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11 May 2021 | Hotels

Christie & Co marketing collection of assets in medieval Umbrian village

On behalf of Bayview Italia, specialist business property adviser, Christie & Co is delighted to be marketing an exclusive collection of assets centred around the medieval village of Parrano, Italy.

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Set on a 2,700-acre estate in the Province of Terni, in the Umbrian hills, this unique opportunity includes the ancient Castle of Parrano which features guest accommodation, and four historic buildings within the village, as well as a collection of buildings and land in the surrounding hilly territory which offer development potential.
 
The full list of available assets comprises:
  • The fully refurbished Castle of Parrano with 26 master suites and spa centre
  • Four buildings located in the medieval village of Parrano
  • 23 casali/ farmhouses dotted around the village with potential for conversion into villas and fractional ownership; ranging in size between 1,600 and 150 sqm – potential for 75 additional accomodation units
  • 741 acres of hunting reserve
  • 12 small lakes
  • Various stables
  • Around 2,500 acres of agricultural land available for redevelopment
  • An outdoor shooting range spanning 25,000 sqm which requires redevelopment
  • Opportunity to develop a 130-key hotel with golf and spa facilities on 5,300 sqm of land
 
The secluded but easily accessible municipality of Parrano is located between Rome and Florence and is currently home to around 500 people. The picturesque village was developed around the Castle of Parrano, perched high in a strategic position on Roman ruins to control the valley below, and boasts a rich cultural heritage dating back to the year 1000.
 
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Recognised by UNESCO as a unique biosphere, Parrano is an ideal base to explore the ancient Umbrian region, renowned for its historic and diverse range of landscapes, from rolling green valleys dotted with medieval towns, to dense woodlands, vineyards and fields of olive trees. Nearby attractions which draw visitors to the area include the “Tane del Diavolo” a complex system of caves which are thought to have been inhabited since the Upper Paleolithic era (30,000-10,000 years ago) and “Bagno del Diavolo”, a thermal park which sits at the foot of the village.
 
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Leonardo Stassi, Head of Hotel Real Estate, Bayview Italia comments, “The exclusive and peaceful location, combined with Parrano’s well-preserved heritage, offers prospective investors the opportunity to develop a unique resort destination which offers visitors private accommodation, hospitality, sport, wellbeing, cultural heritage and nature set amongst a unique biosphere. Similar successful projects within Italy include Castello di Casole with Timber Resorts and Belmond Hotels, Reschio Estate and Antognolla Estate, to name a few.”

Carine Bonnejean, Managing Director of Hotels at Christie & Co adds, “The recent pandemic has made people more health conscious and focused on leisure destinations with an abundance of outdoor space and offerings, so we anticipate wide ranging interest from investors for this unique opportunity, in such a picturesque and historic location. In addition, the development potential for a 130-bedroom hotel and over 75 additional private accommodation units in the existing Casali and buildings surrounding the village will be highly sought-after.”

The Castle of Parrano and collection of surrounding assets will be sold in a foreclosure auction during October 2021, with a reserve price of €15 million.

DATA ROOM: For further information about this opportunity please visit our virtual data room HERE.
 
 


For further information on this press release, contact:                                                                          
Bronte Hughes, Corporate Communications Executive
P: 020 7227 0794 or E: bronte.hughes@christie.com
 
 
 
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