Abode2 volume2 issue5

Abode2

The essential guide to the finest in luxury resort property

harbouring ambitions Po r t Fe r d i n a n d B a r b a d o s u n v e i l e d

vine intervention Vineyard living in Bordeaux

Volume 2 Issue 5 ÂŁ6.95

the magic of montenegro T h e Pe a r l o f t h e M e d i t e r r a n e a n

Interior Tuition with Sophie Conran

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Rory McIlroy’s Home of Golf

belize beckons

Luxury beachfront getaways

Globetrotting Style with John Hitchcox

19/06/2014 10:31

The Placencia Welcome to The Placencia - a private, gated 4,000-acre master-planned environment fronting over five miles of Caribbean shores and the Placencia Lagoon. Here, along the most pristine beaches of the Placencia Peninsula, we’re realizing our dream to create the flagship destination for Belize and introduce the world to the riches of our Caribbean Eden.

Within this unspoiled setting of verdant forests, “barefoot-perfect” beaches and crystalline waters, a diversity of eco-adventures, family-friendly experiences and tropical residences await - all served by the country’s most gracious staff. Ownership means membership in the Caribbean’s most comprehensive private club, giving you access to boundless opportunities and amenities.

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BENEFITS OF OWNERSHIP • • • • •

Optional rental programme Tax benefits Eligibility for the Retirement Program in Belize Deeded, freehold ownership Full access to The Placencia group of properties, including The Placencia Hotel and Residences, Placencia Marina and Marina Village, Panther Golf Course, Copal Beach Resort, Rendezvous Island and The Placencia International Airport.

Private and Resort Residences within the flagship development of The Placencia in southern Belize The Placencia Placencia, Belize MADELEINE LOMONT madeleine@theplacencia.com +011-501-533-4111 +011-501-610-3600 THEPLACENCIA.COM

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by

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property@craneresorts.com

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+1 (246) 423 6220

beachhouses.bb

08/01/2014 12:21

“ an island enclave for a privileged few” “ an island enclave for a privileged few”

thereserveexuma.com thereserveexuma.com “ an island enclave for a privileged few”

thereserveexuma.com

Heather Peterson T: 242.393.8630 I C: 242.477.7223 I heather@cbbahamas.com

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Legacy Legacy ofLuxury Legacy ofLuxury ofLuxury Legacy Legacy ofLuxury ofLuxury Legacy Legacy ofLuxury Legacy of Luxury Legacy ofof Luxury Luxury HARBOUR ISLAND, BAHAMAS The Iconic Landing Hotel and restaurant on the waterfront on Bay Street in Beautiful Harbour Island built in the 1800’s, has been renovated to an exceptionally high standard by the current owners, preserving the style and charm of Classic Bahamian architecture while incorporating all the comforts of modern Island hospitality. This magnificent property includes 13 en suite rooms, a full service bar, that includes an award winning wine cellar, and a five star restaurant with indoor and outdoor seating. The gardens of this unique property include a heated swimming pool, and lush tropical landscaping. The harbour front allows for creative opportunities such as a private dock or additional dining area.

Ref.#8162 Price Available Upon Request Robert Arthur, robert@cbbahamas.com 242.359.7216

PARADISE ISLAND, BAHAMAS Ocean Club Residences & Marina provides luxury condominium living in one of the world’s most stunning and exclusive destinations. This professionally furinshed 4 bedroom, 3.5 bathroom condo has breathtaking ocean views from every room. Owners have access to world class amenities, a private marina, beach club and golf course.

Ref.# 8069 $2,990,000 Natasha Vythoulkas, natasha@cbbahamas.com 242.427.1298

ELEUTHERA, BAHAMAS Just outside the historic village of Governor’s Harbour, Unicorn Cay is a 7,000 square foot estate that perfectly blends Old World charm and modern comfort. It sits on 11 prime acres with 300 feet of pristine pale pink sand beach frontage. Exceptionally furnished.

Ref.# 8053 $4,750,000 Brian Hanna, brian@cbbahamas.com 242.470.6562

P PARADISE ISLAND, BAHAMAS The Reef Residences at Atlantis combines legendary residential elegance with the world renowned amenities of the most spectacular resort in the Caribbean. This elegantly designed 2 bedroom, 3 bathroom suite is located on the ninteenth floor boasting spectacular Ocean Resort Views.

Ref.# 8036 $2,200,000 Natasha Vysthoulkas, natasha@cbbahamas.com 242.427.1298

HARBOUR ARBOUR ISLAND, ELEUTHERA Cool ocean breezes beckon as you enter Sandy Hill, with its tantalizing view of Harbour Islands Pink Sand Beach from the large Decks. This exceptional 6 bedroom , 6 bath home sits just one lot from the beach with deeded access and a thatch roof Palapa on the beach.

Ref.# 5295. $3,800,000 Robert Arthur, robert@cbbahamas.com 242.359.7328

Live. PLay. ReLax. invest. the Bahamas...

19 Shirley Street, Nassau, Bahamas T: 242.393.8630 I F: 242.393.8629 I sales@cbbahamas.com I cbbahamas.com

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Majorca, Spain

A HOLIDAY HOME FOR ALL SEASONS Unlock the door to a global portfolio of breathtaking holiday homes and stylish city apartments.

Enjoy a luxury travel lifestyle. Investments from ÂŁ69,500. +44 (0) 20 7205 2579 thehideawaysclub.com This investment carries the risk of potential loss of capital

Bel Ombre, Mauritius

New York, USA

Four Valleys, Switzerland

Investment in this scheme is restricted to certified high net worth individuals or sophisticated investors. Evidence of the certification will be required before detailed information can be provided to you. The price or value of, or income from, investments can fall as well as rise. This investment carries a risk to your capital and an investor may get back less than the sum invested. You may have difficulty selling this investment at a reasonable price and in some circumstances it may be difficult to sell at any price. Do not invest in this unless you have carefully thought about whether you can afford it and whether it is right for you. This financial promotion has been approved for the purposes of Section 21 Financial Services and Markets Act 2000 in the United Kingdom by Smith & Williamson Corporate Finance Limited, 25 Moorgate, London EC2R 6AY, which is authorised and regulated by the Financial Conduct Authority.

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Welcome “Great things are not done by impulse, but by a series of small things brought together.”

Vincent Van Gogh Summer is here and the time is right for dancing in the streets, so the feel good Martha and the Vandellas song goes. In the wax and wane world of real estate however the Ray-Ban season also happens to be peak time for impulse property purchases which we all know rarely make sound investments. So if you have a pleasant tingling in your bones about a place, put it to the test. That beachfront villa may look irresistible when the sun is out, but will it be quite as alluring in the depths of winter? In many countries there’s a vast difference in accessibility (flights, train schedules), climate (leaden skies or tropical storms) and open amenities (many businesses and facilities shut down during the quieter months). So make a point of visiting the region at least twice, once in the high season and also during the offpeak months.

This Issue – Hot Picks Sun

Côte d’Azur – celeb spotting in high-style Cannes

Spa

Whirlwind inspection trips micro managed by developers or agents can be a good dipyour-toe introduction to the local market, but such visits should only ever be for testing the investment waters. For subsequent visits, set your own agenda. Get a feel for what makes the region tick and what attractions will keep you coming back for more.

Take time too, to see a range of alternative properties with recommended local agents.

Compare neighbourhoods and price points. Before you leave, get an ‘insider view’ from overseas owners with property to let in the region – you can follow up this line of enquiry back home through reputable rental websites. Having a good nose around is essential before committing to buy. If your love-at-first sight purchase is meant to be – due diligence won’t stand in your way.

Holistic retreats in St Lucia

Style

Are you villa hunting this summer? Send us your investment stories and eye-candy pics Tweet@AbodeTwo

Sophie Conran on trending interiors

City Laura Henderson Editor

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Email me at editor@abode2.com

Follow us on Twitter @AbodeTwo

Get inspired at www.abode2.com

Edinburgh Icon – investing in Scotland’s fair capital Volume 2 Issue 5 // Abode2 11

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Contributors

John Hitchcox

In need of a little jet-set inspiration this summer? Then turn to page 186 where globetrotting property entrepreneur John Hitchcox, owner and founder of residential design company YOO (which he runs with friend and business partner Philippe Starck), reveals his top secret getaways with food for the soul fun in mind.

Faith Glasgow

Faith is an award-winning journalist who writes on property and personal finance for Money Observer, Investors Chronicle and the Financial Times, among other publications. With demand on a continuing roll and space at a premium, prime central London developers are having to innovate to accumulate. Faith talks to Steven Aldridge of City Scope Developments about his pioneering subterranean schemes – and PCL prospects.

Jane Slade

Jane Slade is former property editor of the Sunday Express and the founding editor of top ranking online magazine for the over 50s; Retiremove.co.uk. This issue sees Jane reporting on the Central American holiday haven of Belize and why this Englishspeaking, tax-friendly destination is successfully wooing foreign retirees to its palm-fringed shores.

Cheryl Markosky

Cheryl Markosky is one of the UK’s foremost property journalists contributing to the Sunday Times, Daily Telegraph, and Financial Times. Still recovering from the marathon of finding her “perfect holiday home” in the Caribbean, Cheryl gleans some ‘next time’ pointers from former Sotheby’s International Realty Director, Charles Smith, the genius behind newly launched property search portal PrimeNewDevelopments.com

Abode2 Editor Laura Henderson Production Editor Colin Halliday

Features Editor Serena Templeton Editorial Designer Kellie Mills

Picture Editor Valerie Standing

Head of Marketing Rowena Shepherd Web Editor Ben Watts

Advertising Sales Manager Jamie Ezekiel

Social Media Manager Kelly Anne Moscrop

Circulation Manager Mark Jones

Abode2 is published bi-annually To subscribe please mail subscribe@abode2.com or call 0800 032 9367 Published by Serious Publishing Chapel Business Centre Aylesbury Bucks HP22 5DW

Printed by the Wyndeham Group Fleet Street 8-12 New Bridge Street London EC4V 6AL

Distributed by COMAG (Conde Nast) Specialist Tavistock Works Tavistock Road West Drayton Middlesex UB7 7QH

© Serious Publishing Ltd 2013. All rights reserved. No part of this publication may be reproduced without prior permission from the publishers. While every effort has been made to ensure the accuracy of the information contained in this publication, the publisher cannot accept responsibility for any errors it may contain.

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Abode2 Contents

24

100

Harbouring Ambitions

112

Sophie Conran Exclusive

Quartermile Edinburgh

44

Mykonos Magic

11 Ed’s Welcome 13 Contributors 20 Trending

The ultimate relocation guide to Jersey and Guernsey

84 a life less ordinary

Property news, views and events from around the globe

Former World Number One and two-time major champion Rory Mcllroy reveals why he’s back in the swing

24 Marina Living

98 Celtic Soul

40 HEllEnic HEavEn

112 design and interiors

Waterfront homes with set sail appeal

The classical charms of the Peloponnese

52 Capital Gains Cover: Port Ferdinand Barbados www.portferdinand.com

72 Channel Hopping

London’s top growth districts

High-style living in Scotland’s fair capital

Sophie Conran on trending interiors

120 Belize Beckons

The latest boutique resorts revealed

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1053B_ Abode2

BECOME THE OWNER OF YOUR OWN DREAM

YOUR EXCEPTIONAL VILLA NESTLED BETWEEN NATURE AND LUXURY

ECO-FRIENDLY DOMAIN ARCHITECT-DESIGNED VILLAS GOLF & COUNTRY CLUB HOTEL ROYAL PALM

Discover the new address to escape to, located only 12 km from Marrakesh, in a eco-friendly environment.

Choose between 6 ground level villas inspired from Berber and contemporary styles enhancing nature, space and light.

Enjoy a privileged access to an 18-hole par 72 golf course designed

by Cabell B. Robinson and to the hotel’s Country Club.

Enjoy the Domain’s facilities, a 24/7 conciergerie and ‘à la carte’ services of a unique palace.

FOR FURTHER INFORMATION, VISIT OUR WEBSITE: WWW.DOMAINEROYALPALM.COM OR CALL US: +212 (0) 5 24 45 87 46 / 47

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Abode2 Contents

144

186

Vine Intervention

86

Las Colinas Spain

128 ALTERNATIVE INVESTMENTS Urban fractionals special report

John Hitchcox

175

St Lucia Mount du Cap

186 And Finally

My Secret Globetrotting Address Book with YOO design guru John Hitchcox

144 The Grape Escape

Vineyard living in vintage Bordeaux

156 New Beginnings

Retirement villages with five-star trimmingss

164 Destination Spa

Holistic retreats in magical Marrakech

172 Caribbean Connections A connoisseur’s guide to St Lucia

164

Ou

Mystical Marrakech

Our network of

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Abode2

LiveLive . P.Lay . R.eLax . i.nvest . t. he PLay ReLax invest theBLBahamas ahamas ive . PLay...... . ReLax. invest. the Bah Live. PLay. ReLax. invest. the Bahamas...

Our network of agents cover The Bahamas local networks in Nassau, Abaco, Eleuthera and all other islands. 19 Shirley Street T: +1 242.393.8630 I F: + 1 242.393.8629 Our network of agents cover The Bahamas local networks inOur Nassau, Abaco, Eleuthera and all Bahamas other islands.

19 Shirley Street T:Abaco, +1 242.393.8630 I F: +all 1 242.393.8629 network of agents cover The local networks in Nassau, Eleuthera and other islands. 19 Shirley Str cbbahamas.com cbbahamas.com © 2011 Coldwell Banker Smith & Smith Realty.

All Rights Reserved. Coldwell Banker Smith & Smith Realty fully supportsStreet the principles the Fair Housing Act I F:and Equal Opportunity Act. Our network of agents cover The Bahamas local networks in Nassau, Abaco, Eleuthera and all other islands.

19 Shirley T: +1of 242.393.8630 + the 1 242.393.8629 OperatedBanker by a subsidiary of NRTRealty.

LLC. Coldwell Banker, the Coldwell Banker Logo, Coldwell Banker International Previews, the Previews International logo “Dedicated to Opportunity Luxury Real Estate” © 2011 Coldwell Smith & Smith All Rights Reserved.

Coldwell Banker Smith & Smith Realty fully supports the principles of the Fair Housing Actandand the Equal Act. © 2011 Coldwell Bankerare Smith & Smith All Rights Reserved.

Coldwell Smith & Smith Realty fully supports the principles of the Fair Ho registered and unregistered service marks owned byBanker Coldwell Real Estate LLC. Operated by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker Logo, Coldwell Banker International Previews, theRealty.

Previews International logo and “Dedicated toBanker Luxury Real Estate” cbbahamas.com Operated by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker Logo, Coldwell Banker International Previews, the Previews Internationa

are registered and unregistered service marks owned by Coldwell Banker Real Estate LLC. are registered and unregistered service mark © 2011 Coldwell Banker Smith & Smith Realty. All Rights Reserved. Coldwell Banker Smith & Smith Realty fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Operated by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker Logo, Coldwell Banker International Previews, the Previews International logo and “Dedicated to Luxury Real Estate” are registered and unregistered service marks owned by Coldwell Banker Real Estate LLC.

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Abode2

The essential guide to the finest in luxury resort property

DIGITAL EDITION OUT NOW

Enjoy reading Abode2 magazine on your tablet, phone or e-reader.

The simple-to-navigate content means that it’s now even easier to explore the best in luxury resort real estate.

