Nuovi LEGALS 10-01

appraisal
1 – Introduction
First of all It is necessary to clarify that considering the historical significance, the absolute uniqueness and
the value of the property, any economic assessment object of the following appraisal is considered inadeguate
also due to the absence of benchmarks with the features of these kind of building projected and built
by two of the most important architects of the italian Reinassance:Giacomo Della Porta (https://
en.wikipedia.org/wiki/Giacomo_della_Porta) and Girolamo Rainaldi (https://en.wikipedia.org/wiki/
Girolamo_Rainaldi ).
The task entrusted to us is to complete the rough estimation of the property, considering an overall
intervention of functional redevelopment with the ‘turn-key’ formula.
This preliminary technical assessment is the culmination of a series of investigations, analyses and processing
the collected data. These enabled us to conclude findings and results of value hereby referred to,
at the issue date of this document.
The preliminary technical assessment was conducted on the basis of the available documentation and
information received from the client, which we considered to be true.
In some cases, it was necessary to find some information or documents otherwise not being available. In
particular, the land registry records and the hypocadestral records of the complex were traced through a
computer search, and preliminary investigations were carried out in order to identify the types of intervention
that are compatible with the governing town-planning regulations.
Therefore, in this document we have also indicated - in relation to the main topics discussed - the source
documents that have led to the conclusions presented here.
The state of affairs of the property is represented by the processed planimetric data that were available to
us from information we received and from what was established during the site visit.
The owners’ intention is to carry out a redevelopment, aimed at establishing three interdependent, yet at
the same time autonomous, luxury suites, each equipped with fitness, wellness, and relaxation areas. The
three residences will be equipped with shared security services, an office and a movie-theatre for private
screenings.
The decision to carry out this redevelopment – a rather simple one, for that matter, given the current
structure of the property – was made with the aim of alienating the property, taking exclusively the foreign
demand into consideration, from the ultra-high-net-worth (uhnw) segment.
As shown by the most renowned research of the sector conducted by credit suisse (https://www.Worldwealthreport.Com),
over the last five years there has been a steady increase in this segment, putting the
increase between 2000 and 2014 at no less than +300 percent.
Obviously, one may not get the meaning of the above statements without considering the unique features
of the property, its prestigious location in the very center of the capital of italy, and especially rome itself
– being the foremost city in the world as to the presence of monumental and historical-artistic treasures,
and global center of Christianity due to the presence of the Vatican City and the Apostolic See of the Pope.
In addition, there is the ‘network’ represented by the main characters of international show-business as well
as of public or private institutions, regularly visiting this city to enjoy its features as described above. Their
presence offers a live and global advertisement of such features, and it keeps spreading - within the UHNW
segments - a potential desire to possess a jewel of this kind.
In this regard, it is also necessary to remark on some important investments that in 2014-2015-2016
(ANN.14 press review 20016) took place in Rome by Mid-Eastern and USA-based hotel chains, as well as
on the North American commitment towards the most important soccer club in Rome (A.S. Roma). Lastly,
the ever growing appeal for products ‘made in Italy’ and the Italian way of life in the ‘luxury brand’ and
‘luxury food’ segments also played a role in strengthening this determination of the owners. In fact, this
appeal confirms that those who can afford to appreciate the use and consumption of Italian products and
services incurring high-end costs, want to experience these sensations themselves.
A proof of the above said, as well as a further confirmation of the ‘appeal’ experienced by buyers is the
comparison between the amounts of property taxes collected by the Italian tax authorities and those collected
by Anglo-Saxon countries, and in particular in the United States of America, where tax revenues on
properties of such value are at least 10 - or even 20 - times higher.