Don Benito Apartments for Sale
(Calle San Bartolome, El Arenal)
Don Benito in its hay-day was a hotel 400 meters from the popular beach of Arenal and its Yacht Club. Perhaps because the 400 were up a small hill – too many to walk/weave from the Night-Life all along the Playa de Palma the hotel had its problems, closed and was converted into a block of flats around 1977. Prices then averaged only 125€/m2. They soared almost 20 fold peaking at 2386€/m2 in 2007 before dropping more than half to 1213€/m2 today. This is still a ten-fold hike since day one but what a roller coaster ride!
The building extends over two streets. Calle San Bartolome to the east is on the 23 bus route which commutes all along the beach to & from Palma every 15 minutes from 6am to 11pm. Just opposite is the refurbished Hotel Torre Azul where you can accommodate overflow guests. With a holiday home on the beautiful Isle de Mallorca you risk having plenty of distant family/friends turning up. A little further up the same street is a primary and a secondary school. On the other side of the block are Calle Terral and Plaza Major. Here you will find a shopping mall, health center, chemist, banks and a park. There is a small daily market and on Thursdays a giant market attracting people for miles. Here you will also find the Town Hall & Police Station and you are within walking distance from Aqualand – the largest water park on Majorca.
The area is up and coming although Don Benito still lets the side down. The building has been neglected for some years and this has finally been recognised by the Town Hall. The upkeep of the block has been removed from the control of the Community Association and is subject to a major 450,000€ renovation project operated by the Council of Lluchmajor. This has already started with the urgent repairs. Each owner is now responsible for his share of the 450,000€. Payment is being enforced – it appears that the Ajuntamento (Town Hall) means business! Each of our apartments have paid the total due, so as a purchaser you have nothing more to pay. The main project is scheduled for completion in 2014.
This second floor apartment is only a stone’s throw from the swimming pool which its balcony overlooks. Unfortunately the pool is no longer in use. The flat’s 50m2 is occupied by a bedroom, balcony, bathroom, kitchen and lounge. It is up for sale for 69,000€ and is already rented for 400€/month – a return of 7.0% plus any appreciation in property values.