Download it free.

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trending

Caribbean Crush

greece lightning As house prices have fallen in Greece, interest

2014 is proving something of a watershed for property markets in the Caribbean with prime real estate in the Bahamas and the British Virgin Islands in particular, seeing sales volumes increase, according to international agents Coldwell Banker.

Their latest analysis indicates that the weak dollar has fuelled interest in particular from Euro denominated buyers and reinvigorated development with projects such as Oil Nut Bay and Albany recording strong sales rates.

from overseas property investors has risen according to the latest market report from leading agent Danos. Stylish new-build projects have been springing up, increasing choice, confirms the agency’s Managing Director, Panos Danos. The Golden Visa scheme which provides residency to non-European citizens who buy property worth more than €250,000, has also been received well by non-EU citizens, and has set the foundations to attract Chinese, Arab and Russian investors.

Style Icon Station The architects and developers behind the transformation of Battersea Power Station have unveiled plans for phase three of the ten year project. Architect Frank Gehry said he thought the new development would be a hub that would attract people, “from all over the world.”

The Battersea Power Station Development Company and architects, Gehry and Foster, have presented designs for a new high street, called the Electric Boulevard, to be built on the former industrial land. The heritage building, once a symbol of British industry, had been abandoned by consultants and developers until a consortium of Malaysian investors rescued the site, funding the regeneration of the deserted chimneys and engine rooms into luxury penthouse apartments.

The third phase will deliver over 1,300 apartments and town houses, including 130 affordable homes, alongside a 160-room hotel, retail and leisure facilities. When completed the whole complex, overlooking the Thames, will bring more than 3,400 homes to the south west London borough.

There are now 323,684 £1m+ homes in Britain, according to the latest Property Rich List from Zoopla - 25% of them having broken into the millionaire home bracket within the last 12 months. Every one of the top 20 most expensive streets is in London, with Kensington Palace Gardens leading the field.

Universally regarded as the definitive status symbol for any HNWI, penthouse apartments are officially in a different league to the rest of the property market. Taking demand to the highest level is the Penthouse collection at Palazzo in LA. Why? Just steps away from downtown, these uber-luxe units boast uninterrupted views of the Hollywood Hills.

More than just a magnet for the bikini set – Indian Ocean idyll, Mauritius is proving a popular second-home choice with British buyers. Statistics from the Board of Investment for Mauritius, show that around 20% of the foreigners buying into the Integrated Resort Schemes (IRS) are from the United Kingdom (UK).

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PLANET OF THE APPS

A Renewed Taste for Madeira A rise in tourism is coinciding with a reinvigorated housing market on the Portuguese

island of Madeira. The first new residential development in over five years - Quinta do Lorde on the eastern tip at Caniçal is garnering considerable interest from overseas buyers; its biggest plus being its’ waterfront location built around a 264-berth marina. The lay-out which replicates existing villages boasts turnkey apartments and villas, with a five-star hotel and spa. Property prices range from €540,000 to €1.45m.

Portugal’s Golden Opportunity Portugal’s association of estate agents, APEMIP, predicts that the country’s

new Golden Visa scheme, which offers residency to non-EU buyers who invest a minimum of €500,000 in real estate, could attract €600 million in investment this year. The scheme has already been heralded as a success since its launch in late 2012, with 542 permits issued to buyers, generating €336 million worth of investment.

brazil beckons Contrary to the predictions

of abrupt bubble bursts, Brazil’s housing market remains strong, with stable house price increases. Brazil’s composite FIPEZAP house price index rose by 12.7% (6.5% inflation-adjusted) during 2013 from a year earlier. In the fourth quarter of 2013, house prices increased by 3.5% (1.4% inflation-adjusted) from the previous quarter.

The world’s ultra-wealthy now hold a fifth of their invested wealth in real estate, as private wealth increasingly shapes global real estate markets. The use of private equity in major property deals worth at least $10 million is almost threefold what it was in 2009, according to analysis from Savills in association with Wealth-X.

The Swiss government is increasing the amount of capital banks must hold against the mortgages they extend to buyers in an effort to cool the housing market. With the new rule, the Swiss National Bank requires lenders to hold 2% against mortgage riskweighted assets. This is double what banks were required to hold last year..

Houzz With more than 30,000 photos, the Houzz application has one of the most comprehensive collections of home design images on the iPad. In addition, there are also more than 25,000 helpful ‘ideabooks’ on how you can improve the design of your house.

Users can flip through captioned photos of interiors in the categories of their choice. See something that catches your eye? Just add it to your virtual idea book for offline viewing. Price: Free Mr and Mrs Smith Created by the award-winning hotel experts at Mr & Mrs Smith, this app is tailor-made for discerning travellers in search of the world’s best boutique hotels.

Download for instant, on-the-go access to Smith’s unrivalled hotel collection. Browse thousands of gorgeous images of stylish Smith stays – a collective of hotel eyecandy. Prepare to have your wanderlust appetite well and truly whetted…

House of Celebrities If you have built your house or given it a top-to-toe revamp and decided it’s still not quite glam enough, check out Celebrity Homes on the House of Celebrities app. It’s the easiest way to spend time with Jennifer Aniston, George Clooney from the comfort of your own sofa. iPad, iPhone, 69p.

According to the California Association of Realtors, international home buyers prefer purchasing properties in the United States over all other countries, viewing the U.S. as a safe place to put their money. While Florida received the most overseas buyer activity in 2013, California specifically, Los Angeles County was the top location for international investment.

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marina living

Harbouring Ambitions Marina developments can mean mega revenues these days with a new breed of investor looking for a prominent spot to dock. But where’s the smart money heading? Laura Henderson reports

T

hey say if you need to ask the price of a boat, then a life on the ocean waves is probably not your bag. But as the super-yacht industry boasts record international sales and marinas begin to rival golf resorts, the serious players are grabbing a slice of the best waterfront action. “The luxury market for yachts is booming,” says Engel and Voelkers yachting broker Ben Ridge. “The number of individuals with assets of more than £20m has grown by almost 50% in the last three years and a good many of those are not just investing in a super-yacht, they’re also buying a waterfront pad with a dock to showcase their floating assets.” According to Sandra Kettler of international agents Coldwell Banker however, it’s not all about millionaires on their gin palaces, there are plenty of people tying up their pleasure boats and enjoying the scenery: “While demand for homes with pontoons or access to marina berths is rising, supply is also restrained by growing restrictions on development of canal side residential estates and waterfront marinas. This is adding greater scarcity value to this type of property, so if you’re fortunate enough to

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find a dockside home you like-stick with it. Growing demand and constrained supply make for a nice little nest egg for the future.”

Portugal Blessed with over 150 miles of superb sailing coastline and one of the best charter areas in Europe-Portugal’s gilt-edged Algarve region has built up a serious ‘leisure and pleasure’ reputation over the years, not only for its championship tees and greens, but also as host of several prestigious international sailing regattas including the Algarve International Sailing Tournament held every spring in millionaire’s marina Vilamoura. Shoring up the current boat hub portfolio, Parque Expo, the company responsible for revamping Lisbon’s northeast waterfront into Nation’s Park, has transformed the frontline east of Faro around Ria Formosa Nature Reserve, into a glittering luxury marina complex to accommodate larger yachts and small cruise liners. “The city has been seen as a poor relation to Lisbon in the past,” explains tourism investment consultant Constantino Jordan, “the latter having benefited from regeneration funding from the EU. Now all that is changing. Land prices in the immediate vicinity of the marina are already reflecting future development, a 1,000 square metre plot selling for €90,000 five years ago now double the value.”

One of the first frontline residential projects is Marina Village. Situated in the Moorish village of Olhao on the fringes of Ria Formosa and just 12kms from Faro airport, the community boasts 387 contemporary-style apartments with high-spec kitchens, wooden floors and spacious balconies.

Residents have the option of leasing a berth at the new marina, with a full complement of on-site facilities including

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marina living

a five-star spa, rooftop swimming pool, and boat shuttle to the surrounding Ria Formosa Islands. Three-bed apartments with Titan Properties start from €250,000.

A see-and-be-seen alternative close to the Portuguese capital Lisbon, the former fishing village turned boating Mecca of Cascais, has become the weekend escape for Lisbon’s well heeled-the town’s ‘good life’ reputation supported by the price tags in its boutiques and the number of stars on its hotel signs.

Real estate next to the town’s 650-berth marina understandably commands a premium. “The town has a vocation for staging major international sailing events such as the ISAF Sailing World Championship,” says Antonio Lopez of Lucas Fox. “Now there’s a quay for mega-yachts and additional moorings, which is only serving to strengthen the resort’s second-home appeal.” Those on the lookout for a ready-tomove-into designer pad can take their pick from the current portfolio of €1m+ frontline stock. Sporting a 150 square metre roof terrace overlooking the Bay of Cascais, the agency has a stunning Bauhaus inspired four-bed, three-bath penthouse apartment on the market for €1.2m. Kitted out with the latest ‘smart home’ essentials from electric shutters and demotic controls to a video entry system, the property also sports a steel framed ‘floating’ stairwell leading up to roof level and those panoramic harbour views.

Antigua An island that has shunned the holistic temptations on terra firma and set its sights on carving out a niche among the buyto-sail fraternity, Antigua boasts a rich nautical heritage, and is already a home-from-home for highbrow boats of all shapes, sizes and nationalities, with English Harbour the venue for one of the world’s foremost maritime events, Antigua Sailing Week, as well as the annual Charter Yacht Show. Just 14 miles long, the largest of the English-speaking Leeward Islands, also offers year-round sailing opportunities. A recession–averse change in tack by government has seen a further release of state-owned land, once rich in sugar and now primed for residential development, but the sailing theme is never far from the property developer drawing board. In a sheltered Atlantic cove on the east of the island, NonSuch Bay, a 40-acre undulating development of beachside apartments, villas and townhouses has an established overseas clientele. Residence designs mix the colonial with the Caribbean, using natural building materials and featuring vast wrap-around decked verandas. Facilities include a restaurant, marina, tennis courts and communal pools. Three-bed re-sale villas are selling for upwards of £1.1m. “Antigua still has room to grow,” says local property agent Lewis James. “There’s great energy to drive foreign investment forward, while at the same time protecting the environment, and there’s no doubt that sailing is proving a major draw with investors, not least because so many of the other island’s have simply reached their peak and got too crowded.”

Mauritius A rapidly growing niche sector in its residential tourism portfolio – the idyllic Indian Ocean getaway of Mauritius is targeting a HNW property investor base with a growing collection of luxury marina living opportunities that also offer residency status as part of the package. Located close to the fishing village of Tamarin on the island’s west coast and clustered around a stunning yacht basin, West Island Resort’s diverse real estate portfolio spans one and two-bedroom turnkey suites and family homes through to deluxe penthouses and larger double-storey villas, all with direct water access.

The community focal point, the centrally located entertainment hub includes all the leisure and pleasure trimmings residents might expect including a day-spa, gym, pool, restaurant and hair salon, as well as a dedicated marina complex for boating and diving services.

With project construction due to complete by the end of the year, finance to purchase is available through Investec Bank in South Africa as well as via domestic channels with 70% bonds available over an eight year term at 10% interest a year. Adds project spokesperson Ross Alexander: “Owners also have the opportunity of placing their home into the resort’s managed rental pool with a three-four month rental window easily achievable.”

Established in terms of the Mauritian Real Estate Scheme (RES), which allows foreigners to buy freehold property on the island and in turn to obtain residency if they so choose, the resort is already attracting significant buy-in from soon-tobe-retirees. Says Alexander: “Mauritius has a track record of strong capital growth on property investments, with personal and commercial taxation currently capped at just 15%.

Choosing a property with marina access offers the potential for a solid return in the future.”

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w o r l d - c l a s s s u p e r ya c h t m a r i n a & wat e r f r o n t p r o p e r t i e s Set amongst the spectacular natural beauty of Montenegro, just 3 hours from Moscow, London, Paris and other major European cities

• Berths for yachts 12 - 150m

• 1 - 4 bedroom apartments for sale and rent

• central location for adriatic cruising

• regent hotel opening august 2014

• tax and duty free fuel

• designer boutiques, restaurants, bars and cafés

• outside eu tax and import regulations

• onsite helipad plus helicopter and seaplane services

• 24 hour yacht assistance and guest concierge

• 64m pool complex with bar, restaurant and nightclub

• three international airports with private jet facilities

• sports club and yacht club

• yacht charter, broker and management services

• Knightsbridge international Boarding school

+382 32 661 059

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i n f o @ p o r t o m o n t e n e g r o.c o m

w w w. p o r t o m o n t e n e g r o .c o m

27/06/2014 08:25

MARINA LIVING

THE RIPPL E F F E C T

Boasting a doorstep berth for every resident - homeownership at Port St Charles on Barbados’ west coast hits the spot with sailing secondhomers, as James Matthews discovers

W

hile golf is undeniably making inroads into Barbados’ ritzy secondhome scene, the ‘buy-to-sail’ fraternity are equally well catered for in the island’s residential tourism portfolio. Indeed many cite Caribbean business mogul and self-made millionaire Sir Charles Williams as the inspirational force behind marina development on the island, setting a quality benchmark in the 1990s with the launch of landmark resort community Port St Charles.

Situated on a pristine 10 acre lagoon north of Speightstown on the island’s fabled west coast, today this exclusive marina hub continues to offer property owners the ultimate in gracious coastal living, luxuriously appointed residences, each with their own berth, affording homeowners the rare luxury of being able to moor their boat literally on their own doorstep.

Surrounding a turquoise lagoon and stretching along the white sandy beaches, residents have easy access to on-site leisure facilities including a members-only Yacht Club with a restaurant and pool, as well as water taxis, beauty salon, tennis courts and a gym. The resort also has its own Customs and Immigration facility allowing residents the freedom to sail directly into or out of Barbados.

Property options run the gamut from stylish one-bedroom lagoon front studio apartments through to spacious five-bed beach front residences with secluded al fresco dining areas. As for those considering the pleasures of a self-catering holiday, the resort also boasts an established rental programme for both short and long-term lets with an annual twelve to fourteen week window for holiday rentals not uncommon.

THE VIEW FROM HERE SIR CHARLES WILLIAMS Port St. Charles has set a high standard in quality waterfront residential development. What inspired you to create this community?

Back in the 70s I spent time in St. Lucia working in the construction business. What struck me was the untapped potential for high-end residential marina and golf development. Top resorts Cap Estate and Rodney Bay Marina have since gone on to drive tourism industry on the island.

For me personally, the experience ignited a dream to create a landmark luxury waterfront community back home in Barbados. I was inspired not least because we were the first port stop for boats coming across the Atlantic but we couldn’t keep them here due to lack of facilities.

Being a keen sports fishing enthusiast with trips to Trinidad and Jamaica also made me realise what a delight it could be to tie up my boat in a private place closer than the Careenage in Bridgetown.

Today in addition to its private homeowner moorings Port St Charles boasts six mega-yacht berths located on the offshore breakwater that can accommodate yachts up to 250 feet. We also have two offshore anchoring mooring buoys that can accommodate yachts in excess of 250 feet.

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Port St. Charles is many things, but essentially we’re unique.

