

Ponte Villa

Bijela

Kotor

Budva

Tivat

Lustica

Rose

Radovii

Lastva

Herceg Novi

BAYOF KOTOR

ADRIATICSEA

E80

E80

E80

E80

E65

E65

E65

E65

Distances

Kotor 25 km

Main road 20 km

Budva 18 km

Airport Tivat 18 km

Dubrovnik 98 km

Plot size 310 m

Existing buildings footprint 45 m

Proposed buildings footprint 61 m

Proposed GDA 183 m

Site Description

What makes Ponte Villa so desirable is the superb

views it offers of the Adriatic Sea and the lush green

surroundings of the area. The site is rectangular,

sloping gently towards the North-West. The beachis 50 m away to the West and is accessible by a

footpath and stone steps. Beyond the bay on the

seaward side, the coast is separated with hidden

coves and conceals the cobalt that shapes the

monumental Plava Spila (blue grotto).

Planning Statement

The Ponta Villa Site is situated in an area of Lustica

(KO Radovanici, Herceg Novi) which is in the

imminent process of being urbanized (i.e. currently

it is not governed by any planning legislation/

guidelines). In addition to the existing planning rights

defined by the current registered building structure,

it is anticipated that the new urban plan for this

specific area will allow for a total building density

ratio of 80% (over 3 levels).

Coastal

Ponte Villa

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The intention is to preserve as much as possible of

the existing olive and pine trees on this small plot.



to the main road. Electrical and phone/internet/

cable are not available. There is currently no sewage

connection, and an eco septic tank should be built

on the lower level. There is no mains water supply.

The water supply will be pumped into the villa from

a rain water storage tank.

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Viewsof Ponte Veslo.


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Church Valley is in the rural location of Glavati

although only a 10 minute drive to the Adriatic coast

and its beaches. It sits in the middle of existing

farmland with old stone houses and indigenous

flora. This property is so called as it is in the uniqueposition of being surrounded by five churches.

The ruin site is easily accessible from Budva and

Tivat airport and is a 5 minute drive from Jaz beach,

which has played host to international concerts.

This area is a traditional farming community and

the village is designated as a protected zone by

the heritage department of Kotor Municipality.

Church Valley

Bijela

Kotor

Budva

Tivat

Lustica

Rose

Radovii

Lastva

Herceg Novi

BAYOF KOTOR

ADRIATICSEA

E80

E80

E80

E80

E65

E65

E65

E65

Site Description

The site is rectangular and gently slopes towards

the North-West. On the upper part of the site there

are three ruins. One is the main building with an

ancillary building adjacent to it. The main buildingsground floor, external stone walls, and staircase

have been preserved. The ancillary building is the

best preserved with original Mediterranean roof

tiles and the third buildings footprint has also been

preserved; this was previously the farm building.

The original village guvno still remains on the site.

This is a stone built circular structure used for

threshing grains and also was the meeting point

for the village.

The lower part of the site is almost a flat meadow

surrounded with trees and shrubs. The intention

is to preserve as much as possible of existing

site layout.

Distances

Kotor 25 km

Budva 18 km

Airport Tivat 18 km

Dubrovnik 98 km

Plot size 1,894 m

Exisiting buildings footprint 167 m

Proposed buildings footprint 312 m

Proposed GDA 553 m

Coastal

Church Valley

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Architectural Plans

Project Description

This Project is more of a renovation (reconstruction)

than a new designed development.

It is proposed to build two houses, one larger

luxury villa and one smaller guest house on this

site. The existing circular stone structure guvno

is well preserved and can be renovated as an

arbour or gazebo. On the lower part of the site

(the meadow) a large swimming pool with an

arbour as a landscape feature and shaded area

is proposed. The access to the site is from the

existing road on the South-East side with a new,

stone-built arched gate. There will be four car

parking spaces with direct access to the road.

The two storey villa is constructed on the footprint of

the existing main and ancillary buildings, connected

together to make one house. There will be a newly

designed spacious ground floor, and formal living

room. The main view faces the North-Westerly

direction with views of the meadow and swimming

pool. In front of the villa is a large open terrace and

formal garden. On the South-East side one could

plant a good sized winter garden.

The two storey guest house is a smaller 3

bedroomed building, adjacent to the house witha lovely large open terrace and formal garden.

It has been proposed that most of the existing

landscape will be preserved, with added indigenous

trees, shrubs and flower beds. Both buildings will

be built as stone houses with duo pitched roofs

and Mediterranean (Roman) tiles in the traditional,

authentic style of the area.

View from Pool

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Aerial View

Floorplans

Ground Floor

20

First Floor


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Viewsof the surrounding areas

andof the ChurchValley.

