Restoration Portfolio

Restoration Portfolio
The Ultimate Restoration Portfolio comprises a unique
and valuable assembly of traditional stone buildings
for restoration.
Offering a diverse mix of (re)development opportunities,
the restoration projects are located in both prime coastal
locations (e.g. Lustica Peninsula) and in the relatively
undiscovered rural hinterland/Skadar Lake region.
Beyond the aesthetic attributes of location and architecture,
the attractiveness of this asset class also relates to the
embedded planning status and significant tax (cost)
advantages e.g. if the project remains sympathetic to the
footprint & dimensions of the existing building framework,
only a restoration permit may be required rather than
full planning consent. In addition to the planning status
provided by the existing structure, the zoning status
(Detailed Urban Plan or DUP) of a number of the projects
allows for significant additional (complimentary) build
density on the site e.g. the Olive Mill Estate in Lustica.
The Restoration projects are available as an entire portfolio
or as individual assets.
In this brochure we have focused on a number of the key
projects in order to demonstrate what can be achieved.
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Bosnia-Herzegovina

Serbia
PLUZINE

Location
ZABLIAK

BIJELO POLJE

MOJKOVAC

SAVNIK

BERANE

Restoration Portfolio

Coastal

MONTENEGRO

KOLASIN

Rural

Mountain

Olive Mill Estate

Belvedere Cottage

Loven Mountain Retreat 15

The Lustica Estate

Orchard House

Moraca Valley

Olive Grove Cottage

Church House

Ponte Villa

Hamlet Cottage

The School House

Hilltop

Villa Petrovac

Meadow Cottage

Sunset House

White Cottage

Sunset Cottage

Church Valley

Pond House

10

The Guard House

10

Valley Cottage

11

Valley House

11

The Retreat

12

Vine House

13

Vista Lodge

13

The Lodge

14

NIKSIC

Lake
16

ANDRIJEVIKA

Lakeside Cottage

17

Lakeside House

17

Montenegro

Croatia
HERCEG
NOVI
2

RISAN

1 TIVAT

PODGORICA

15

KOTOR

4
3

CETINJE 13

10

7
14

BUDVA

17

11

SKADAR
LAKE

Adriatic Sea

Albania

BAR

ULCINJ

PLAV

12

DUBROVNIK
GRUDA

16

Olive Mill Estate

Coastal
E80

Herceg Novi

Bijela

E65 E80

E80

E65
BAY OF KOTOR

Kotor

Tivat
E65

Rose

Lustica

Radovii

Olive Mill Estate

ADRIATIC SEA

E80
E65
Lastva

Budva

Olive Mill Estate is one of a number of sites

in this portfolio that is suited to small scale
development and restoration. The Estate is
located in the picturesque village of Zabrdje.
This village is at the highest point on the
Lustica peninsula and has one of the most
beautiful views in all of Montenegro.
Set amongst a hamlet of attractive villas,
Olive Mill Estate is so called because Lustica
is famous for its abundant olive groves. The rich
cultural heritage and lovely beaches make this
peninsula a prime holiday destination. Zarbdje
enjoys a real village lifestyle but is perfect for those
still looking for the convenience offered by town
living and Budva and Kotor are only a 20 minute
drive away.

Site Description
Olive Mill Estate is located on North-East facing
slopes with spectacular panoramic views of the
Kotor Bay. The site consists of a lower and upper
ruin with an internal central space.
Planning Statement
Olive Mill Estate is located within the Detailed Urban
Plan (DUP) of the Lustica Peninsula (KO Zabrde,
Herceg Novi). In addition to the existing planning
rights defined by the current building structure, the
DUP for this specific area (or specific land parcels)
allows for a total building density ratio of 80% (over
3 levels). Therefore, Building Permit applications
are in the process of submission for: (i) extensions
to the existing old stone buildings and (ii) additional
new (complimentary) buildings.