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marina living

The Pearl of the mediterRanean With its UNESCO heritage towns, striking coastline and world-class marina, Montenegro has struck a chord with seafaring buyers. James Matthews samples the action

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he summer opening of Lido Beach Club in Porto Montenegro is a highlight in the social calendar and for good reason. The venue’s champagne cabanas and headline DJs always attract a cosmopolitan crowd keen to sample poolside pampering Montenegrin style, not to mention take advantage of the ritzy leisure facilities on offer within the resort. The brainchild of Canadian gold miner Peter Munk, the master plan development located in the western city of Tivat encompasses 60 acres of prime beachfront real estate, a luxury hotel, yacht club, waterfront promenade and a glittering super yacht marina with water rights to 160 acres along the Bay of Kotor. Garnering particular attention from investors however, is capital yield performance to date - condominium prices up from £500 to upwards of £5,000 per square foot since the project launch a little over six years ago. “Porto Montenegro is making the most of the surrounding area’s natural assets,” explains local agent Aleksandar Kovacevic. “The existing deepwater port and close proximity to Tivat International Airport with direct flights to the UK, is enticing yachting fanatics from the established boating Meccas of Palma, Antibes and Monte Carlo. Berthing a yacht here will cost a fraction of the price compared to the South of France, while the choice of real estate on offer in such a concentrated area means price competitive quality is set to drive the market to perform.”

A small country with a big story to tell, this former

Yugoslavian state’s transition to the 21st century has been remarkably even-keeled; a strength and stability that both real estate and tourism industry experts believe, is likely to continue for the foreseeable future, despite the lingering effects of the global recession.

To give it its dues, the country isn’t entirely new to the tourist game. The one-time glitzy playground of Hollywood stars like Sophia Loren, Richard Burton and Elizabeth Taylor back in the days of Tito, the picture-postcard location of Sveti Stefan; a tiny fortified hamlet of narrow, stepped alleys and terracotta-roofed stone cottages was the place to see and be seen in the 50s. These days, with a helping hand from enterprising developers, this characterful location is enjoying a newfound vitality and is once again drawing an upmarket clientele.

Independence from neighbouring Serbia in 2006 following the tumultuous Balkan conflict of the 90s resulted in a sizeable cash injection of EU funding being channelled into overhauling the country’s ailing infrastructure. The recession impacted on tourism, but with the World Travel and Tourism Council rating it one of the top fastest growing tourism economies, “keeping momentum going” is unlikely to be a problem, says property consultant Marisa Engels: “Montenegro has astutely positioned itself as an affordable rival to established Mediterranean hotspots, yet its target market from day one has been resolutely high-end.

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Pre-recession, property prices were rising by 20-30% per annum and attracting well-heeled British, Western European and Scandinavian buyers, looking for something short-haul with a difference. Even compared to rival Balkan hot spot Croatia, which has adopted a high volume residential tourism strategy, property prices remain competitive. Rental yields are steady too. Although the market is not fully developed; peak season, owners can net between 4% and 8% for apartments and villas on the coast.”

Porto Montenegro Residential Collection Opening this summer and set to become a central piece in this evolving marina village community, the Regent Hotel and Residences designed by Reardon Smith Architects, comprises 35 hotel rooms and 51 residences, including studios, 1-4 bedroom apartments; duplexes and Penthouse suites.

Created by renowned interior designer Tino Zervudachi, each residence (ranging from 40 to over 500 square metres) has been designed to match the needs of the 21st century traveller. Living spaces feature the latest in-room technology, grand entertaining areas, expansive marina views and a series of rooftop pools.

The bespoke styling of each of the residences also incorporates careful use of locally sourced materials to ensure a level of individuality and above all a sense of place.

Owners benefit from the Regent’s bespoke hotel services.

A range of dining and entertaining spaces as well as tranquil

gardens, indoor pool, signature Regent spa and fitness centre are just a number of the highlights. Rates for residences which can also be included in the rental pool, either entirely or in part by closing off self-contained modules, start at £2,750 per square metre.

Planned for completion summer 2015 meanwhile is the uber-stylish Ksenija Residences collection, a collaboration this time between Reardon Smith and MHZ of Paris. Designed to maximise the available views, individual units benefit from full south-west exposure and direct water frontage. Sporting a high specification design, apartment options range from one to threebedrooms, prices range from €350,000 to €2.2m.

Each apartment has its own terrace with a select few boasting a private rooftop and pool. The building also features two residents-only communal pools, a large southern-facing firstfloor terrace with infinity pool and a fourth-floor pool with views across the Bay of Kotor. Residents needn’t worry about the added hassle of decorating as MonteVera Design consultancy liaises between its clients and renowned interior designers to coordinate and deliver contemporary design solutions.

Adds Porto Montenegro’s Head of Marketing Matthew Morley: “Enviable views over the Bay take in some of the most magnificent yachts afloat, while charming piazzas, restaurants and shops nearby offer all the convenience and serenity of waterfront living. A dedicated concierge team are on hand too 24 hours a day to ensure our clients are suitably catered for.”

Porto Montenegro Marina With the sea on the doorstep and architecture that mirrors the nearby Venetian towns of Kotor and Perast, Porto Montenegro combines a spectacular destination with a world-class marina and services. Located in the Bay of Kotor, a UNESCO World Heritage site and Europe’s most southerly fjord, the marina features 250 secure berths ranging from 12 to 150 metres. A further 170 berths are currently under construction and will be available this summer. By the end of construction the marina will be able to accommodate 130 super yachts.

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waterfront living

FRENCH B

Fancy

lue Square Real Estate first opened its doors on the Côte d’Azur in 2010 and has since gone on to become the international real estate agency of choice on the French Riviera. In response to increasing demand for premium residential real estate and to service a growing HNW international clientele – the company has recently launched its prestigious new ‘Platinum Collection’ service – profiling an exclusive collection of residential property priced at upwards of €2m.

The Agency aim is clear – to provide clients with a handpicked selection of the finest property carefully chosen by its multi-lingual team of property experts. The experienced team can offer unbiased advice and support throughout the buying process, working closely with you to consolidate your property search.

The Platinum Collection not only provides a tailored,

personal service to clients looking to purchase but it can also assist vendors looking to market their homes for sale via its global network of agency partners.

A further benefit available to home-owning clients is the bespoke concierge service Platinum Plus managed by the company’s exclusive international affiliates partner base ready to assist with all your home-from-home leisure requirements from charting a yacht for a day’s sailing through to coordinating travel arrangements for guests and family.

With offices throughout the Côte d’Azur we can help with all your property needs in St Tropez, Cannes, Antibes, Mougins, Valbonne, Villefranche sur Mer in fact, anywhere on the French Riviera. To discuss individual requirements further please contact our Platinum Collection division on + 33 (0)4 22 32 60 49 or email info@platinum-collection.com. www.platinum-collection.com

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CAP D’ANTIBES Magnificent waterfront property.

Unique panoramic sea view with direct access to a private beach from this stunning waterfront villa.

The property has been beautifully renovated and offers 5 bedrooms and 5 bathrooms. The living area over 3 levels includes a bright and spacious lounge, fully equipped kitchen, 4 suites and a master bedroom. The sea view from numerous terraces is breathtaking and a 100m2 rooftop terrace with jacuzzi completes this dream home located in one of the most sought-after areas on the French Riviera. Ref. 524667. Price on application.

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marina living

Port Call

The glittering turquoise sea of the north west coast of Barbados has long been a favourite location for those looking to purchase a piece of island paradise. Now Port Ferdinand Luxury Marina and Residences is ready to tempt buyers with its unique offering.

Annabel Hillary reports

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ocated on the beautiful northwest coast of Barbados, Port Ferdinand is the latest multi-million dollar luxury resort managed by Barbadian brand, UNNA Luxury Resorts & Residences. Over the past few years the proliferation of individual villas available for sale and rental on

of

the island, has made it hard to recognise the hallmarks of quality when hunting for a dream second home. Port Ferdinand fills a gap in the market with an exclusive collection of luxurious homes with world class amenities and authentic, legendary Bajan service in a unique marina setting. It is one of the most exciting luxury resort developments on the island and phase one has just been launched, offering 32 homes available for sale and rental, each including a berth for yachts of 60 to 90 feet. When completed, the community will offer 82 spacious residences and 120 yacht berths in total.

The principal developers of the project are the same Barbadian entrepreneurs who produced the island’s first resort marina, the highly acclaimed Port St. Charles. In addition, their diverse portfolio includes prime residential communities on the South and West Coast and a number of national initiatives of substantial scale and stature. With the explosive growth of the yachting community worldwide, additional marina space offering a new level of luxury, amenities and service is clearly

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in high demand. Building on the standard established by Port St. Charles, Port Ferdinand is a boat owner’s haven, offering a lifestyle unmatched by any other on the island.

Homes range from 2,500 square feet to 6,100 square feet, with property prices starting from US$2.15m for a two bedroom marina home to US$6.5m for a four bedroom ocean and marina view penthouse. Each residence also provides owner’s storage and boat storage rooms and includes the option of duty free importation of a yacht or motor boat, as well as duty free furniture packages.

No stone has been left unturned in UNNA’s pursuit of the ultimate in luxury living; the homes are beautifully appointed and are available in two distinct decorative styles: the artfully contemporary style features light maple wood-work and limestone flooring, while the bold classic style meets traditional tastes, featuring beautiful dark wood hues and rich marble floors conveying a timeless, elegant ambiance. Properties are finished to the highest standards, with meticulous attention to detail, featuring solid oak doors, hand crafted coral rendered walls, granite or quartz kitchen counters and GE Profile stainless steel appliances, floor to ceiling marble tiles in bathrooms, concealed air conditioning and Kohler & Hansgrow fixtures.

Aside from owning a beautiful and unique home, owners are buying into a privileged lifestyle, as the resort provides access to a fresh, vibrant community which caters for all ages and lifestyles, where guests can be as active or relaxed as they wish. This lifestyle experience is on hand with an unparalleled choice of facilities and activities, including concierge, watertaxi and watersports centre, health and wellbeing facilities, fine dining, casual pool dining; plus business and conference facilities, dockmaster and yacht maintenance services and direct beach access.

For those wanting to generate rental income from their property, UNNA provides professional rental and management services. Holiday rentals at Port Ferdinand will be available from late autumn with rates for 2 bedroom marina front homes from US$600 per home per night from 15th April – 14th December 2014.

At Port Ferdinand’s sister resort, Saint Peter’s Bay Luxury Resort & Residences, near Speightstown, homeowners also have the option to purchase a license on a 50ft/60ft yacht berth at Port Ferdinand.

Following years of economic downturn, resurgence in investor confidence means this is a great time to invest in Barbados property. Sterling is particularly strong against the US dollar, to which the Barbados dollar is linked, and as UK

a boat owner’s haven •

Port Ferdinand Luxury Marina and Residences occupies a dramatic 16 acre sheltered enclave, accessed via Six Men’s Bay, an authentic fishing village steeped in history

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The marina is a gated community with 24/7 security and each yacht berth provides fresh water, electricity, waste removal, fibre-optic network for high speed broadband and wireless internet connection. A fuel dock is available just two minutes away

•

Port Ferdinand also has Dockmaster and yacht maintenance services to look after homeowners boats whether they are home or abroad. The team offers a range of services including organising repairs, laundry, requests for re-stocking of supplies and more.

buyers make up the majority of the Barbados overseas market, Port Ferdinand is ideally positioned to attract British buyer attention.

Alistair Brown UNNA’s Sales & Marketing Director comments: “Port Ferdinand Luxury Marina and Residences is one of the most significant and exciting developments on Barbados and will be a haven for boat owners, especially with the option of duty free concessions on yachts and boats.

Over the past few years, we’ve seen Barbados become a ‘villa’ destination and the recently passed Special Entry & Reside Permit, allowing residency to investors and their families, is driving even greater interest. The concept of the UNNA brand is to offer a truly luxurious multi-generational experience through a range of activities and entertainment, while delivering the best in resort living and refined comfort.”

port ferdinand essentials •

Two and three bedroom luxury homes are available with floor plans of 2,500 to 4,322 square feet, offering generously sized en-suite bedrooms and a covered balcony with views over the marina.

Prices start from US$2.15m for a two bedroom marina view residence

•

A four bedroom luxury penthouse has 6,100 square feet, offering four bedrooms, 4.5 bathrooms and a wrap-around marina and ocean view terrace and sun deck, for US $6.5 million

•

Amenities include concierge services, water taxi and watersports centre, health and well-being facilities, fine dining, casual pool dining, business and conference facilities, gourmet food store, yacht Dockmaster and maintenance and direct beach access. A water taxi links Port Ferdinand to UNNA’s sister resort, Saint Peter’s Bay Luxury Resort and Residences near Speightstown and other surrounding attractions

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MARINA LIVING

Desirable Addresses

IN MALTA

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umas Developments is the property-developing division of the Tumas Group. The company specialises in offering residential-lifestyle choices of the highest standard and has been described as Malta’s most enterprising and exciting entrepreneur in property development. Established in the late 60s, the signs were already apparent that the company was set to revolutionise and create the benchmark for upmarket property on the island.

The company currently has three landmark projects on the market; Portomaso in scenic St Julians, situated in central Malta; Tas-Sellum Residence, Mellieha, north of the island; and Ta Monita Residence, Marsascala, in the south.

PORTOMASO - St Julians This is not only the pride of the Tumas Group - but is Malta’s residential success story. This unique marina and sea front complex includes 420 luxury apartments, a 5 star-deluxe Hilton Hotel affording 406 rooms, a marina, a 23 storey business tower, shopping complex, restaurants, a beach club, health club and underground parking. Portomaso has not only established a reputation with domestic buyers, but has also gained recognition internationally. The project has received a number of accolades including the ‘Best Marina Development in Europe’ award in the prestigious International Property Awards for three consecutive years as well as the award for ‘Outstanding Landscaping’ from the British Association of Landscape Industries. A handful of apartments, duplex apartments and penthouses are currently on offer. Spacious duplex apartments (measuring 450 square metres) boast large terraces with private swimming pools and picturesque views.

TAS-SELLUM RESIDENCE - Mellieha

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Comprising 130 villa-apartments and penthouses, planned in 11 clusters, set on 17,000 square metres of terraced grounds and gardens that graduate gracefully to the seashore.

Here, residents can enjoy the gated use of three swimming pools, landscaped communal areas and underground parking facilities.

The majority of semi-detached apartments overlook picturesque sea, countryside and sandy beachfront. This unrivalled location makes this development a great destination for those who enjoy long walks in the country or simply want to relax and soak up the sun’s rays. A limited selection of 1, 2 and 3 bedroom apartments and penthouses remain available.

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TA MONITA RESIDENCE - Marsascala Our southern gem - Ta Monita covers an area of over 16,000 square metres and offers a range of property to suit all budgets, from well-proportioned studios to stylish penthouses just a stone’s throw from the seafront. On-site facilities include a communal swimming pool, “piazza” surrounded by shops and boutiques, landscaped gardens and underground parking. Most apartments command sea and promenade views. This project is now complete with nearly 50% of units sold.

All three of the aforementioned projects are deemed Special Designated Areas, where non-Maltese purchasers may buy property with the same rights conferred as Maltese citizens.

For more information go to: www.tumasdevelopments.com

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LUXURY LIVING

ON THE MALTESE ISLANDS Tumas Developments proudly offer Malta’s most exclusive, standard setting lifestyle addresses. All three award winning projects boast the most spectacular waterfront views on the island and offer Special Designated Area benefits, which means that property can be purchased under the same conditions as locals. Being a member of the EU with growing business incentives and voted as having “The Best Climate on Earth”, Malta is the ideal destination.