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Computergeneratedimage ofproposeddevelopment.


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Lustica Estate is set within the holiday resort

of Lustica and provides the ideal location for a

secluded boutique spa hotel and/or managed

apartments and four luxury villas. It is situated a

15 minute drive away from the UNESCO protected

town of Kotor and overlooks Herceg Novi and the

Bay of Kotor. The area is rich in cultural heritage,

panoramic views and beautiful beaches.

The Estate sits in the heart of the village of Zadrdje.

It is located in a quiet and secluded area and is only

a short walk down to the coast where one can take

full advantage of swimming in the warm waters of

Kotor Bay. An added advantage is that it is only a

short ride from the ever expanding town of Budva.

Lustica Estate

Bijela

Kotor

Budva

Tivat

LusticaRose

Radovii

Lastva

Herceg Novi

BAYOF KOTOR

ADRIATICSEA

E80

E80

E80

E80

E65

E65

E65

E65

Site Description

Although this site is ideal for a boutique hotel,

the design concept is flexible, with the ability to

incorporate an alternative scheme of managed

luxury apartments. North-East slopes open out

towards panoramic views of the sea and mountains.

The land has a spacious feeling (as the closest

neighbours are at the back of the r uins and well

screened from view) and it is undeveloped and

has an away from it all feel. There are two access

points onto the land from the main road.

Planning Statement

Lustica Estate is located within the Detailed Urban

Plan (DUP) of the Lustica Peninsula (KO Zabrde,

Herceg Novi). In addition to the existing planning

rights defined by the current building structure,

the DUP for this specific area allows for a total

building density ratio of 80% (over 3 levels).

Therefore, Building Permit applications are in the

process of submission for: (i) extensions to the

existing old stone buildings and (ii) additional new

(complimentary) buildings. It should be noted that

the entire area immediately in front of the borders of

this asset is a designated Green Zone (and therefore

the view is protected).

Coastal

Lustica Estate

DistancesKotor 25 km

Budva 18 km

Airport Tivat 18 km

Dubrovnik 98 km

Plot size 4,113 m

Existing buildings footprint 621 m

Proposed buildings footprint 1,327 m

Proposed GDA 1,738 m

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Architectural Plans

Project Description

This project design will incorporate the two

ruin complexes on the site named the

The Pool House and The Stone House.

The additional new buildings will be designed

in a traditional architectural style that complements

the existing ruins. This juxtaposition of old and

new offers a rich architectural experience to visitors

to the development. The site has lovely views, not

only to the sea but also across the wooded valley

to the hill and villa in the East. This East view is

especially desirable as the land at Pool House

(the lower ruins complex) slopes down towards

it and it catches the morning sun. This view is

protected as the neighbouring land has been

designated a Green Zone.

The proposal is for a luxury boutique type hotel

offering 19 keys split between rooms, suites and

villas. With the exception of 4 rooms, each room

has a private sun terrace. The ruin complexes

work very well as hotel accommodation.

A spa has been sited in the long ruin towards the

front of the site. The garden in front can be kept

private for the spa. An indoor-outdoor heated

therapy pool (one can swim through under a glass

barrier) is sited in the existing ruin. Four treatmentrooms can be placed along the back edge with a

planted roof cover, changing rooms, stores and the

plant and pool pump are in the basement. The spa

is sited slightly higher than the restaurant terrace

and the pool spills over into a surrounding lower

reflection pond which will offer a foreground from

the restaurant terrace. This should be especially

effective at sunset.

Aerial Perspective

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Floorplans

Luxury Villa 2 (semi-detached)

Pool House: Site Section

26

Ground Floor First Floor Hotel Room with Terrace


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The entrance to the hotel is from a parking

area under trees at the southern end of the site.

This land is only suitable for parking owing to

building lines. The entrance to the hotel is on foot

along the existing reconditioned and paved stone

wall-lined put. Guests would walk along this very

scenic path through the hotel gardens to the hotel

reception. One will then walk through the lounge to

the restaurant, veranda, terrace, pool and garden

which unfold below.

In summary, the site is divided up into:

1. The Pool House the lower complex of ruins

converted into hotel rooms upstairs with

reception, restaurant and bar + terraces,

pool and garden

2. The Stone House the upper complex of

ruins converted into hotel rooms upstairs and

downstairs with a managers flat. Service

spaces in basement and a wine cellar

3. Four luxury villas(1 or 2 bedroom units)

are situated in the garden on the walk from

the parking to the hotel reception

4. Hotel Spawith private garden and separate

relaxation pool.

The suite and villas are to be designed in the

vernacular style of stone walls and Mediterranean

style roofs. The proportions of the buildings, the roof

pitches and the window and door openings will also

be traditional. The only exception would be bigger

sliding doors on the view side but these would be

shaded by a veranda or pergola. The hotel and spa

are largely accommodated in the existing fabric.

