Palazzo AlzatiCo-invest in Novara’s future.
A 50/50 partnership in the new Silicon Box industrial ecosystem. For funds, family offices and industrial and financial partners.
Request Confidential Dossier & Data RoomThe transaction structure.
Existing asset value meets completion capital. A 50/50 equity partnership supported by complementary bank financing.
Sources
Completion uses
One asset. Three perspectives.
Compare sales and rental strategies using the presentation’s financial assumptions.
Completed development valuation
Illustrative simulations, not guaranteed returns. Gross margins before interest, taxes, fees and selling costs. Rental assumptions reflect full occupancy and exclude management, maintenance, vacancy and furnishing costs. Presentation values are subject to due diligence.
Value, floor by floor.
4,783 sqm plot. Four above-ground residential levels plus ground-floor parking. Advanced shell structure to be completed, with planned penthouses.
| Level | Area | Estimated value |
|---|---|---|
| Ground floor | 22 box + parking | € 500.000 |
| 1st floor | 999 m² | € 2.347.000 |
| 2nd floor | 999 m² | € 2.347.000 |
| 3rd floor | 795 m² | € 1.987.000 |
| 4th · Penthouses | 350 m² | € 980.000 |
Reconciliation note: floor items total €8,161,000. The presentation’s €9,141,000 total repeats the penthouse item (€980,000). Scenarios reproduce the dossier totals, subject to advisory verification.
Original presentation documentation · March 2012 elevations · Design to be updatedFrom vision to completion.
Permits & detailed design
6–8months
Construction completion
18months
Parallel sales programme
60%during construction
Remaining sales
40%within 12 months of completion
Target values and completion costs.
Source: Studio A+D, architect Pierluigi Benato (Novara) — updated appraisal (2024, Novara Property Index values, Vignale area) and preliminary completion cost estimate (Sep–Oct 2024). Parametric, non-analytical estimates: the final bill of quantities will follow regularisation, a new urban plan and detailed design.
Reference values at completion
| Item | Sqm | Parameter | Amount |
|---|---|---|---|
| Ground floor · 22 garages + 12 parking spaces | — | €15,000 + €8,000 each | €426,000 |
| 1st floor · residences | 999 | 2.200 €/mq | €2,197,800 |
| 2nd floor · residences | 999 | 2.200 €/mq | €2,197,800 |
| 3rd floor · residences | 795 | 2.400 €/mq | €1,908,000 |
| 4th floor · penthouses | 350 | 2.500 €/mq | €875,000 |
| 4th floor · premium penthouses | 350 | 2.700 €/mq | €945,000 |
| Total value incl. penthouses | €8,549,600 | ||
Without penthouses: €6,729,600. Conservative values; the appraisal excludes the +5.77% recorded in Novara between July 2023 and July 2024.
Parametric cost estimate
| Item | Sqm | Parameter | Amount |
|---|---|---|---|
| Preliminary works (clearing, roofing membrane, site set-up) | — | lump sum | €46,000 |
| Compliance & regularisation | — | lump sum | €26,000 |
| Design & technical fees (~8%) | — | lump sum | €275,000 |
| Ground floor, garages, cellars & parking | — | lump sum | €250,000 |
| 1st floor · 14 units (~60% complete) | 1.000 | 460 €/mq | €460,000 |
| 2nd floor · 14 units (~60% complete) | 1.000 | 460 €/mq | €460,000 |
| 3rd floor · 6 units (~20% complete) | 930 | ~914 €/mq | €850,000 |
| 4th floor · 6 penthouses (new build) | 700 | ~1.857 €/mq | €1,300,000 |
| Exteriors, landscaping, standards & parking | — | lump sum | €117,000 |
| Other charges & contingency (5–6%) | — | lump sum | €200,000 |
| Total incl. contingency | €3,984,000 | ||
Average completion cost: ~€1,100/sqm (40 units, ~3,600 sqm); €850–900/sqm for the 34 existing units. Open item: possible utility works on Via Alzati.
Item-by-item comparison: presentation vs actual appraisal
| Item | Presentation | Benato appraisal (actual) | Difference |
|---|---|---|---|
| Ground floor · garages & parking | €500,000 | €426,000 | −€74,000 |
| 1st floor · residences | €1,173,500 | €2,197,800 | +€1,024,300 |
| 2nd floor · residences | €1,173,500 | €2,197,800 | +€1,024,300 |
| 3rd floor · residences | €1,987,000 | €1,908,000 | −€79,000 |
| 4th floor · penthouses | €980,000 | €875,000 | −€105,000 |
| 4th floor · premium penthouses | — | €945,000 | not included |
| Total value at completion | €8,161,000 | €8,549,600 | +€388,600 |
Note: the presentation states total revenue of €9,141,000, but the sum of the individual items is €8,161,000 (penthouses appear to be counted twice): the actual appraisal estimates €8,549,600. Discrepancy flagged to the advisor for reconciliation in the data room.
Completion cost comparison
| Document | Estimated costs | Δ vs presentation |
|---|---|---|
| Transaction presentation | €4,300,000 | — |
| Preliminary estimate (arch. Benato, actual) | €3,778,000 | −€522,000 (−12,1%) |
| Parametric estimate incl. contingency (actual) | €3,984,000 | −€316,000 (−7,3%) |
Differences versus the presentation are disclosed transparently: final reconciliation is under review with the advisor and will be updated in the data room.
Figures in the technical documents (costs €3.78–3.98M, value €8.55M) differ from the transaction plan (completion €4.3M, revenue €9.14M): reconciliation is under review with the advisor.
The next step is confidential.
BSMC Tax & Legal SA · Lugano
Guglielmo Riccardi Carbonero