Tumas Developments,1052 Portomaso, St Julian’s, STJ 4011, Malta Mob : (+356) 79 497 504 Tel : (+356) 21 386 802 Email : info@tumasdevelopments.com Web : www.tumasdevelopments.com

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greece

Greece Lightening

Aman Villas at Amanzoe

Despite its ailing economic fortunes, Greece is still proving a popular second-home choice with buyers, says James Matthews

T

he economic chart tells a remarkable story. Just two years ago, Greece was struggling to stay afloat.

The yield on the Greek government’s 10-year debt hit a punishing and unsustainable 30%. Today the yield is less than 7% - an encouraging sign that investors are increasingly confident of the nation’s ability to pay its debts.

Rarely has a country repaired its image with creditors so quickly. But while would-be property investors eyeing up Greece might still be forgiven for adopting a ‘wait and see’ approach, the country’s core appeal, as both a holiday and second-home destination is proving remarkably resilient, with established destinations Mykonos, Santorini, Rhodes and Crete continuing to draw a well-heeled, cosmopolitan fan base.

“The country’s heady mix of idyllic coastal locations, warm weather and rich antiquities still carry considerable cachet, even in the current climate,” explains Lynn Usher of Savvaides and Associates. “Much of this is down to prudent residential tourism planning. Greece has never subscribed to the boombust cycle we’ve seen played out in rival hotspots like Spain and Portugal. Real estate, has, historically held its value well. Recent price drops in domestic housing have taken hold in urban hubs like Athens, but whole scale price cuts across the second-home market are less in evidence.”

It’s an observation that Greece property expert Jane

Montague empathises with: “Outsiders unfamiliar with the intricacies of the market have expected the country’s debt crisis to impact on property values across the board,” she explains, “but this simply hasn’t materialised. Over 80% of Greeks own property and still regard it as prudent long-term investment.

Prices have dropped but there’s little in the way of wide-scale panic-selling. If anything, vendors are more inclined to sit tight and ride out the recession than sell quality at a loss.”

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‘modern’ quarter directly opposite, still retains a certain fishing village charm – cobbled streets lined with stone-wall tavernas, art galleries, and family-run restaurants.

case study One location championing the ‘business as usual’ agenda is Porto Heli in the southernmost mainland Peloponnese region. Tagged as the Côte d’Azur of Greece, this stunning natural harbour stretch located at the tip of the Argolic Peninsula has been a best-kept-secret with well-heeled Athenians for years. Now the area’s homespun assets: sugar cubed villages, secluded bays and olivetrammelled hinterland are coming to the attention of overseas buyers seeking a stylish mainland bolthole away from the busier offshore Meccas. A blend of old and vintage new, the ruins of the ancient city of Halieis stand proud on the south side of the bay, while the decades old

“Porto Heli (Bay of Eels) was the mainstay of the fishing industry here some years ago,” explains UK property owner Anna Duncan. “It gives the area its intrinsic charm.

Even these days, fishermen continue to go about their business, but the area is also well known for the quality of its wine grapes and the exceptionally low acidity of its olives which produces fantastic olive oil.”

The Duncans bought their two-bed townhouse in the village in 2012 because “it’s ideal for quiet breaks”, but it’s great for families with younger children too, adds Anna. “You can go biking and hill walking and there are plenty of water sports on offer. A lot of second homers own a boat; others charter one for day trips. The bay is a large, natural safe sailing area, with the Saronic islands of Spetses and Hydra just offshore, so it’s an ideal spot for taking to the water.”

anzoe

buying in greece •

Properties in Greece are freehold and are all registered with the National Land Registry and/or the National Registry of Mortgages.

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Once a price has been agreed, a deposit (typically 10%) is paid and a precontract agreement signed.

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When all searches are complete, buyer and seller sign the final contract of sale before a public notary, and the balance of the purchase price is paid. The new ownership is then registered.

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Buyers should allow around 13–15% of the purchase price for fees and taxes, including transfer tax (resales only), municipal tax, solicitor, notary and land registration fees.

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A new law (effective from

January 1) replaces two previous annual real estate taxes with the unified tax on property ownership (ENFIA), charged on a scale of €2-€13 a square metre.

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Owners will pay an additional real estate property tax (FAP) annually of 0.1 to 1% of the official valuation of their property, along with a separate tax of €1 a square metre on the surrounding land plot.

•

Prospective buyers in Greece should still hire a local lawyer to carry out due diligence, even though most properties will soon be offered for sale with identification certifying ownership, a listing on the national land registry or local cadastre, and a civil engineer’s certificate on building specifications and energy emissions.

Raising the benchmark for luxury living in the Peloponnese and drawing considerable interest from UK buyers is the region’s first integrated residential resort – Aman Residences at Porto Heli. The development designed by award-winning US architect Edward Tuttle, features stunning boutique hotel accommodation in the form of 38 guest pavilions, together with a limited edition collection of luxury residences Aman Villas at Amanzoe. Homes released for sale on a phased basis range from 4,000-20,000 square metres with prices starting from £2.5m for a two-bed villa. Properties sit on plots averaging two acres, each with panoramic vistas looking out to sea. All sport large terraces next to private swimming pools (some also featuring double length lap pools). “Villas are built and designed to individual specifications depending on the owners’ preferences,” explains Katerina Katopis, director of Dolphin Capital Partners, the resort’s developer. “The service and maintenance side of things have also been taken care of with properties managed by the Aman Hotel Group, with a rental pool in operation for owners who wish to let their property out when it’s not in use.”

Complementing the surrounding region’s pick and mix of leisure and cultural attractions, on-site facilities at the resort include a Signature spa with double treatment rooms, tennis centre, fine dining restaurant, and private beach club in an unspoilt bay just a few minutes’ buggy-ride from the resort.

The environmental agenda hasn’t been overlooked either, as Katopis explains: “The estate boasts a vast and established collection of indigenous plants. To date, we’ve replanted over 2,000 trees including centuries-old olive trees and we’re also creating ponds and water features to sustain the area’s microclimate. Even villa roofs will sport self-irrigating verdant roofs in keeping with the resort’s natural surrounds.” The ultimate in service luxury however has to be the resort’s transport touch-points. Adds Katopis: “Owners can enjoy a 25-minute flight from Athens in the resort’s private VIP helicopter or alternatively enjoy a spot of lunch on the high speed Catamaran which takes under two hours from the capital. It’s the perfect way to start your holiday.”

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greece

Spetses Sensation Famous for its neoclassic mansions, pebbled courtyards and horse drawn carriages, the offshore idyll of Spetses is easy to get to know and hard to leave, says Serena Templeton

O

nce the home of rich merchants and shipbuilders, these days donkeys and boats are the only form of transport on the island of Spetses as cars and bikes are banned while strict building laws protect the island’s traditional architectural style and preserve its yesteryear beauty. “The architecture of the island is exceptional among the Greek islands,” explains Spyros Mantzos of A Property in Greece.

“Development restrictions and limited property supply have sustained property values, with traditional two-bed apartments selling for around £250,000, townhouses for £450,000, with

restored 18th mansions fetching upwards of £1m.”

For the overseas families who have bought holiday homes there (there are about 30 British owners and several AngloGreek marriages), safety has been a big plus point. It’s a car-free island where no one locks their doors and children roam freely.

With space at a premium (swimming pools are tiny or forbidden), second homes are also in short supply.

Old-school dominates the island’s property portfolio but easy-care, turn-key alternatives are also now infiltrating the mix – with several boutique projects including one in the sought-after Kasteli district – ideal for those seeking a lock-up and leave bolthole. Properties boast spacious bedrooms (most with en-suite bathrooms), functional indoor living areas, large kitchens with access to their own private gardens and swimming pools. Traditional materials such as wooden floors, gabled roofs, wooden Spetsiot open-beam ceilings, windows and shutters have however, been combined with modern comforts including air conditioning, automatic watering systems, as a well as cabling for alarm systems. Property prices start from £835,000 for a fourbed residence rising to £1.15m for a six-bed.

“The rental market on the island is strong,” adds local agent Angelos Seferiades. “Like many of Greece’s holiday idylls, the locals have had years of getting to grips with tourism – many decades on and they haven’t lost their identity in doing so. If anything, they’ve secured the country’s future fortunes for the next generation of homeowners. So far, Western European buyers seem to be leading the way.”

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greece

mykonos

Magic

Voted one of the most popular island destinations in Europe by Condé Nast, Mykonos hits the spot for offshore property bounty, says Stevie King

T

he Cyclades are home to some of the most famous and beautiful islands in all of Greece. Mykonos is perhaps one of the most famous of all; an idyllic offshore haven that attracts visitors from all over the world.

The island is one where the real estate market is constantly evolving, as more and more people look to either relocate or invest in some of the finest property on the market.

Says property agent Neil Ward: “Interest in the island is now very broad – with buyers from the UK, States, South America, Australia and the Far East. Despite many changes and upgrades, Mykonos has also managed to retain its authenticity.”

Boasting a population of some 6,000, the island ramps up a notch or three visitor wise in the summer months, with upwards of 40,000 holidaymakers putting down roots for their annual fun-in-the-sun fix. But it’s also refreshingly devoid of package-tourism presence. Strict planning and development rules have prevented high density construction – with a

requirement that all residences are constructed in the classic Cycladic style – whitewashed cubes in local stone with wooden-framed windows and flat roofs less than 8 metres high.

While homeowners have their pick of leisure and pleasure amenities to choose from – the planned opening of the super yacht marina will go some considerable way to reinforce the brand image of the island as an upmarket offshore idyll – a playground for well-heeled holidaymakers and kaftan chic sun-seekers.

Property hot spots are in plentiful supply - Lazaros, Kalo Livadi and Psarou, three of the most attractive areas and all within a short drive from Mykonos Town: the heart and soul of the island. Price wise, despite recessionary pinched times - buyers can still expect to shell out in the region of £4,000 to £8,000 per sqm – a sizeable investment but, as Ward explains, it’s the age old law of ‘supply and demand’. “You may manage to pick up a small maisonette for £270,000, but buyers looking for a decent family-sized villa in good condition will be looking at a starter price of around £800,000, larger luxury residences with private pools and terracing upwards of £1.5m. Plump for a beachfront plot and you can add a 40-50% premium.”

Concludes Ward: “Mykonos will always have a certain cachet. Rather like the South of France or Tuscany, property prices are unique to the area – you can’t make comparisons with other places. Most investors are high-net-worth individuals who know what they want and are happy to pay the price it takes to secure their dream home. The sky’s the limit as they say.”

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How to Bank on a Good Exchange Rate Buying abroad can be a costly enough affair without losing out on currency fluctuations, says Robin Haynes of leading currency brokerage Currency Index

T

he second half of 2014 is gearing up to be a bumper year for holiday home sales, thanks to a fall in the value of both the Euro and the US Dollar. With Eurozone interest rates at rock bottom and the US economy in slow-burn recovery mode, British buyers are starting to take advantage of cheaper holiday homes.

Fluctuations in the exchange rate can however significantly affect the sterling price of your overseas home, which makes finding the best exchange rate and methods of transfer key considerations.

Those changing pounds to Euros have two main options open to them, teaming up with either a high-street bank or a foreign exchange specialist. Specialist brokers invariably offer a better deal: more competitive rates, lower (if any) transfer fees and no commission charges. Brokers’ abilities to access ‘live’ exchange rates means that they should be able to undercut banks, which work to built-in margins. Because they solely deal in foreign exchange, you’ll also benefit from a number of perks that most banks are unable to offer.

Personal service is a watchword of the past when it comes to most banks, but a bespoke currency broker will still offer a personal touch when it comes to your currency transfers.

With your own account manager, an absence of push-button call centres, and UK-based service and banking, reputable currency companies are setting the standard when it comes to looking after their clients. An overseas property purchase is an important transaction, and should be treated as such.

Another perk you might not have considered, is the ability to fix an exchange rate up to 2 years ahead, using a Forward Contract. This is a way of guaranteeing your exchange rate before paying for all your currency, thereby fixing your budget in sterling – often a good idea given recent behaviour of financial markets.

For example, the sterling cost of a €600,000 property in

Greece has fluctuated between £473,000 and £550,000 in recent years – a swing of over 16%. If you were offering on a property in July 2012, but completing in February 2013, your cost would have increased by £44,000 by the time it came to paying for your property.

However, if you had fixed your rate in the July, that would have been £44,000 saved – not bad for a few phone calls to your currency broker.

Of course, nobody has a crystal ball when it comes to exchange rates, but using a Forward Contract does at least mean you are not buying a property without knowing the actual cost – something that you would never consider when buying in the UK! A currency company will be able to tell you which way rates are moving and why, to help you make a balanced decision; daily market reports, video updates, and a friendly voice on the phone can make all the difference.

Of course, if you want to keep things simple, you can use a broker service for payments that are required immediately – call to book a rate, pay the sterling to the broker, and off go your Euros, Dollars, Dirhams or whatever you need, at a cheaper rate than typically offered by banks.

Brokers in the UK are regulated by the FCA, meaning funds are held in “Safeguarded” client accounts – so there really is no reason not to get a quote, it can only save you money.

•

Spot Contract – buy now pay now

•

Forward contract – buy now settle in up to two years

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Market orders – target specific exchange rates and have the order filled automatically

Volume 2 Issue 5 // Abode2 45

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Abode2_Volume2_Issue5_Mykonos_Top_Villa_DPS_Ad.indd 2

27/06/2014 08:01

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27/06/2014 08:01

destination Greece

The Good life

Buying an overseas property can be a daunting prospect, but with an experienced estate agent by your side - you are more than halfway there, says Susan Daltas of Corfu Premier Property

O

ne of the longest established estate agents based in Corfu, Corfu Premier Property offers a comprehensive, professional service to buyers and sellers alike, one that combines many years of experience with an in-depth knowledge of the idyllic island of Corfu and the local way of life. Our portfolio of property for sale spans architect-design beach front villas, secluded, detached hilltop residences with spectacular island views through to traditional manor houses in need of restoration and individual plots of land for you to create your ideal home. For those seeking that extra special property, the agency also provides a bespoke property search service that includes off-market homes.

A boutique agency, we are European by birth (three of our partners are British and one is Dutch) but we are all Greek by adoption. We understand individual client needs and aspirations and with that experience and local knowledge we are in the best possible position to find your ideal property.

The agency also offers a complete turnkey purchase service - we work closely with some of the best and most experienced property lawyers, architects, civil engineers, builders and interior designers on the island, covering every aspect of your property

investment from the first sight of your dream home, to movingin and beyond.

Once you have purchased your property, our team of professionals are available to look after it for you, providing whatever level of service you require - from occasional caretaking duties, to full time staffing and maintenance. With many years of experience of villa management and rentals we can also provide a tailored lettings service for you and your guests.

Villa Jola, Kommeno

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CORFU ESSENTIALS Where? Corfu is the second largest of the Ionian Islands, and, including its small satellite islands, forms the edge of the northwestern frontier of Greece.

Why? Homer’s ‘beautiful and rich land’, the island has figured in the UK consciousness since Edward Lear visited and painted while it was a British possession from 1814 to 1864. The Durrell brothers (and Henry Miller) lodged it even more firmly in the Anglo-Saxon psyche with their late-1930s sojourns.

What to do: Unique in Greece, the island is a blend of European history and culture, exotic scenery, almost tropical beaches, all mixed in an island that’s compact and bijou, served with a large dose of Greek party spirit and topped with the most pleasant weather you could wish for.