There are two ruins on the site with two access

points onto the land from the main road. Over the
last few years, the region has seen an increase
in new developments, however one can still
experience the secluded and tranquil environment
that this hideaway will provide.

Distances
Main road 20 km
Budva 45 km
Airport Tivat 23 km
Dubrovnik 90 km
Plot size 1,680 m
Existing building footprint (ruin 1 & 2) 172 m
Existing area ruin 378 m
Proposed GDA 1138 m

Architectural Plans
Project Description
It has been proposed that the two ruins are each
divided into two houses. A basement has been
added to the upper ruin to accommodate a
main bedroom. There is access from the back
(South-West). Terraces with pergolas are added
to the front of each house on the view-facing side.
The upper ruin is to consist of House 1 (two semidetached houses with new basement) and the
Courtyard Units (two, 1 bedroom apartments
over the existing cellar). The lower ruin is converted
into House 2 (two semi-detached houses). A new
row of attached housing is to be situated in the
centre of the site adjacent to a large communal
swimming pool and terrace area. The pool terrace
will back onto a tree-lined pergola which will act
as the parking court. The lowest portion of the
site will accommodate House 3. This will be a
new build and will either be a single house or two
semi-detached houses.

Masterplan
Site Section

In summary the development consists of:

House 1: Rebuilt ruin, two semi-detached,
three bedroom houses with terraces overlooking
the view and rear access. Area of each house
(including terraces) = 135 m.
House 2: Rebuilt ruin, two semi-detached,
three bedroom houses with terraces overlooking
the view and rear access. Area of each house
(including terraces) = 147 m.
House 3: New freestanding villa, optional single,
three bedroom house or two semi-detatched two
bedroom house. Area of house = 147 m.

Aerial Perspective

Terrace House: New build, four attached, three

bedroom units with basement level. Area per unit
(including terrace and basement) ranges between
126 and 144 m.
Courtyard Units: Rebuilt ruin; two, 1 bedroom
apartments. Area per unit (including terrace) is
47 and 49 m.

Floorplans
House 1 (semi-detached, re-built ruin)

Basement Level
7

Ground Floor

First Floor
8

House 1, although now a ruin, still boasts the

original mill that would have been used to press
olives to make oil. This feature will be preserved
in an architects scheme that is sensitive to the
surroundings and heritage of the settlement.
The ruins are carefully reconstructured while
the new buildings are designed in the traditional
vernacular of double-pitched tile roofs and stone
walls with vertically proportioned openings.
The modern exception is large glass doors on
the view side which open onto a terrace,
shielded by a pergola. All units are fitted with
contemporary interiors.

Views of the surrounding areas and of

the Olive Mill Estate, and then after the
proposed development.

Infrastructure & Transport Access

A newly built road and pathway connect the site
with the main road. Electrical and phone/internet/
cable are available. There is no sewage connection.
No main water supply, although water can
be pumped into the home from a rain water
storage tank.

Current view of Olive Mill Estate.

Computer generated image of proposed development.

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Ponte Villa
Coastal
E80

Bijela

Herceg Novi
E65 E80

E80

E65
BAY OF KOTOR

Kotor

Tivat
E65

Rose

Lustica

Radovii

Ponte Villa
ADRIATIC SEA

E80
E65
Lastva

Ponte Villa is located on the Lustica Peninsula,

in the municipality of Herceg Novi. It is an area
of extreme beauty and rich in culture. This site is
situated in a newly developed area of the coast
and sits in a hamlet of modern villas, creating a
close community feel. Ponte Villa is two minutes
walk from one of the most beautiful and secluded
beaches on this coastline. This location is ideal for
a family holiday villa or a luxurious home for the
more discerning buyer.

Site Description
What makes Ponte Villa so desirable is the superb
views it offers of the Adriatic Sea and the lush green
surroundings of the area. The site is rectangular,
sloping gently towards the North-West. The beach
is 50 m away to the West and is accessible by a
footpath and stone steps. Beyond the bay on the
seaward side, the coast is separated with hidden
coves and conceals the cobalt that shapes the
monumental Plava Spila (blue grotto).

