Castello Bibelli is a property of particular cultural value, which includes the main Castello building (a stone building with tiled roof of outstanding architectural merit in the Neo-Gothic style, whose special features are the two towers and the atrium), as well as four other ancillary buildings.
It was developed by selling the entire share capital through a tender process, and the relevant Agreement was signed on 08.01.2020.
The financial consideration related to a price of €9.84 per share and a total of €3,655,000 (in terms of value at the time) and over €4,100,000 (in terms of nominal value).
The property is located approximately 500 m from the village of Kato Korakiana, on the island of Corfu.
A significant advantage is its proximity to the Town of Corfu (14 km approximately) and its good coastal road network. The property lies 700 m from the famous beach of Dassia, around 6 km from the Marina of Gouvia, Corfu, and around 16 km from Corfu’s International Airport ‘Ioannis Kapodistrias’.
The total value of the agreement is estimated at €20 million, and there is an obligation to restore the listed building that has been declared a modern monument, in the framework of the Special Town Planning Development Plan of the Public Property.
The CASTELLO BIBELLI building, the CASTELLINO shell and the shells of the three ancillary buildings (2 with two stories and one ground floor) were listed as historical buildings within the meaning of the provision of Article 6 par. (1c) of Law 3028/2002, namely modern cultural monuments from the last one hundred years with special architectural, urban planning, ethnological, or in general historical, artistic or scientific significance.
The broader area of the property is one of the most developed – in terms of tourism – and most beautiful regions of Corfu. It has lush green hills, beautiful beaches, high-end hotel complexes, rental rooms, tavernas and award-winning restaurants (e.g. Etrusco).
The project includes the revival and conversion of the Tower into a high-end boutique unit that will also include a limited number of residences within the area of 7.7 hectares.