Where to explore: Mountains dominate the northern half where the coastlines can be steep and dramatic and where the island’s interior is a rolling expanse of peaceful countryside. Stately cypresses rise from shimmering olive groves (also a Venetian inspiration). South of Corfu Town the island narrows and flattens. The majority of the population is gathered around the capital, one of the oldest cities in the World, surrounded by two castles built by the Venetians, now a UNESCO World Heritage site.

How to get there: As is the case for most Greek islands, Corfu can be reached by sea or by air. The International Airport of Corfu, Ioannis Kapodistrias, is located 1 kilometre south of Corfu Town, in the Kanoni region.

Alternatively, you can reach the island by ferry-boat with daily services from mainland Greece.

CORFU PREMIER PROPERTY Enchanting Island Homes Tel (+30) 26610 33416 info@corfuhomefinders.com www.corfupremierproperty.com • www.corfuhomefinders.com Volume 2 Issue 5 // Abode2 49

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destination Greece

Ermioni Rising

A firm favourite with domestic buyers – the imperishable charm of the Argolida region of Greece is winning a new fan base of overseas second-homers, says property expert Elaine Karmasyn

F

irst time visitors to the Ermionida area of Greece may wish they had booked more time for exploration.

The chance to admire the multiform beauty of the landscape, embellished by ancient olive groves, with traditional villages rooted high up in the mountains and along the coastal plains, all takes time to soak in.

Word is however spreading about the area’s pristine beauty; its natural asset attractions drawing increasing numbers of second home buyers, over and above the loyal following of holidaymakers booking traditional village holiday homes to rent.

Property choice is one of the area’s key note investment strengths - with a healthy selection of luxury villas with sea views through to prime land purchases in exquisite spots, larger estates with on-site amenities such as tennis courts and gyms 50 Abode2 // Volume 2 Issue 5

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through to attractive renovation projects for those keen to put their individual stamp on their home-from-home.

For an affluent region with tourism at its core, property prices are also enjoying a corresponding lift in value – luxury three-bed villas with coastal views selling for upwards of £300,000 with bargains still to be found.

One financial incentive bringing interest from foreign investors is the ESPA and EU government funding initiative aimed at supporting residential tourism in certain designated regions. For potential buyers looking to purchase a traditional house to renovate – grants of between 50% – 90% of the total renovation cost (based on the property’s market value) are currently available.

Funding can be used towards all aspects of property renovation from land excavation, earthworks, plaster, electrical, and plumbing essentials through to garden design and pool installation, interior decoration and purchase of furniture.

ARGOLIDA ESSENTIALS Under the Mycenaeans, the Argolida region, including Ermionida, was the heart of Greece from 1600 to 1100 BC. Today, visitors will note that Ermionida is a picturesque and magical region situated in the South East of the Peloponnese.

Historically, it is also one of the most important areas in the Peloponnese, with a wide selection of ancient sites and ruins to explore.

The popular coastal city of Nafplio, the capital of the region, is widely accepted as being one of the most beautiful towns in all of Greece. Another gem is Ermioni (Ancient Hermione), deservedly classed as an ‘island town’ of captivating beauty as the sea surrounds the town from three sides.

Very little is written about Ermioni in the guide books, yet it is renowned for its high repeat visitor ratio. Just two and a half hours drive South-West of Athens International airport, and two hours by boat from the port of Piraeus, the town is also ideally placed for visiting numerous local

sites of historical and cultural interest including Mycenae, Epidavros, Nafplio and the nearby islands of Hydra, Spetses and Poros.

RESIDENCY RULES Recent changes in legislation in Greece have led to the introduction of residency permits, for Non-EU citizens and their families with the acquisition of property above €250.000.

The residence permits are renewed every five years, as long as the Non-EU citizen keeps the ownership of the property. It is not a work permit.

Once the non-EU citizen acquires a residence permit in Greece, then he or she is allowed to live in Greece, leave and re-enter the country at any time without a visa and travel to all Schengen countries without further documentation other than a passport.

For more information visit: www.investgreece.gov.gr

Discover Ermioni in Greece Luxury Property Sales and Rentals www.ermioni.info

+30 694 691 4453

ermioni.info@gmail.com Volume 2 Issue 5 // Abode2 51

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destination LONDON

Capital Gains Crossrail has already affected development activity in the capital, providing a significant boost to property values. Serena Templeton reveals the hot spot locations along its route ripe for a boom

A

heady £5.5 billion in added value to residential and commercial real estate in the capital is forecast between 2012 and 2021 according to the latest research for Crossrail by GVA, the UK’s largest independent commercial property consultant. The new transport network which will cut average journey times by up to 40 minutes and increase capacity on London’s transport network by 10%, heralds a step change in both connectivity and capacity for the city, opening up new residential parts, as

well as triggering wider investment and regeneration.

“Crossrail will have a dramatic effect on residential property prices along its route with an average spike of 2.5% per annum around host stations up to 2018 when the network opens,” confirms Jon Neale, Residential Research Director at Jones Lang LaSalle. “In absolute terms, this growth should add around £50,000-60,000 additional value per property on average over this five year build up. These increases are likely to be even more pronounced in Central London, at 3.7% per annum, or around £100,000 per property, over the next five years. This is on top of underlying capital appreciation in London and the South East. Although this partly pre-empts the actual transport benefits and value increases that will be felt when the network is fully open, at this stage it mostly reflects the swell of confidence into these areas and the physical regeneration already underway.”

Particularly strong impacts, confirms Tom Wright from agents Foxtons, will be felt around Tottenham Court Road, Liverpool Street and Paddington and suburban locations in West London such as Ealing, the City Fringe. He adds: “Further afield the greatest benefits will be at Canary Wharf which will become far more accessible from both the West End and Heathrow. For would-be property investors however the primary factor to consider is the extent to which Crossrail improves the accessibility of a location from its current state.”

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LOCATION hot picks canary WharF One of the largest Crossrail stations with oversite development including plans for 100,000 square feet of retail space and a roof-top park and community facility - upwards of 10,000 residential units in the planning and construction pipeline in the area are attracting particular interest from young, professional investors looking to take advantage of its now entrenched prime location status. New developments include Providence Tower by the Ballymore Group a stunning range of one, two and three-bedroom luxury apartments with prices from £550,000. Fronting the River Thames and criss-crossed by serene pathways and lawns, the development is located in a beautiful 8.2 acre hub of tranquillity – a counter balance to the 24/7 energy of Canary Wharf ’s banking environment.

Facilities will include: a full 24 hour concierge service, fully managed health club with indoor lap pool, Jacuzzi pool, steam room and dry sauna, with a 4 Star hotel located within the estate.

Ealing With Ealing Broadway station receiving a top-to-toe makeover and regeneration plans for the town centre including a revamp of Ealing Broadway Shopping Centre, the most distinctive improvement of this community-focused district will be in the overall quality of the place as a residential district. One of the most attractive projects underway is the St George’s development of Dickens Yard.

Set within landscaped courtyard gardens and offering views of Victoria Square, the community offers a mix of one, two and three bedroom apartments, as well as Elite apartments and Penthouses, all designed to high standards. With high ceilings and extensive glazing, living areas are spacious, airy and filled with natural daylight, with private terraces further extending internal living spaces outdoors. The luxury development will also feature a hotel style concierge service, private residents’ spa and underground parking. Prices start from £679,950.

Fast facts crossrail •

Crossrail will support the delivery of over 57,000 new homes and 3.25 million square metres of commercial space.

•

One in ten London sales are currently within a mile of a Crossrail station.

•

Significant property investment is forecast at locations including Canary Wharf, Farringdon, Whitechapel, Abbey Wood, Custom House, Ealing Broadway, Southall and Woolwich.

•

The impact of the new route on residential property market will also extend out to Berkshire and Essex.

Barnet Many local agents say that Barnet, on the fringes of Hertfordshire, offers the perfect blend of town and country: close to rolling fields, but with excellent transport links to central London as an added bonus. A borough of contrasts, with compact and bijou flats of North Finchley and a square footage swell to luxury gated mansions in Hadley Wood, prices for the modern Hadley Wood mansions, to the northeast, have risen annually by 5% for several years, confirms Paul Grover of agents Winkworth. Traditional 1930s and Edwardian homes in West Finchley and Finchley Central meanwhile can be snapped up for around £430,000 and are proving popular with families priced out of neighbouring Haringey.

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destination london

riding high

Chesham Mews Belgravia

digging deep With demand on a continuing roll and space at a premium, prime central London developers are having to innovate to accumulate.

Faith Glasgow talks to Steven Aldridge of City Scope Developments about his subterranean schemes – and PCL prospects

T

he traditional prime central London property market – Belgravia, Mayfair, Kensington, Knightsbridge, Chelsea – has become very much a law unto itself. Over the last 25 years or so, it has increasingly been buoyed up through good times and bad by its image among wealthy international buyers as highly desirable and extremely safe.

The developers who cater for the requirements of that fastidious market are working in an extraordinary niche.

Getting a project wrong, whether in terms of overpaying for a property to be renovated or misjudging the specifications for the new home, could be a horribly costly business – so they need to know exactly what they’re doing, and work with a similarly experienced team.

Steven Aldridge, managing director of City Scope Developments, is a casebook example. “I’ve been a developer in prime central London since 1999,” he says. “My expertise is specifically in that area, so I’m comfortable with the pricing and the nature of the market. If I worked anywhere else now, it would take me a long time to understand that market as well as I understand this one.”

As he explains, this is a unique environment because it’s so strongly perceived as a safe haven for global investors’ money: “even when the wider UK market collapsed in 2008, we didn’t see a dramatic reduction in demand, just less activity for a while.” Prices in the PCL enclave have risen by 150% over ten years to the end of 2013, compared with just 57% in the wider

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lgravia

Chesham Mews exterior

London market, according to LonRes/Nationwide figures.

In general, house prices tend to move cyclically – but Aldridge sees no indication that the longstanding strength of PCL is coming to an end any time soon. “I think the boom will continue for a number of years, because I just can’t see anything likely to upset the market. When there are concerns elsewhere in the world, wealthy people want to put their money into central London property because the demand is always there,” he says.

That’s not to say he is sanguine about the outlook for the market; the troubles, however, lie on the supply side. “My concern is that the people buying in prime London now are simply holding property as a store of wealth, so these homes are empty much of the year.

“Historically we have seen a level of turnover as people move around, and that still goes on to a greater extent in areas such as Chelsea and South Kensington, which attract European buyers. But in the prime central heartlands such as Knightsbridge and Belgravia, global buyers just buy and hold.

I’m worried that in due course there may be nothing to buy.”

Moreover, he adds, as a developer is likely to be outbid on any properties that do come to the market. “My turnaround on a property is 18-24 months, so that timeframe will influence what I can afford to pay. But long-term investors intending to hold it for longer will be prepared to pay more.”

At present, however, Aldridge is still finding opportunities where he is able to add significant value, particularly by developing downwards. “I like houses where we can increase the square footage by digging down into the basement, ideally adding a couple of floors below ground,” he says. With house prices at around £2,500/square foot in these areas, the addition of an extra thousand square feet – even at lower prices below ground – makes eminent sense.

Indeed, out of the four projects currently in progress, three are being given the subterranean treatment. “We can get natural light into the first level, so we put in a large kitchen/

family room, and then use the second level for a really nice wine room, gym, cinema or media room where there’s no need for natural light.”

He may occasionally purchase properties that have not been renovated for three or four decades – “you can still find them, because there’s a cycle of upgrading and deterioration, and sometimes a family will live in a house for a long time and do no work on it.”

Very occasionally he is able to buy land and start from scratch, as he is currently doing at Chesham Mews in Belgravia. “The previous house was knocked down and we just purchased the land for £4 million plus,” he says. He has built a five-storey property –two floors of which are below ground – of around 4,700 square feet. “It has five ensuite bedrooms, a passenger lift, all the latest toys and gadgets, so everything can be controlled remotely via iPad from anywhere in the world.” That is now on the market at a cool £13.75 million; Aldridge anticipates a Russian, Chinese or Middle Eastern buyer.

More commonly, his finds are in reasonable condition but have no basement. The project in Jubilee Place in Chelsea, a five-floor renovation about to go onto the market at around £8 million, is just such a one. Again, Aldridge and his team have added not one basement but two. “It was the first house in the road to be granted permission for a double basement and some of the neighbours really weren’t terribly happy at first.

But now they’re doing one themselves,” he observes wryly.

The focus on digging down deep makes these projects expensive, difficult and time-consuming. Specialist and highly experienced contractors are a must – not least because Aldridge has to convince the local authorities that he knows exactly what he’s doing in structural terms in order to get permission for his ambitious plans.

But in ultra-prime London, where buyers will pay the earth for extra space and a superlative specification, it’s an investment that is clearly paying off.

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THE TRANQUILLITY I N T H E H E A R T OF

Computer generated images

Built over 350 years ago, 10 Soho Square is the vision of leading London developer Oakmayne Bespoke. Sensitively restored and converted into five bespoke luxury apartments behind a Grade II Listed faรงade, 10 Soho Square combines history and modern living in the heart of vibrant Soho.

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O V

Y F

OF A GA R DE N S QUA R E V I B R A N T S OH O

- Four lateral two and three bedroom apartments and a three bedroom duplex penthouse - Beautiful 17th Century faรงade overlooking stunning Soho Square - Bespoke design with luxury kitchens, bathrooms and finishes to the highest standard - Concierge services by Quintessentially - Ideally located to benefit from the new Crossrail system Development by:

Appointed agent:

Ana Hutchinson ana.hutchinson@cbre.com Guy Passey guy.passey@cbre.com

0207 4203 050

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www.cbre.co.uk/residential

30/06/2014 09:44

destination LONDON

The Bigger Picture With central London’s housing shortage growing ever more acute, isn’t it time for government to shift focus to the outlying regions and an integrated transport network asks Rupert Collingwood of the London Management Company?

W

hen questioned about the insatiable demand for housing in the capital, Bank of England governor Mark Carney recently commented: “The challenge is managing low supply, toohigh demand and the return of overly generous lending”. His expression of concern was promptly countered by a hawkish rebuke from George Osborne predicting that property prices would continue to rise for the next 10 years.

For the foreseeable future, ‘crystal ball’ sound bites about spiralling prices and the capital’s housing shortage “crisis” will likely continue to feed the nation’s media appetite, a drip feed of buy-sell ailments ranging from the difficulties of getting onto the ladder to foreign investors snapping up PCL properties, forcing traditional buyers ever further out to the “up and coming” sticks. All this bricks and mortar angst is ignoring one incontrovertible fact. London is full, packed to the gunnels, replete. There is no more room at the inn.

The government has good reason to ignore this neon lights réalité. It gives them licence to tinker away at the edges seemingly addressing the issue of the capital’s high wealth bubble with vote-canvassing initiatives such as affordable housing; cue the recent announcement of a further roll out of new-build commuter-belt communities from where residents will be whisked between their spanking new, turnkey semis and the city for work. Quite where these ‘pop up’ villages and towns will be squeezed in, let alone how our depleted transport infrastructure will cope is another matter. The point remains. There is simply no more space to build in the capital – at least not in a way that will solve the city’s chronic housing shortage.