The region of Ponte Veslo is a 20 minute drive from

Budva and a stones throw from the popular tourist
destination of Rose. The route to this secluded spot
takes one through the pretty villages of Radovanici
and Begovici, which have excellent views of the
sea and the fishermans village of Bigova. A newly
built two lane road connects the site with the main
coastal road. Architects have planned a villa for
this site which encompasses new development
but yet is sympathetic to the architecture of the
region producing a lovely villa on this exceptional
piece of coastline.

Planning Statement
The Ponta Villa Site is situated in an area of Lustica
(KO Radovanici, Herceg Novi) which is in the
imminent process of being urbanized (i.e. currently
it is not governed by any planning legislation/
guidelines). In addition to the existing planning rights
defined by the current registered building structure,
it is anticipated that the new urban plan for this
specific area will allow for a total building density
ratio of 80% (over 3 levels).

Budva

Distances
Kotor 25 km
Main road 20 km
Budva 18 km
Airport Tivat 18 km
Dubrovnik 98 km
Plot size 310 m
Existing buildings footprint 45 m
Proposed buildings footprint 61 m
Proposed GDA 183 m

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Architectural Plans
Project Description
It has been proposed to build a three storey,
4 bedroom house. There will be two car parking
spaces with direct access from the road.

Floorplans
Front Elevation

Ground Floor and Site Plan

According to the planning rules a maximum 61 m

footprint and a two and a half storey building is
allowed for this particular development (half storey is
loft or subterranean lower ground floor). The whole
building with ground floor terraces and garden is
1.2 m above street level which significantly reduces
digging and allows better privacy and separation
from the public space.
The three storey villa (ground floor, first floor and
loft) has been designed with a spacious living room,
dining and kitchen on the ground floor. Sleeping
accommodation is on the first and second floor (loft)
with 2 large double bedrooms with en suite on each
level. The entrance and staircase are positioned to
the rear of the house to allow flexibility, making it
possible to transform the whole house into three
1 or 2 bed apartments (50 m each).

Side Elevation (North-West)

There will be large terraces on the ground and first

floors which will be very popular and convenient in
the summer months. Provision has also been made
for a decent sized garden surrounding the house.
The main view from the house is towards the
South-West coastal area which is covered with pine
trees and olive groves. In front of the villa is a large
open terrace and informal entrance with attractive
stone steps.
The villa will be a stone house with mono and duo
pitched roofs covered with Mediterranean (Roman)
tiles in the traditional, authentic style of the area.

13

First / Second Floor

14

The intention is to preserve as much as possible of

the existing olive and pine trees on this small plot.
Infrastructure & Transport Access
A newly built road and pathway connect the site
to the main road. Electrical and phone/internet/
cable are not available. There is currently no sewage
connection, and an eco septic tank should be built
on the lower level. There is no mains water supply.
The water supply will be pumped into the villa from
a rain water storage tank.

Views of Ponte Veslo.

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16

Church Valley
Coastal
E80

Herceg Novi

Bijela

E65 E80

E80

E65
BAY OF KOTOR

Kotor

Tivat
E65

Rose

Lustica

Church Valley is in the rural location of Glavati

although only a 10 minute drive to the Adriatic coast
and its beaches. It sits in the middle of existing
farmland with old stone houses and indigenous
flora. This property is so called as it is in the unique
position of being surrounded by five churches.

Radovii

Church Valley
ADRIATIC SEA

The ruin site is easily accessible from Budva and

Tivat airport and is a 5 minute drive from Jaz beach,
which has played host to international concerts.

E80
E65
Lastva

Budva

This area is a traditional farming community and

the village is designated as a protected zone by
the heritage department of Kotor Municipality.

