One & Only Aesthesis

One&Only Aesthesis (Asteria Complex) in Glyfada is a new luxury resort, located within the famous Athenian Riviera in a 27-hecture tranquil beachfront site in South Athens, less than 30 minutes away from the historical center of Athens and the Airport. The plot includes zones of special interest; the seashore and beach, a forest and areas of archaeological interest.  The complex is accessible from 3 different entrances along Poseidonos Ave.

The Development concerns a 5-plus star high end luxury resort of 400 beds in total, with a combination of standard rooms, suites, bungalows, furnished apartments and branded villas, offering spectacular views over the Saronic Gulf and will be operated by the leading global company One&Only.  Specifically, the available keys will be 167 with their total GLA amounting to 12.550 m2.  Further to that, the Development includes various F&B settings (e.g. 1 Specialty Restaurant operated by Manko), multipurpose buildings & museum, events hall, Beach bars and an exclusive Spa & Gym, operated by Chenot.  All buildings are in a short walking distance from the beach, and many of them in close visual contact with it.  The total buildable area of the Resort (GBA) amounts to ca. 24.000 m2 (permit area 20.700 m2).

The complexity of the project was that all existing were not demolished and constructed from scratch, but they were renovated within the existing footprints and fully upgraded, in order to meet the high standards of One&Only.  This restriction affected the project in multiple ways and all parties successfully collaborated, in order to aligned with the approved capex, the time, as well as the high quality.  Moreover, due to the extensive area (more than 270.000 m2 plot area), the construction scope was awarded to multiple General Contractors, who needed to cooperate and combine their capacity, delivering the Project within the standards specified.

The total Development Cost (exl land) was close to 188m€ (w/out VAT).

Focal was engaged to provide Technical Advisory Services on behalf of the Lender, in terms of construction quality, time-schedule, cost control, risk assessment, GC payments & certifications, and any other issues may occur during the Project.