Planning laws, geographical setting, history and economic success all combine to ensure that, the number of people wanting to live in London will always outnumber the available housing supply. A recent study suggested that London requires

800,000 new homes by 2021 in order to satisfy demand which equates to approximately 114,000 houses each year. To put this in context, the Nine Elms development near Battersea Power Station - widely regarded as one of London’s largest development sites - is forecast to provide just 16,000 units over the next 6 - 7 years.

The government is also taking a similar a cloth ears stance to a further contributory factor – affordability. Take the ‘Help to Buy Scheme’. While laudable in principle, in reality, it has proven to have limited scope in central London. To date, the initiative has only been used for two property transactions in the borough of Kensington and Chelsea. Just 7,000 people made use of the scheme, representing just 5% of the city population. Why? Because the grinding cost of living in central London will only ever be a concern for those with sizeable disposable incomes. By ignoring this growing divide however we’re hastening the onset of a middle income talent drain, one that, in the long run, could cause London to lose its competitive edge in the global economy.

So is there another way to approach this supply and demand conundrum? The short answer is yes. By taking a bigger picture view. Would it not, for example, make sense to divert funding towards the regeneration of second-tier centres of commerce within the UK, in tandem with pooling investment into a high-speed national transport network that can whisk workers from city to city, as well as, in and out of our great capital quickly, safely and cheaply? In doing so, we would not only be stimulating wider feeder housing markets that link to and benefit from our thriving capital, we would also be delivering a targeted solution to housing shortage quotas – focusing on regions where there’s still capacity for growth.

Perhaps then and only then might London truly deserve its title as one of the world’s great capitals, one where the supply demand dynamic is collaborative rather than combative.

58 Abode2 // Volume 2 Issue 5

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Magazi

Magazine Ad.indd 6 Abode2_Volume2_Issue5_London_Management_Company.indd 59

13/12/2013 13:24 16:02 30/06/2014

O

destination london

10 Soho Square The perfect pied-à-terre in the heart of vibrant Soho, W1

O

akmayne Bespoke, the leading luxury developer behind Cornwall Terrace and Verge Mayfair, is proud to launch its latest development, 10 Soho Square, a collection of five bespoke modern apartments in vibrant Soho.

Formerly the Duke of Portland’s residence, Oakmayne Bespoke have undertaken extensive restoration of the Grade II listed building, to convert it into a selection of unique two and three bedroom apartments and one four bedroom duplex penthouse created behind an elegant stone and brick façade, providing modern living in the exciting media hub of London.

Martin Lent, Chief Executive of SCM, the developer manager for Oakmayne Bespoke commented: 10 Soho Square, “combines history and contemporary living, creating a luxurious and truly special place to live. The lateral living spaces are perfect as a London pied-à-terre for those who want to be part of a vibrant community, which has become one of the most fashionable London destinations in which to live.”

Each apartment features a high quality specification with interiors designed to maximise space, natural light and

complement the history of the building. Each apartment features comfort cooling, Crestron entertainment systems, Lutron lighting and oak or wool carpeted flooring.

The bespoke kitchens by Hacker offer marble work surfaces integrated Miele appliances and under cabinet concealed lighting. The bathrooms feature underfloor heating, Horizon light marble tiles to the floor and walls, Duravit sanitaryware and Betteone Duo undermounted bathtub with Gessi Rettangolo bath controls.

Built in the late 1670s, Soho Square, originally known as King’s Square (after Charles II), was in its early decades one of the most fashionable places to live in London: the “Eaton Square of its day”, the address of choice for nobility, Ambassadors and wealthy merchants. Today it has become fashionable again as one of the few locations in the West End that overlooks a leafy green square.

The 8,300 square foot townhouse at 10 Soho Square was originally built in circa 1676 as two separate houses and was united into one grand townhouse in 1696 by Craven Howard, a wealthy local merchant. By 1711 the house was owned by the 2nd Earl (and later 1st Duke) of Portland.

10 Soho Square was leased by the Duke of Portland to many notable residents including the 3rd Earl of Berkeley, Lady Buckley, Lady Montague, James Adair MP and the Arrowsmith family, the famous map-makers. After 1945 the house was converted into offices.

10 Soho Square will include a concierge service provided

by Quintessentially. The beautiful new two bedroom show apartment interior designed by Lambart and Browne is available to view from July.

Prices start from £2.25 million. For further information please contact Oakmayne Bespoke on 0207 407 3667 or visit www.10sohosquare.com or contact the appointed agents, CBRE on 0207 420 3050 or email residential.midtown@cbre.com

60 Abode2 // Volume 2 Issue 5

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Ma

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• One or two bedroom furnished apartments, personally attended to and complete with fully integrated property management • Individual and Corporate fractional interests from £117,000

With a limited number of memberships remaining, your London apartment awaits.

Visit : Open daily 9 am - 5 pm Phone : +44 (0)20 7950 5528 Email : yourabode@47parkstreet.com Web : www.47parkstreet.com/abode2 Data Protection: Your personal information and details will be stored in a database controlled by MVCI Europe Limited and may be used and transferred outside the EU to Marriott Vacation Club International companies and their approved agents worldwide (including but not limited to, countries with a lower or higher level of data protection standards) to administer this promotion and to advise you of other offers. To exercise your data protection rights of opposition, access, rectification and deletion, you may write to the Consumer Affairs Manager at: MVCI Europe Ltd, Barnard’s Inn, 86 Fetter Lane, London, EC4A 1EN, UK. IPL-14-004.THIS ADVERTISING MATERIAL IS BEING USED FOR THE PURPOSE OF SOLICITING THE SALE OF FRACTIONAL RESIDENCE CLUB MEMBERSHIP. Subject to applicable terms and conditions. This is neither an offer to sell nor a solicitation to buy to residents in jurisdictions in which registration requirements have not been fulfilled or where marketing or sale of fractional residence club membership is prohibited and your eligibility and the membership clubs available for purchase will depend upon the jurisdiction of your residency. Prices are subject to change. Key information is available upon request by contacting 47 Park Street Grand Residences

by Marriott, Mayfair, London, W1K 7EB, United Kingdom or email yourabode@47parkstreet.com.Marriott Vacation Club International and the programs and products provided under the Grand Residences by Marriott brand are not owned, developed, or sold by Marriott International, Inc. Marriott Vacation Club International uses the Marriott marks under license from Marriott International, Inc. and its affiliates. © Copyright 2014, Marriott Vacation Club International. All rights reserved.

Once A Baron_FullPage.indd 1 Abode2_Volume2_Issue5_47_Park_Street_Ad.indd 1 Abode2_Volume2_Issue5_Oakmayne.indd 61

6/2/14 4:20 PM 04/06/2014 09:39 30/06/2014 09:41

Managed Resort Holiday Homes in the UK

Ten years ago holiday-home specialists Chartsedge realised the turnkey attractions of owning a bolthole abroad in a managed resort had significant potential in the UK. Today, with increasing numbers of luxury resort projects springing up across the country - Chartsedge is now firmly established as the market leader in this field.

From bespoke-build beachfront cottages with on-site concierge to discreet rural retreats with luxury amenities on tap; managed ownership offers numerous benefits – from easy-plan family holidays with all the requisite lifestyle trimmings through to lucrative rental yields for those keen to accrue an income from their home.

With blue skies in abundance across the UK this past summer, demand for a quality holiday-home offering on home soil has led to record levels of enquiries for both sales and lettings - indeed many Chartsedge clients enjoyed above average returns from short-term lets over the peak holiday months.

If you are considering a second-home investment and need a little inspiration - Chartsedge’s unrivalled selection of properties with prices from £100,000 to £1,000,000 offers the perfect one-step solution.

For further information and to view the latest listings – go to www.chartsedge.co.uk

The Holiday Home Specialists +44(0)1392 832 446 Abode2_Volume2_Issue5_The_Buying_Solution.indd Abode2_Volume2_Issue5_Chartsedge_Ad.indd 70 62

INFO@CHARTSEDGE.CO.UK

WWW.CHARTSEDGE.CO.UK 30/06/2014 27/06/2014 09:37 15:05

14 15:05

DESTINATION LONDON

Looking for Clues Philip Selway Managing Partner of The Buying Solution explains why ‘on the ground’ expertise can make all the difference in the hunt for the ideal home. By Matthew Young

G

o back just a handful of years and the only people using buying agents were cash-rich time-poor celebrities on the hunt for their second, third or even fourth ‘ideal’ home. These days, it seems having a well-trained pair of eyes and ears to guide you through the purchase process is increasingly common with investors and home buyers realising the gains to be made from having an expert onside to secure them the house of their dreams.

“A professional buyer’s agent is there to provide you with the knowledge you need to make an informed decision about the value of a property - without all of the sales “hype” often generated by sales agents,” explains wealth management consultant Jeremy Stock. “In many respects it helps level the playing field between vendor and purchaser. Their role is to assist with each step of the search, evaluation and negotiation journey through to exchange of contracts and sale completion.

Fee structures can be agreed up front with either a flat rate or a percentage of the property purchase price, which is settled at the point of exchange. For most of us, property remains one of the biggest capital investments we’re ever likely to make, so it makes sense to secure professional advice to ensure the final decision is a good one.”

For Philip Selway, Managing Partner of leading agency The Buying Solution with offices in London and the South East, a successful purchase outcome is all about “relationship building”.

“Understanding a client’s needs is critical. With this in mind, we spend a great deal of time at the outset talking to clients to gain a thorough understanding of their individual needs and preferences. From there, it’s a cumulative process starting with a proactive search based on specific purchase criteria, moving through to a final short list and then accompanied viewings.”

While later stage contract negotiations are an integral part of The Buying Solution package, where agency support can truly pay dividends, explains Selway, is when the client is “most exposed”. “We handle all due diligence aspects of the purchase process, including negotiations with planning

authorities, contractors and suppliers. Providing a detailed report on potential issues such as rights of way, tenancies and enfranchisement, and new traffic routes, is all part of the service. It gives clients the opportunity to reflect on the bigger picture before making that final all important decision.”

A further incentive at buyers’ disposal is access to the renowned “secret market” where the best properties are sold before being offered to the open market. “Clients are in a privileged position in that they benefit from an almighty queue jump,” adds Selway. “In fact over 40% of the properties we bought for our clients during the last 12 months were purchased before they even appeared on the open market.”

He reflects: “Buying agents used to be the preserve of the super-rich, but the sector is rapidly evolving to attract an increasingly diverse clientele. That said, the most valuable resource at a buyer’s disposal is instinct. A place has to feel right from both a financial and emotional perspective, whatever the face-value attractions may be.”

For more information contact: www.thebuyingsolution.co.uk

WHY USE A BUYING AGENT? • • • • • •

Access to a wider choice of properties (many not even advertised).

Peace of mind - an independent professional advocate on your side.

A tailored source of suitable property with excellent prospects for capital growth.

A means of fine-tuning your property portfolio by buying in growth areas.

Due diligence information and on-the-ground expertise.

A professional negotiator in place to secure the right price.

Volume 2 Issue 5 // Abode2 63

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9778 Kingston Riverside Abode A4 wc190514.qxp_Layout 1 16/05/2014 10:51 Page 1

9779 OC Actual view from 15th floor apartment

DISCOVER KINGSTON

Voted London’s Happiest Town* There’s plenty for Kingston’s residents to smile about, as the area is renowned for its short 30 minute commute to central London, its wealth of shops, stunning Royal Parks and easy access to the river Thames. It’s hardly surprising then that Kingston Upon Thames has become increasingly popular with buyers wanting to enjoy the best of an idyllic riverside lifestyle with a hint of the vibrant city.

2 bedroom apartments from £725,000. 3 bedroom apartments from £1,000,000.

90% of Kingston Riverside is now sold, don't miss your opportunity to purchase at this iconic development.

Visit: kingstonriverside.com Call: 020 3581 2003 Email: sales@kingstonriverside.com

KINGSTON RIVERSIDE

Kingston Riverside off Henry Macauley Avenue Kingston Upon Thames KT2 5UT Your mobile operator may charge for data usage so please ensure that you have the appropriate data plan. Images from Kingston Riverside showhome. View is from the 15th floor. Prices correct at time of going to press. *Rightmove – Happy Home Index 2013.

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27/06/2014 10:09

9779 OCS AM A4 wc190514.qxp_Layout 1 16/05/2014 11:26 Page 1

GUIDE PRICE FROM £3.3M

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CGI of One Commercial Street is indicative only. Price correct at time of going to press.

Abode2_Volum2_Issue5_Redrow_Ads_Ad.indd 65

27/06/2014 10:09

destination UK

Live your English Dream at Fortescue Fields

F

ortescue Fields is located in the picturesque Somerset countryside, in the sought after village of Norton St Phillip. It offers the perfect lifestyle for anyone looking for rural luxury, yet is also conveniently just eight miles from Bath city centre with its shopping, culture and architecture.

This award winning development, designed by world famous architect Robert Adam, is nestled on the edge of Norton St Philip. In keeping with the area’s unique architecture, each of the three, four and five bedroom homes has been individually designed.

From stunning exteriors, which create a beautiful street scene, to the modern interiors, all of the homes at Fortescue Fields have been designed and built with incredible attention to detail as Michele Rose, Sales Director at Bloor South West, explains: “Fortescue Fields offers something completely unique to anyone looking for an idyllic rural life, yet remains so conveniently placed to the city. The distinctive designs of every home, each one different, means your new home at Fortescue Fields is like nothing else you will find elsewhere.”

Take for example the exclusive Nortune showhome, this stunning four bedroom property has a beautifully rendered exterior featuring a natural stone doorway and quoins, and a natural slate roof, all in keeping with the architecture of the local area.

This character is continued inside with a striking stone fire place, complete with wood burner, the centre piece of the spacious living room, which also features double doors out onto the garden. Another highlight of this magnificent home is the luxurious master suite, which makes up the second floor and has its own dressing room and luxurious ensuite with free standing bath.

The Nortune also has a detached double garage with a studio

above, providing the perfect office space or studio for guests.

Despite their traditional character, all of the homes at Fortescue Fields have modern living in mind offering high levels of energy efficiency and security.

Michele Rose continues: “Whether you’re looking for a second home or more for your money away from the capital, Fortescue Fields offers something special to anyone looking for luxury lifestyle in the beautiful Somerset countryside.

“With each home being unique, we encourage any interested buyers to get in touch to ensure they secure the design they desire. Visiting the site is a must to truly appreciate what Fortescue Fields offers and we will make finding your dream home easy with our sales advisors on hand with all the information you need and four showhomes to view.”

Fortescue Fields is situated in the village of Norton St Philip and is surrounded by beautiful countryside with landscaped ponds and paths, perfect for walking and wildlife. The village itself features a charming high street with two local pubs, church and good primary and first schools.

The spa city of Bath is just eight miles from Fortescue Fields and easy access to the M4 make Bristol, Reading and London easily commutable. The mainline station at Bath Spa puts London Paddington just an hour and a half away, meanwhile local station, Freshford is under an hour from Bristol Temple Meads.

Homes available at Fortescue Fields are priced from £585,000 to £1.6m with Help to Buy and Bloor Home Start available on selected plots. Take a look at the virtual tours online or speak to a sales advisor today to find out more about living at Fortescue Fields.

Contact 01373 834805, fortescuefields@bloorhomes.com or visit www.bloorhomes.com

66 Abode2 // Volume 2 Issue 5

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Fortescue Fields.

An award-winning development near Bath.