Site Description
The site is rectangular and gently slopes towards
the North-West. On the upper part of the site there
are three ruins. One is the main building with an
ancillary building adjacent to it. The main buildings
ground floor, external stone walls, and staircase
have been preserved. The ancillary building is the
best preserved with original Mediterranean roof
tiles and the third buildings footprint has also been
preserved; this was previously the farm building.
The original village guvno still remains on the site.
This is a stone built circular structure used for
threshing grains and also was the meeting point
for the village.
The lower part of the site is almost a flat meadow
surrounded with trees and shrubs. The intention
is to preserve as much as possible of existing
site layout.

Distances
Kotor 25 km
Budva 18 km
Airport Tivat 18 km
Dubrovnik 98 km
Plot size 1,894 m
Exisiting buildings footprint 167 m
Proposed buildings footprint 312 m
Proposed GDA 553 m

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Architectural Plans
Project Description
This Project is more of a renovation (reconstruction)
than a new designed development.
It is proposed to build two houses, one larger
luxury villa and one smaller guest house on this
site. The existing circular stone structure guvno
is well preserved and can be renovated as an
arbour or gazebo. On the lower part of the site
(the meadow) a large swimming pool with an
arbour as a landscape feature and shaded area
is proposed. The access to the site is from the
existing road on the South-East side with a new,
stone-built arched gate. There will be four car
parking spaces with direct access to the road.

Floorplans
View from Pool

Ground Floor

First Floor

Aerial View

The two storey villa is constructed on the footprint of

the existing main and ancillary buildings, connected
together to make one house. There will be a newly
designed spacious ground floor, and formal living
room. The main view faces the North-Westerly
direction with views of the meadow and swimming
pool. In front of the villa is a large open terrace and
formal garden. On the South-East side one could
plant a good sized winter garden.
The two storey guest house is a smaller 3
bedroomed building, adjacent to the house with
a lovely large open terrace and formal garden.
It has been proposed that most of the existing
landscape will be preserved, with added indigenous
trees, shrubs and flower beds. Both buildings will
be built as stone houses with duo pitched roofs
and Mediterranean (Roman) tiles in the traditional,
authentic style of the area.

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20

Views of the surrounding areas

and of the Church Valley.

Computer generated image of proposed development.

21

22

Lustica Estate
Coastal
E80

Herceg Novi

Bijela

E65 E80

E80

E65
BAY OF KOTOR

Kotor

Tivat
E65

Rose

Lustica

Radovii

Lustica Estate
ADRIATIC SEA

Distances

Lustica Estate is set within the holiday resort

of Lustica and provides the ideal location for a
secluded boutique spa hotel and/or managed
apartments and four luxury villas. It is situated a
15 minute drive away from the UNESCO protected
town of Kotor and overlooks Herceg Novi and the
Bay of Kotor. The area is rich in cultural heritage,
panoramic views and beautiful beaches.

E80
E65
Lastva

Budva

The Estate sits in the heart of the village of Zadrdje.

It is located in a quiet and secluded area and is only
a short walk down to the coast where one can take
full advantage of swimming in the warm waters of
Kotor Bay. An added advantage is that it is only a
short ride from the ever expanding town of Budva.

Site Description
Although this site is ideal for a boutique hotel,
the design concept is flexible, with the ability to
incorporate an alternative scheme of managed
luxury apartments. North-East slopes open out
towards panoramic views of the sea and mountains.
The land has a spacious feeling (as the closest
neighbours are at the back of the ruins and well
screened from view) and it is undeveloped and
has an away from it all feel. There are two access
points onto the land from the main road.
Planning Statement
Lustica Estate is located within the Detailed Urban
Plan (DUP) of the Lustica Peninsula (KO Zabrde,
Herceg Novi). In addition to the existing planning
rights defined by the current building structure,
the DUP for this specific area allows for a total
building density ratio of 80% (over 3 levels).
Therefore, Building Permit applications are in the
process of submission for: (i) extensions to the
existing old stone buildings and (ii) additional new
(complimentary) buildings. It should be noted that
the entire area immediately in front of the borders of
this asset is a designated Green Zone (and therefore
the view is protected).

