The Italian town of San Pellegrino presents a wealth of opportunities for people looking for property in the country, it has been reported.
San Pellegrino Terme is a town in the Bergamo province, Lombardy, Italy and it is best known for being the location of San Pellegrino where a carbonated mineral water drink is produced. The town borders of San Pellegrino were drawn in 1395 marking the start of its water industry.
According to the Daily mail reports, a regeneration project aims to bring back the town's splendour with approximately £84 million has been invested by the property developer the Percassi Group, as well as another £34 million from the local authorities. The tourist arrivals in the Lombardy spa town began to decline when its casino closed and the tourists began looking elsewhere. The town used to attract an array of visitors including European royalty, Serie A footballers and film stars during its heydays.
However, the town is hoping to win back tourists with a major revamp which will see the Grand Hotel being restored and the old casino transformed into a conference centre, as well as a range of new restaurants and amenities.
The Percassi group has presented the project for the world's most beautiful hot springs spa at San Pellegrino (Bergamo) designed by the eclectic French architect Dominique Perrault. The project includes the spa, a 7-star hotel, luxury residences and a fashion mall. Three years of work, over 150 million euros of investment in the first phase and the whole complex will be ready in 2011. The idea was promoted by Antonio Percassi, president of Percassi Group and Gruppo Stilo, and CEO of Premium Retail.
Paul Hudson, Italian specialist at The Property Finders, has stated that Lombardy 'is too frequently overlooked in favor of Tuscany, it is an area worth considering, particularly now that San Pellegrino's fortunes are on the up. Paul Hudson has recommended that buyers can look in the vicinity of San Pellegrino in places such as Vetta.
He adds that the development of the infrastructure will improve accessibility. Road links will connect San Pellegrino to the Milan-Venice autostrada. Milan Orio, the principal Ryanair Italian hub, is 30 minutes drive and Milan Linate International Airport is only an hour away.
Paul Hudson commented: "Journey times will be reduced by road improvements bypassing towns in the valley, which is good for holiday lettings."
In related news, Linda Travella, of Casa Travella, has stated that the housing market is relatively stable in the valley, but the revamp project in San Pellegrino are already having an effect on property prices there as Prices increased by 30-40 per cent in the past year and once the new developments take shape, values are expected to increase further.
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