Visit www.bloorhomes.com to find out more

An exquisite collection of 3, 4 & 5 bedroom homes: • Just eight miles from Bath in Somerset • Individually designed homes – no two homes are the same • All properties offer excellent energy efficiency

Fortescue Fields is an enchanting development in the heart of the quintessential English village of Norton St Philip. The perfect combination of country living with all the benefits of city life.

Each opulent home benefits from fully fitted kitchens, contemporary bathrooms, parking and with lavish features making the most of the exquisite design, the homes are truly stunning and in a class of their own.

Prices from £585,000 to £1,600,000* Show Homes available to view, no appointment necessary

Fortescue Fields High Street Norton St Philip Bath BA2 7LH

Tel: 01373 834805 Marketing Suite and Show Homes Open 10:00am – 5:00pm Daily

*All Bloor Homes’ incentives and schemes are subject to terms and conditions. Prices and availability correct at time of going to press. Images shown are for illustrative purposes only and do not represent any particular plot.

Abode2_Issue2_Volume5_Bloor_Homes.indd 67

fortescuefields@bloorhomes.com www.bloorhomes.com/fortescue-fields

Book a Viewing Online

30/06/2014 09:54

Property Confidential Property Confidential is a specialist, private consultancy dedicated to meeting the real estate needs of high net worth clients.

Co-founders Maximilian Jacobs and Michael Bray have a wealth of experience across both commercial and residential property sectors working in prime central London postcodes as well the wider UK and Europe – sourcing, developing and managing an extensive real estate portfolio supported by a tailored range of property consultancy services.

Michael Bray MRICS IRRV, is a specialist Chartered Valuation Surveyor with extensive experience handling real estate transactions on behalf of private clients - negotiating to secure a successful, well-executed purchase. With an established reputation for understanding real estate design and build, Michael works collaboratively with independent property specialists to ensure a property’s optimum development value is met, as well as fine turning commissions to meet client expectations.

Abode2_Volume2_Issue5_Property_Confidential_rev.indd 68

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Maximilian Jacobs has extensive experience • Commercial and residential lease advice working with, and on behalf of, a wide-reaching international clientele. His on-the-ground expertise • Liaison with designers and contractors and skills bring an added-value dimension to the Consultancy’s comprehensive portfolio of services • Property finding and disposal including: • Concierge services • Negotiation - purchase and sale Property Confidential’s discreet, tailored service covers residential, commercial, owner/occupied • Investment property analysis and investment transactions over £2,000,000, with no upper limit. Fees agreed are set in • Project management consultation with individual clients, with no hidden extras.

• Development appraisals

Exclusive access to all types and styles of residential and commercial property 227-228 Strand, 3rd Floor, WC2R 1BE, London +44 (0) 7971 042160 or +44 (0) 7547 594231

Abode2_Volume2_Issue5_Property_Confidential_rev.indd 69

27/06/2014 09:45

ADVERTISEMENTFEATURE FEATURE ADVERTISEMENT

BE OH, I DO LIKE TO BE SEASIDE! BESIDE THE SEASIDE!

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ACCORDING ACCORDING TO TO AA RECENT RECENT RIGHTMOVE RIGHTMOVE SURVEY, SURVEY,** LOCATION LOCATION IS IS EVERYTHING EVERYTHING WHEN WHEN IT IT COMES COMESTO TO BUYING BUYINGAANEW NEWHOME. HOME. According to a recent survey* A pretty coastal path meanders Also close to the beach is the bedroom homes in a traditional through the development, which conducted by leading portal A path Brian sales and Apretty prettycoastal coastal pathmeanders meandersthrough through Brian Deacon, Deacon, sales property and marketing marketing direct beach access to Right location is everything the which director of South the development, development, whichboasts boastsdirect direct directorMove, of Linden Linden Homes Homes South boasts Duporth Bay and is surrounded when it comes to buying a new home.

Western, beach access access toto Duporth Duporth Bay Bay and and Western, explained: explained: “Homebuyers “Homebuyers are are beach mature woodland.

Although a Brian Deacon, sales and isis surrounded by woodland. keen enjoy ininaamarketing new surrounded by mature mature woodland. keen to to enjoy summer summer newhome home by director of Linden Homes South peaceful and quiet area, Two Coves is by Although aa peaceful peaceful and and quiet quiet area, area, bythe thesea, sea,and andI Ican’t can’tsay sayI Iblame blamethem! them! Although Western, comments: “Homebuyers less than two miles from the bustling IfIf you TwoCoves Covesisisless lessthan thantwo twomiles milesfrom from you can can fifind nd aa beautiful beautiful home home ininaa Two are keen to enjoy summer in a new town of St Austell, which is close the bustling breathtaking then only bustling townofofSt StAustell, Austell, which breathtaking location then it’snot not only Eden town Project and home which to a home by thelocation sea, and I it’s can’t say I tothethe is well known for its brewery and home ablame to live, but it’s also a good is well known for its brewery and agreat greatplace place to live, but it’s also a good is them. If you can find a stylish wealth of amenities. Charlestownhome totoaaclose wealth amenities.

Charlestown investment. wealth amenities.

Charlestown investment. by,ofof famous for its tall ships home in a breathtaking location then also isisalso close by, for also closepostcard by,famous famous foritsitstall tallships ships and picture scenery. it’s not only a great place to live, but “We “We are are currently currently off offering ering some some and it’s also a good investment. andpicture picturepostcard postcardscenery. scenery. fantastic fantastichomes homesby bythe thesea seaininDuporth, Duporth, Brian adds: “When you visit Coast@ said: you visit Goodrington and Westward Ho! ––and BrianCoves, said:“When “When youdifficult visitCoast@Two Coast@Two Goodrington and Westward Ho! and Brian Two it’s not to see “We are currently marketing some Coves, it’s not diffi cult to see we’re not expecting them to be on the Coves, it’s not diffi cult to see whythe the we’re not expecting them to be on the proven beautiful homes by the sea in why the development has why development has been so popular. market for long.” development has been so popular. market for long.”

Duporth, Goodrington and Westward so popular. It is beautifully situated,ItIt isis beautifully surrounded beautifully situated, surrounded bysituated, woodland and with by aby Ho – and we’re not expecting them surrounded Featuring Featuring aa range range ofof sensitively sensitively woodland and with aasea. wonderful view woodland and with wonderful view wonderful view out to to be on the market for long.” designed designedproperties, properties,Coast@Two Coast@TwoCoves Coves out outtotosea. sea. isis the latest phase at Linden Homes’ the latest phase at Linden Homes’ Featuring a range of sensitively “The design is very much in-keeping “The design isissosoin-keeping with the Two in-keeping the TwoCoves Covesscheme. scheme. with design the area, with lots of with stone designed properties, Coast@Two “The area, with lots of stone and slate; you area,slate; with you lots can of stone and slate; you definitely tell the Coves is the latest phase at Linden and can tell candefi definitely tellthe theseaside seasideisisnearby.” nearby.” seaside isnitely nearby.”

Homes’ Two Coves scheme.

company’s exclusive Tides seaside a arange ofofthree and four Also the rangesetting, threethe anddevelopment fourbedroom bedroom Alsoclose closetotothe thebeach beachisisSilver thecompany’s company’s views oftraditional the Oreseaside Stone the development Westward Ho.inin boasts homes inina atraditional setting, exclusive Tides development homes seasidein setting, exclusiveSilver Silverin Tides development bay.

Situated on the outskirts of the Westward thedevelopment developmentboasts boastsviews viewsofofthe the WestwardHo! Ho!Situated Situatedononthe theoutskirts outskirts the historic seaside village, Silver ofof the seaside village, Silver OreStone Stoneininthe thebay. bay. the historic historic seaside village, Silver Ore Tides is a stunning collection of 12 Commenting on the development’s Tides Tides isis a a stunning stunningcollection collectionofof1212 Commenting onon the Commenting the development’s development’s Brian adds: “Orestone View contemporary new homes, featuring appeal, contemporary contemporary new new homes, homes, featuring featuring well situated insaid: Goodrington, there a range of two bedroom apartments isappeal, Brian “Orestone appeal, Briansaid: “OrestoneView Viewis is aarange apartments range twobedroom bedroom apartments are three beaches, a park and boating and fourofoftwo bedroom townhouses. well well situated situated inin Goodrington, Goodrington,there there and four and townhouses four bedroom bedroom townhouses. local leisure facilities, two The boast townhouses. amazing lake, are beaches, a apark and arethree threeshops, beaches, park andboating boating The boast amazing The townhouses townhouses boast amazing primary schools and even a station on panoramic sea views, impressive lake, lake,local localshops, shops,leisure leisurefacilities, facilities,two two panoramic impressive panoramicon sea sea views, views,and impressive Paignton andand Dartmouth Steam balconies every floor stylish the primary primaryschools schools andeven evena astation stationonon balconies oor integrated appliances. balconies on on every every flfl oor and andstylish stylish Railway – so it’s the perfect place to the thePaignton Paigntonand andDartmouth DartmouthSteam Steam raise a family.” integrated integratedappliances. appliances.

Railway – –sosoit’sit’sthe perfect place toto Railway the perfect place Brian comments: “The homes are raise a family.”

Brian said: “The homes are exceptional raise a family.”

Brian said: “The homes are exceptional exceptional and the Show Home has For more details on new homes by the and the the and theShow ShowHome Home reallyhas has thewow wow sea, visit lindenhomes.co.uk/southwest the wow factor – the really interior designer For details Formore more detailsononnew newhomes homesbybythe thesea, sea, factor – the interior designer has done factor – the interior designer has done has excelled in creating a beautifula a visit lindenhomes.co.uk/southwest visit lindenhomes.co.uk/southwest fantastic fantastic jobinincreating creatinga abeautiful beautifuland and * Rightmove’s Quarter 1 2014 Consumer and light job space.”

Survey1of over 45,000Confi respondents *Confidence Rightmove’s Quarter Consumer dence Survey * Rightmove’s Quarter 2014 1 2014 Consumer Confi dence Survey light lightspace.” space.” of of over 45,000 respondents over 45,000 respondents Linden Homes is also creating 100 Linden isis also 100 Linden Homes Homeshomes alsoatcreating creating 100 contemporary Orestone contemporary homes at Orestone View contemporary homes at Orestone View View in Goodrington, Paignton. inin Goodrington, Featuring Goodrington, Paignton.

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Abode2_Volume2_Issue5_Linden_Homes_DPS_Ad_rev2.indd 70

27/06/2014 09:47

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lindenhomes.co.uk Photographs show typical Linden homes. Interiors may include optional upgrades or extras available at additional cost. Details and prices correct at time of going to press.

Abode2_Volume2_Issue5_Linden_Homes_DPS_Ad_rev2.indd 71

27/06/2014 09:47

channel islands

Royal Terrace on the market with Savills

Changing Channels T

he home of twinkle-eyed BBC TV detective Bergerac, first time visitors to the Channel Islands often comment on the archipelago’s vintage charms, a quaintly old-fashioned destination yet with much to offer despite its diminutive dimensions.

Back in the 60s the destination thrived as a quintessential bucket and spade getaway but the islands have since evolved

With its gentle climate and tax haven status the Channel Islands are proving an enticing prospect for investors looking to shelter their fortunes. Serena Templeton reports to embrace a genteel cafe culture with no shortage of HNW residents putting down roots thanks to a tax friendly regime.

“Offshore havens are very much in the news at present,” reflects Nigel Pascoe Director of Lending for mortgage specialists Skipton International, “with the Chancellor’s continuing assault on City bonuses and pensions and wealthy talent working to leaving the City. The Islands tax efficient structure, proximity to the UK, and the same time zone and language means many are recognising the benefits of relocating offshore. Property market performance is also proving strong, with a large investor market emerging. The median price of property across Jersey in 2013 was £410,000 and for Guernsey £448,000 - a rise of 3% since 2012.”

But while the islands have much in common – property purchase procedures are different for each. Geri O’Brien, Head of Office for Savills in Jersey explains: “Both islands have limited housing stock, which necessitates a form of population control. Jersey has three broad categories of housing defined under its law: those only available to local residentially-qualified individuals; properties available to the ‘essentially employed’ such as nurses and teachers; and properties available to individuals whose residence in

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ISLAND LIFE With an amazing variety of terrain for walkers, a coastline ideally suited to water sports, and a network of country lanes perfect for cyclists, Jersey epitomises the great outdoors. The island is also home to world-renowned attractions including Durrell Wildlife, and spectacular events such as the Battle of Flowers Parade.

Guernsey has a lively cultural scene - a large concert hall boasts an extensive diary of performances by both visiting and local musicians. There are also a number of galleries and exhibition spaces that house permanent and touring works with an annual programme of visiting global artists.

the island ‘can be justified on social or economic grounds’ which effectively equates to HNW individuals. Those who can prove an income of £625,000 – enough to guarantee an annual income tax take of £125,000 – and are thought to be of sufficiently good character will be welcomed with open arms.”

A UK buyer can buy an ‘unqualified’ property’ or a ‘Share Transfer’ property in Jersey, adds Geri O’Brien: “That person

can buy an ‘unqualified’ property and build their residency that way - compared to Guernsey where they cannot build up or gain residency - where one can only ever buy in the ‘Open Market’.”

In the case of Share Transfer properties, a development is registered as a company, where you buy shares in the company relating to that particular property - these tend to

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Royal Terrace interior

be mainly apartments. Adds Geri O’Brien: “The main issue here is that a UK person could not occupy the property, but is allowed to lease out the apartment. Because of the complexities, it’s essential to consult a tax expert.”

In Guernsey two major categories of ownership apply - a Local Market for people who qualify - mostly Guernsey born - and an Open Market for newcomers. Although there are no restrictions on buying property in Guernsey, there are on occupation. Local Market properties can only be occupied by those who hold local qualifications, while Open Market properties are more widely available.

Ross Le Marquand of agents Cooper Brouard, claims the system on Guernsey is less convoluted than in Jersey. Open Market properties can be bought by EU passport holders with no other restrictions. He adds: “Outsiders who buy must live in their home for one year and one day, or own it for five years, before they can sell at a profit.”

As to the islands’ lifestyle attractions? Alison Stantonbury a former investment banker came to Guernsey five years ago from London and enjoys the community minded set-up: “The locals are very welcoming - in London it takes longer to feel at home primarily because the city draws a very cosmopolitan crowd so finding common ground is a slower burn process.

People who relocate here also tend to stay for the long-term.

The cost of living is equivalent to the UK - however some items, such as cars and appliances are generally cheaper due to the lower tax rates. The primary downside is travelling off island. There’s always that extra leg of the journey to do. I occasionally get withdrawal symptoms from leaving London – when I do - I book in a ‘top up’ visit and catch up with family and friends.”

Fast facts channel islands •

The Channel Islands comprise two separate bailiwicks: the Bailiwick of Guernsey and the Bailiwick of Jersey. Like the neighbouring Isle of Man, both owe allegiance to the monarch but are not a part of the United Kingdom nor the European Union and are not subject to EU legislation. The islands retain their own legal system and courts based on common law concepts from French-Norman and English law.

They also have their own tax systems, currency and individual parliaments.

•

Jersey is the larger of the two islands, comprising a total area of some 45 square miles, whilst Guernsey comes in at nearer 30 square miles.

They have a total population of around 163,000.

Situated close to the north coast of France, the islands benefit from their close proximity to the warm waters of the Gulf Stream, offering not only an enviable climate, but also scenic surroundings.