Kotor 25 km
Budva 18 km
Airport Tivat 18 km
Dubrovnik 98 km
Plot size 4,113 m
Existing buildings footprint 621 m
Proposed buildings footprint 1,327 m
Proposed GDA 1,738 m

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Architectural Plans
Project Description
This project design will incorporate the two
ruin complexes on the site named the
The Pool House and The Stone House.
The additional new buildings will be designed
in a traditional architectural style that complements
the existing ruins. This juxtaposition of old and
new offers a rich architectural experience to visitors
to the development. The site has lovely views, not
only to the sea but also across the wooded valley
to the hill and villa in the East. This East view is
especially desirable as the land at Pool House
(the lower ruins complex) slopes down towards
it and it catches the morning sun. This view is
protected as the neighbouring land has been
designated a Green Zone.
The proposal is for a luxury boutique type hotel
offering 19 keys split between rooms, suites and
villas. With the exception of 4 rooms, each room
has a private sun terrace. The ruin complexes
work very well as hotel accommodation.

Floorplans
Aerial Perspective

Luxury Villa 2 (semi-detached)

Ground Floor

First Floor

Hotel Room with Terrace

Pool House: Site Section

A spa has been sited in the long ruin towards the

front of the site. The garden in front can be kept
private for the spa. An indoor-outdoor heated
therapy pool (one can swim through under a glass
barrier) is sited in the existing ruin. Four treatment
rooms can be placed along the back edge with a
planted roof cover, changing rooms, stores and the
plant and pool pump are in the basement. The spa
is sited slightly higher than the restaurant terrace
and the pool spills over into a surrounding lower
reflection pond which will offer a foreground from
the restaurant terrace. This should be especially
effective at sunset.

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The entrance to the hotel is from a parking

area under trees at the southern end of the site.
This land is only suitable for parking owing to
building lines. The entrance to the hotel is on foot
along the existing reconditioned and paved stone
wall-lined put. Guests would walk along this very
scenic path through the hotel gardens to the hotel
reception. One will then walk through the lounge to
the restaurant, veranda, terrace, pool and garden
which unfold below.
In summary, the site is divided up into:

Infrastructure & Transport Access

A newly built road and pathway connect the site
with the main road. Storm water on this site will be
collected in surface channels and fed into a storm
water disposal system. A grey water system is to
be installed to recycle water within the development.
Where possible rainwater is to be harvested from
roofs and is to be used to water the hotel gardens.
It is proposed that an integral drainage system be
designed to discharge into septic tanks supplied
with eco filters. The septic tanks should be
strategically located to allow for communal access.

1. The Pool House the lower complex of ruins

converted into hotel rooms upstairs with
reception, restaurant and bar + terraces,
pool and garden
2. The Stone House the upper complex of
ruins converted into hotel rooms upstairs and
downstairs with a managers flat. Service
spaces in basement and a wine cellar
3. Four luxury villas (1 or 2 bedroom units)
are situated in the garden on the walk from
the parking to the hotel reception
4. Hotel Spa with private garden and separate
relaxation pool.
The suite and villas are to be designed in the
vernacular style of stone walls and Mediterranean
style roofs. The proportions of the buildings, the roof
pitches and the window and door openings will also
be traditional. The only exception would be bigger
sliding doors on the view side but these would be
shaded by a veranda or pergola. The hotel and spa
are largely accommodated in the existing fabric.
An addition to The Pool House is a planted flat
roof (to minimise visual impact). There will be glass
skylights between the old and new buildings to
introduce light down into the building.

Views of the surrounding areas

and of the Lustica Estate.

Current view of the Lustica Estate.

Proposed development of the site.