An addition to The Pool House is a planted flat

roof (to minimise visual impact). There will be glass

skylights between the old and new buildings to

introduce light down into the building.



with the main road. Storm water on this site will be

collected in surface channels and fed into a storm

water disposal system. A grey water system is to

be installed to recycle water within the development.

Where possible rainwater is to be harvested from

roofs and is to be used to water the hotel gardens.

It is proposed that an integral drainage system be

designed to discharge into septic tanks supplied

with eco filters. The septic tanks should be

strategically located to allow for communal access.

Currentview ofthe Lustica Estate.

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Viewsof the surrounding areas

andof the Lustica Estate.

Proposeddevelopmentof the site.

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About Us

The team are senior property investment professionals, with a blend of local knowledge and

international experience who have identified a unique development opportunity in Montenegro.

Ultimate Montenegro entered the market in 2004 and acquired prime plots of land across the

Country with diverse development opportunities.

Our specialist local team have carried out the necessary legal and planning due diligence for

each asset. We offer consolidated land packages with zoning and planning consent and an

ongoing local implementation support.

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Michael Ward, Kotor, Montenegro

Michael began working in the

Investment Management industry in

1988, after graduating from Oxford

University. With 22 years of industry

experience of which 8 years in the

Balkans, Michael has managed

investment portfolios specialising

in Eastern Europe faor various

institutions, including Head of EMEA

Equity at HSBC Asset Management,

TCW Asset Management and ABN

Amro. In 2000, he was ranked No.1

Investment Advisor in Turkey and No.2

in both Poland and Hungary (Reuters

GEM survey). In 2005, Michael was

appointed Director of Montenegro

Investments Limited (MIL), a CISX-

listed closed-end real estate company

and one of the largest foreign investors

in Montenegro to date. Michael is

responsible for the implementation

of the groups Strategy, Research

and Marketing activities. Michael

has a working knowledge of the

Serbian/Bosnian languages.

[email protected]

Amra Ward, Kotor, Montenegro

Amra began working in the investment

industry in 1996, after obtaining

a Masters Degree in Advanced

Mechanical Engineering from Imperial

College, London. As an Eastern

European investment specialist, Amra

has worked for a number of blue chip

institutions such as Merrill Lynch, TCW

Asset Management and ABN Amro.

In 2002, Amra acted as Advisor to a

UK FTSE-listed real estate company

regarding Western Balkan acquisitions

and privatization activities. In 2005, as

the Director of Ultimate Montenegro

Ltd, Amra was appointed Advisor to

Montenegro Investments Limited (MIL),

a CISX-listed closed-end real estate

company. Amras local knowledge and

extensive network is the principal driver

behind the groups Commercial

& Urban Planning programs. Amra

is fluent in English and her native

Serbian/Bosnian.

[email protected]

Chris Kemsley, London

Chris started his own property

consortium in 1994 and is one of the

largest providers of affordable housing

in West London. He has significant real

estate experience in both developed

and emerging markets. Chris advises

on all property fund decisions and is

responsible for Joint Ventures and new

business opportunities.

[email protected]

Danny Parish, Kotor, Montenegro

Danny has extensive experience

with sales and marketing and has

worked in the commercial and travel

sectors internationally since 1990. At

the beginning of 2007 she moved to

Montenegro to work as a Sales and

Marketing Director for a UK hedge

funds Montenegrin division. After

successfully completing the sales

of their assets in October 2008, she

moved to join Ultimate in November

2008, as their Head of Sales

and Marketing.

[email protected]

Sandra Tepic, Kotor, Montenegro

Sandra is a graduate of the Faculty

for Maritime Studies, Management

Department, and is fluent in English.

She has been with Ultimate since

they opened in 2004, and with her

excellent knowledge of office and

human resources management, she

is responsible for all office operations

and procedures.

[email protected]

Borka Papovic, Kotor, Montenegro

Borka obtained a Masters Degree in

English Language & Literature at the

University of Niksic. She has been

working in the Montenegrin Real

Estate sector since 2005, and joined

Ultimate in 2008. With her extensive

experience of the real estate market,

she is responsible for property

administration and market research.

[email protected]

Tamara Peranovic, Kotor,

Montenegro

Tamara is a graduate of the Faculty

for Tourism and Hotel Management.

She has a good understanding of

English and experience in the Tourism

and Property management sector.

She joined Ultimate in 2006 and is

responsible for all property and

land management.

[email protected]

Ultimate Montenegro

Stari Grad 475

Kotor 85330

Montenegro

T +382 (0)32 304 369F +382 (0)32 304 370

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