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Gaiole Wine Estate, Chianti, Italy

€3,900,000

PRICE REDUCED FROM €5.5m

This charming estate consists of 82 hectares of land, five of which are Sangiovese vineyard (for production of Chianti Classico D.O.C.G.), a main house, guesthouse and wine cellar.

The estate is situated in the heart of the Chianti Classico region, and is neighboured by some of the most prestigious vineyards in Italy. The property has recently undergone a complete refurbishment and modernisation. The owner's choice to use local Tuscan artisans and high quality materials is apparent as the house has retained its authentic Tuscan character, whilst now also offering luxurious surroundings and state of the art facilities.

Main House & Guesthouse The private road that leads to the property has been recently maintained and is in very good condition. The main house offers circa 500 sq.m of space divided between 3 spacious bedrooms all with en-suite bathrooms, a study, lounge area, laundry room and large kitchen. The guesthouse is attached to the main house, and offers a further bedroom and bathroom. There is also a charming cantina (ground floor) which could be used as a wine cellar, gym or office. The property is surrounded by a circa 4000 sqm of garden, with a beautiful infinity pool finished in mosaic tile. The garden and pool area border with the surrounding vineyard and the views are breathtaking.

Vineyard The Chianti area in which this property is located is widely known and accepted to have the perfect conditions for wine production, both in terms of soil composition and weather. This estate accounts for a total agricultural surface of circa 80 Ha (198 acres), out of which circa 5ha. is devoted to vineyards, and circa 5ha is rangeland (pasture and arable land) the remaining 70 ha consists of Oak and chestnut forest.

The vineyards are officially part of the Chianti Classico D.O.C.G. appellation. All formal papers related to public control institutions are updated and correct (iscrizione all'albo del Chianti Classico, catasto vigneti AGEA, denuncia di produzione etc).

The Wine Cellar & Facilities The newly built 900 sq.m wine cellar consists of a fermentation cellar, ageing cellar, tractor garage/storeroom, independent apartment (currently used by the custodian), and a large open-plan area on the first floor which could be used as tasting rooms, office space or even converted into an apartment (by application to local authority). The wine cellar already offers one charming apartment which is currently used by the custodian. The cellar is equipped with state of the art temperature controlled fermentation tanks, and is equipped with all the necessary machines and tools required for wine production.

The fermentation, the ageing process and the storage of the bottled goods all take place in the new cellar. The dimensions of fermentation cellar (312 sq. Meter) and ageing cellar (118 sq. Meter) were designed purposely to offer an efficient work area. The cellar can support a potential increase in production, as extra space is available. Both the fermentation cellar and the ageing room benefit from a modern temperature control system to ensure the perfect environment for the various process.

Please be aware prices may vary due to fluctuations in the exchange rate

A GUIDE TO BUYING IN ITALY

As with any property purchase in any country, it is always advisable to gain the help of reputable and independent legal and property advisers when you propose to buy in Italy.

MAKING YOUR OFFER

Purchasing property in Italy is usually a three-stage process. When you make an offer to buy, this needs to be made in writing by way of a formal Purchase Proposal and this should be accompanied by a deposit (which can be up to 5% of the purchase price). The deposit can be held in escrow. It can be a good idea to put a time limit on your offer and make it subject to due diligence.

THE PRELIMINARY CONTRACT

Once the formal details of the sale have been agreed between the buyer and vendor, and their legal representatives and the due diligence completed, the preliminary contract can be entered. This is a formal agreement drawn up by the agent, lawyers and, in some cases, this contract is also notarised. The contract stipulates all terms of the sale/purchase and is typically accompanied by a further deposit payment between 10%-20%. Again this deposit can be held in escrow or paid directly to the vendor. If the seller changes his mind, he will have to pay you double the deposit you have lodged.

THE DEED OF SALE (‘ROGITO’)

The public notary prepares the final deed of sale known as the rogito, whilst also carrying out land searches and so forth. The notary is a public legal body who represents both the buyer and the vendor, and collects the necessary taxes on the sale/purchase. It is the buyer who may choose which notary they wish to use.

THE COSTS OF BUYING

The main costs met by you, the buyer are:

Lawyer’s fees : 1-2% + IVA
Notary’s fee : Approx. £3,000 + VAT
Estate Agent’s fee : 3% + VAT
Tax on property : is calculated at 9% of the value according to the land registry. On resale properties the land registry value is typically lower than the sales price, often by as much as 30% to 50%.
Tax on land : is calculated at 12% of the land value. The notary will decide an appropriate value for the land in line with land prices in the area
NB:If you pay for your purchase with funds from outside Italy, be sure that the records are officially documented. Any later sale proceeds can then be repatriated.

ONGOING TAXES

Property owners pay income tax based on the theoretical rental income of the property. However, non-residents in Italy are subject to this tax only if the income exceeds a certain threshold.

Council tax (‘Imposta Municipale Unica’) is based on the land registry value of the property and is collected by the local authority twice a year.

You do not pay Capital Gains Tax if you sell the property more than five years after the purchase.

Please note: This article reflects Aylesford’s current understanding of property legislation in Italy. It is offered for general guidance only; specialist legal and tax advice should always be taken for any property transaction.

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