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About Us
The team are senior property investment professionals, with a blend of local knowledge and
international experience who have identified a unique development opportunity in Montenegro.
Ultimate Montenegro entered the market in 2004 and acquired prime plots of land across the
Country with diverse development opportunities.
Our specialist local team have carried out the necessary legal and planning due diligence for
each asset. We offer consolidated land packages with zoning and planning consent and an
ongoing local implementation support.
Michael Ward, Kotor, Montenegro
Michael began working in the
Investment Management industry in
1988, after graduating from Oxford
University. With 22 years of industry
experience of which 8 years in the
Balkans, Michael has managed
investment portfolios specialising
in Eastern Europe faor various
institutions, including Head of EMEA
Equity at HSBC Asset Management,
TCW Asset Management and ABN
Amro. In 2000, he was ranked No.1
Investment Advisor in Turkey and No.2
in both Poland and Hungary (Reuters
GEM survey). In 2005, Michael was
appointed Director of Montenegro
Investments Limited (MIL), a CISXlisted closed-end real estate company
and one of the largest foreign investors
in Montenegro to date. Michael is
responsible for the implementation
of the groups Strategy, Research
and Marketing activities. Michael
has a working knowledge of the
Serbian/Bosnian languages.
mward@ultimatemontenegro.com

Amra Ward, Kotor, Montenegro

Amra began working in the investment
industry in 1996, after obtaining
a Masters Degree in Advanced
Mechanical Engineering from Imperial
College, London. As an Eastern
European investment specialist, Amra
has worked for a number of blue chip
institutions such as Merrill Lynch, TCW
Asset Management and ABN Amro.
In 2002, Amra acted as Advisor to a
UK FTSE-listed real estate company
regarding Western Balkan acquisitions
and privatization activities. In 2005, as
the Director of Ultimate Montenegro
Ltd, Amra was appointed Advisor to
Montenegro Investments Limited (MIL),
a CISX-listed closed-end real estate
company. Amras local knowledge and
extensive network is the principal driver
behind the groups Commercial
& Urban Planning programs. Amra
is fluent in English and her native
Serbian/Bosnian.
award@ultimatemontenegro.com

Chris Kemsley, London

Chris started his own property
consortium in 1994 and is one of the
largest providers of affordable housing
in West London. He has significant real
estate experience in both developed
and emerging markets. Chris advises
on all property fund decisions and is
responsible for Joint Ventures and new
business opportunities.

Sandra Tepic, Kotor, Montenegro

Sandra is a graduate of the Faculty
for Maritime Studies, Management
Department, and is fluent in English.
She has been with Ultimate since
they opened in 2004, and with her
excellent knowledge of office and
human resources management, she
is responsible for all office operations
and procedures.

Tamara Peranovic, Kotor,

Montenegro
Tamara is a graduate of the Faculty
for Tourism and Hotel Management.
She has a good understanding of
English and experience in the Tourism
and Property management sector.
She joined Ultimate in 2006 and is
responsible for all property and
land management.

Chris.Kemsley@penham.co.uk

stepic@ultimatemontenegro.com

tperanovic@ultimatemontenegro.com

Danny Parish, Kotor, Montenegro

Danny has extensive experience
with sales and marketing and has
worked in the commercial and travel
sectors internationally since 1990. At
the beginning of 2007 she moved to
Montenegro to work as a Sales and
Marketing Director for a UK hedge
funds Montenegrin division. After
successfully completing the sales
of their assets in October 2008, she
moved to join Ultimate in November
2008, as their Head of Sales
and Marketing.

Borka Papovic, Kotor, Montenegro

Borka obtained a Masters Degree in
English Language & Literature at the
University of Niksic. She has been
working in the Montenegrin Real
Estate sector since 2005, and joined
Ultimate in 2008. With her extensive
experience of the real estate market,
she is responsible for property
administration and market research.

Ultimate Montenegro
Stari Grad 475
Kotor 85330
Montenegro
T +382 (0)32 304 369
F +382 (0)32 304 370

bpapovic@ultimatemontenegro.com

danny@ultimatemontenegro.com

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