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Daily flights connect the islands with London and most other mainland airports. There are also regular car ferry links to the UK and into France.

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channel islands

Jersey Royals

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rinity Estates enjoy an unequalled reputation for building homes in unique locations, one that is underpinned by their latest luxury residential offerings, Les Résidences, Gorey and La Corniche, Corbiere. Located in historic coastal locations with unrivalled views of Jersey’s coastland and beyond, both developments feature desirable state of the art luxury homes in secluded gated community settings. Prices start from £2.95m.

As you would expect, specifications feature cutting-edge design and exquisite craftsmanship. Landscaping also plays a key role, to ensure the homes blend seamlessly with their natural surroundings. Both projects offer prospective buyers an unprecedented opportunity to acquire a rare piece of Jersey real estate that is arguably one of the best property investment opportunities currently available on the market.

affording a once in a lifetime opportunity to own an exclusive piece of beautiful Jersey.

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La Corniche Located in one of the most protected areas in Jersey, La Corniche is without doubt one of the most beautiful locations in Europe. This World Class development overlooks the historic Corbiere lighthouse as well as sporting unrivalled views of St Ouen’s bay with Guernsey and Sark in the distance.

The development features four luxury homes in a gated community setting.

For further information please contact us via email: info@trinityestatesjersey.com or visit www.trinityestatesjersey.com

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Les Résidences Located on the edge of beautiful Gorey Harbour, Les Résidences comprises four detached luxury homes, which promise to deliver a carefully created blend of laidback beachside living with a modern edge. Waterfront property is highly sought after in Jersey and the opportunity to purchase this kind of luxurious residence is rare.

Just imagine heralding each new day with a magnificent sunrise vista over the coast of nearby France; or being able to step out from your front door and stroll along the beach or dine in one of Gorey’s charming harbour-side restaurants all within minutes of your luxury home. These exclusive residences can be tailored to create your own bespoke living space over three expansive floors. Les Résidences also offers private residential living within secure and serviced gardens, 76 Abode2 // Volume 2 Issue 5

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CHANNEL ISLANDS

NEW Beginnings Finding the perfect work-life balance comes easily with a move to the Channel Islands says Jo Stoddart of Quintessential Relocation Consultants

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hether it’s the beauty of the coastline, the pristine beaches, mild climate or the gentle tax regime that attracts, the quality of life enjoyed

by Channel Islanders is exceptional. But don’t imagine that relocating will lead to a change down in gear in terms of career aspirations. Although employers respect the importance of work-life balance, the Channel Islands are dynamic environments in which to conduct business and forge successful careers with many residents enjoying highpowered “city” jobs.

Put simply, the Islands provide the benefits of a quality career without the drawbacks of city living. The chance to walk to work, to run on the beach at lunch time and to take the family out on the boat are gift opportunities. An excellent education, high quality healthcare and a safe environment only add to the relocation attractions.

“General, practical and moral support…”

QRC can offer as much or as little assistance as you require.

This might include finding suitable accommodation; ensuring all the necessary purchase permits, registrations and licences are in place through to guidance on schools and practical support for the family so you can hit the ground running and settle in as quickly as possible.

Should you decide to purchase a property, an independent ‘buying agent’ acting on your behalf will save time, as well as open up a seam of discreetly placed properties. Islanders value their privacy and the best-in-class homes often change hands quietly without ever appearing on the open market.

KEY RELOCATION TIPS •

Use a specialist financial advisor trained to deal with expats. Securing a mortgage, moving pensions and transferring money can cost a great deal more without expert advice.

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Make lists for departure and arrival locations to keep on top of everything.

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Support your spouse and children – discover new activities to enjoy together.

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Build and use local support networks.

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Take time to explore your new environment and to see the sights.

“Local expertise is vital…”

Each island sets its own rules and regulations for residency status and the value of local knowledge cannot be underestimated. Experience of local housing legislation is a key area of expertise of Quintessential Relocation Consultants, with teams resident on both Jersey and Guernsey able to offer specialist advice.

Our client profile spans those moving here for work, as well as high-net-worth individuals and families. Each relocation assignment is unique with a keen focus on individual requirements. One client recently observed that Quintessential’s service was particularly helpful because they didn’t know what it was they didn’t know until the hurdles came.

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Bespoke relocation services ...the easy way to step straight into a new life in the Channel Islands

• Independent buyer’s agent acting on your behalf to find the right home • Property search and negotiation service

To find out how easy relocating to the Channel Islands can be, please contact Jo Stoddart or Helen Hart:

• Finding the right school for your children

Jo Stoddart Guernsey office T: +44 (0)1481 257200

• Helping you to settle in and make new contacts

Helen Hart Jersey Office T: +44 (0)1534 854574

E: info@qrcci.com | www.qrcci.com

• Single point of contact to coordinate all your relocation-related issues

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Jersey

Shore With direct tax rates amongst the lowest in Europe, Jersey's continuing economic strength has much to do with the island's pro-business culture, as Jonathan Hughes of leading international law firm Ogier explains

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ne of the world's leading international finance centres, complying with international bodies such as the IMF and OECD; Jersey’s legal framework, tax system and infrastructure have attracted a significant wealth talent pool of over 40 international banks, all major accountancy firms, several international legal practices and numerous sophisticated financial services companies, all with highly skilled workforces. This blue-chip presence is supported by an excellent transport network with reliable sea and air links with UK and Europe, including regular air services to London, Geneva and Zurich.

Quality of life enjoyed by island residents is second to none - close proximity to France adding a distinctly European feel with Michelin-star restaurants serving the freshest seafood and locally grown produce. From international film and traditional food festivals to scenic countryside and stunning beaches, leisure and pleasure opportunities are plentiful. In addition, the education system is world renowned and the health service is first class.

©Wilson Estate Agents Jersey

high value residency A recent up tick in HNW individuals relocating to the Island has not only seen wealthy retirees moving to Jersey but also young families relocating to live and work. The pleasure of being able to head to the beach with family and friends within a few minutes of leaving the office is attracting a new, younger demographic to the island.

A compact and bijou community – property is finite in supply and understandably in demand. Choice is nevertheless wide, ranging from stylish marina apartments through to multi-million pound bespokebuild residences with swimming pools, tennis courts and acres of land and gardens.

Recent trends suggest that HNW newcomers to the Island are not only purchasing traditional homes, but are also investing in residential sites where there’s the opportunity to develop new, contemporary, low-carbon residential stock. For such investments, employing the services of a property search consultancy, as well as seeking specialist legal advice is recommended.

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JERSEY

Idyllic Carteret House, Rozel, Jersey, Channel Islands – Image Courtesy of Wilson Estate Agents, Jersey

Finding a location that offers the very best tax advantages might be your driving force, but choosing a jurisdiction that is to become your home is about much more. The key is to settle somewhere that works for your wealth but, first and foremost, works for you and your family too.

Jersey is an independent, low tax jurisdiction. It’s also a beautiful, secure, cosmopolitan Island, where traditional values sit at the very heart of our contemporary lifestyles. It’s a place where everyone enjoys respect and privacy. Business and leisure opportunities abound; the schools are superb and the health service is first class.

Other Useful Contacts

www.locatejersey.com

Ogier Legal Contact For more information about relocating to Jersey please contact: Jonathan Hughes Partner +44 1534 504111

ogier.com

Clifford Wilson: +44 7797 723804

British Virgin Islands | Cayman Islands Guernsey | Hong Kong | Jersey Luxembourg | Shanghai | Tokyo

Information on the Ogier Group and details of its regulators can be accessed via our website.

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CHANNEL ISLANDS

Living Life to the Full A key success factor for Jersey has historically been the simplicity of its tax regime and its attractiveness to high net worth individuals.

Stevie King does the maths for individuals looking to relocate

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key consideration in the granting of permission to purchase or lease property on Jersey on the grounds of being a High Value Resident is the expected level of annual tax contribution to be made by the applicant. Individuals would normally be expected to generate sufficient income so that, at the present rates of tax, their annual tax contribution is a minimum of £125,000.

As part of the application process, consideration is also given to the total net worth of the applicant. New High Value Residents to the Island are currently taxed on the following scale: • The first £625,000 of worldwide income (including Jersey based) will be taxed at 20% thereby accruing the £125,000 per annum minimum tax contribution.

• All personal income over £625,000 will be taxed at 1%.

Other individuals seeking permission to work on the Island and to purchase or lease property do not have to agree a minimum income tax contribution with the authorities, but do need to be able to demonstrate compelling benefits in terms of job creation and any other benefits that may be derived.

These individuals are subject to Jersey’s general income tax rules and will pay tax at a standard rate of just 20% on their worldwide income (including Jersey source income).

In many instances, employees will also benefit from the favourable ‘benefits in kind’ rules that apply, for example, to share incentive schemes and proprietary investments in funds managed by them.

Generally, any initial benefit obtained when purchasing such shares will be taxable but the subsequent growth in value will be free of Jersey tax. Social Security payments in Jersey are also low compared with many Jurisdictions and significant payroll savings can, therefore, be made by relocating.

JERSEY WORKS Over 12,000 people are currently employed within Jersey’s financial services sector. Over the past four decades the Island has developed a breadth and depth in its range of services that many other competing jurisdictions find difficult to match.

The island also has approximately 900 regulated trust and company administrators; over 100 investment managers, stockbrokers, advisers, custodians and fund administrators; a significant presence by all ‘Big Four’ accountancy firms as well as many of the medium sized international firms; and a range of highly regarded offshore law firms with close links to major international firms.

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Jersey. For business. For life.

Beauport Bay on Jersey’s south-west coast: 49° 10’ 43” N, 2° 12’ 28” W

With some of the lowest direct taxes in Europe, in Jersey you can grow and prosper. ✚

Pro-Business

✚

Low Taxation

✚

Quality of Life

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Independent government with a strong and stable economy

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No corporate tax for nonfinancial services businesses

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An enviable work-life balance

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Robust yet pragmatic approach to regulation

Strong sense of community with an international outlook

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Proactive support for inward investment with aftercare

Beautiful island setting with stunning beaches, coast and countryside

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Extensive leisure and sporting opportunities with an outdoor focus

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Excellent, modern services in education and healthcare

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Jersey ranks as the top offshore finance centre in four independent reviews Skilled, professional workforce

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10% corporate tax for financial services businesses

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No capital gains tax

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No inheritance tax

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Low personal tax rates for individuals

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Low stamp duty on property

locatejersey.com Locate Jersey provides free advice and support to you and your business in becoming resident in Jersey. Please contact Kevin Lemasney, Director, High Value Residency +44 (0)7797 783457 or email k.lemasney@gov.je

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destination golf

A Life Less Ordinary

James Matthews quizzes World No. 6 Rory Mcllroy on fame, form - and never living a life of regrets

“I

’m pretty hard on myself when I play bad golf. It’s like the cycle of life – you have good and bad – the key is to keep on moving on.”

With such a philosophical viewpoint it’s little surprise that Rory Mcllroy has garnered a reputation as both a champion and a sportsman. His dramatic one-shot triumph at the Australian Open last year was an inspiring testament to the potential of new blood and how staying power can ultimately pay dividends. But then McIlroy at the ripe old age of 24 doesn’t subscribe to old adages - if anything - he tends to turn them on their head hence his mantra - “if it isn’t broken, don’t fix it.”

Two years ago, the native of Northern Ireland was on top of his game as the No. 1 golfer in the world, coming off a five-win season that was highlighted by his second major victory at the PGA Championship. Cue an unsettling period in terms of performance – a season no one could specifically ascribe to personal, professional or business issues. Looking back now it’s a phase Mcllroy puts it down to “life’s ebb and flow.”

“There was a lot of stuff going on around me that took away the 100% focus I needed to place on the game.”

Now with the passing of focused fairway time – he appears

Old Course St Andrews courtesy of Kohler

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to have honed the right formula for success – one he likens to “a slow burn process” in terms of building one’s confidence back up.

Proof of the pudding came last autumn with a late-season surge, highlighted by his one-shot victory over Adam Scott at the Australian Open, giving him some much-needed momentum heading into a hectic 2014.

Central to McIlroy’s grounded nature are his humble roots in Holywood, a town outside Belfast. Since becoming the second Irish golfer, after Padraig Harrington, to win multiple majors, however, much has changed - a move to Florida, new equipment and a new management team, all instrumental in his rise to No. 1 in March 2012.

A home grown hero turned global star, dealing with the ‘deserting one’s roots tag’ is one that he now accepts goes with the territory. “Not that it always makes it easy,” he adds. In a recent speech delivered in Belfast, President Obama singled him out as the embodiment of a thoroughly modern Northern Ireland, a new generation intent on looking forward and not past. It’s a compassionate viewpoint he finds comfort in.

“I feel I’ve always thrived on adversity. I think back to the collapse I had at the 2011 Masters and then coming back to win the US Open. And then I think about winning the 2012 US PGA and soon after I went through a lull and people began questioning things again. But I like proving people wrong.

Hopefully I will do that again this year. I’m in good shape and learning to stay patient. I have to keep reminding myself that it’s still early days – for me. As they say - Rome wasn’t built in a day.”

Fast facts rory mcilroy •

McIlroy began competing when he was a child, and scored his first notable international win in the 9 to 10 age division at the World Championships in Miami, Florida.

•

Aged 11, he was shooting level par around his home course’s par-69 layout. By the time he won the 2002 Ulster Boys Championship, two years later, his handicap was at scratch.

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He is a former World Number One and a twotime major champion.

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He has been cited as the most exciting young golf prospect with the potential to become one of the highest earners in sport in terms of endorsements.

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In 2012 he won the PGA Championship at Kiawah Island by a record eight strokes for his second major championship victory.

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He is a huge fan of Manchester United.

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roperty buyers it seems, with an eye for a lucrative return are putting their hard earned cash into golf real estate, regardless of how they feel about the game, with the sector becoming an increasingly profitable area for second-home purchasers. Golf tourism across the world is worth in the region of £7.5 billion each year and as a leisure sector, it is growing at over double the rate of rival leisure based travel markets.

“Property on offer is appealing to savvy investors who are well aware that golf resorts make excellent investment locations

While some holiday home markets continue to feel the pinch – golf property investments remain well above par, says Laura Henderson

for both a high yielding rental strategy and one relying on consistent capital appreciation and resale demand,” says Carlton Carugati of the Global Golf Tourism Organisation (IAGTO). While Spain and Portugal are still top of the popularity charts, the market is expanding into new holiday territory. Adds Carugati: “Eastern Europe notably Turkey, Albania and Croatia are opening up, while long-haul getaways such as South Africa and the Caribbean with their longer seasons appeal to retirees.”

Fairway Attractions Las Colinas - Spain If it’s clear blue skies and dramatic scenery you’re after when striding the fairways then the picture postcard scenery of Las Colinas Golf and Country Club may well persuade you to pack your clubs and break for the Valencia border; villages hanging on mountainsides, roads making breathtaking curves around steep hills, and everything covered in bright colours of green vegetation, all just a 45 minute drive from Alicante airport.

The brainchild of blue-chip real estate developer Gmp, 10,000 hectares of abundant natural topography: gently undulating hills and valleys, topped off by a Cabell B. Robinson 18-hole championship course, all conspire beautifully to envelop this low-density residential community.

The resort’s real estate portfolio is comprehensive and garnering healthy interest from a cosmopolitan buyer base.

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Located at the heart of the estate in a ‘private island’ setting framed by woodland hills, the bijou community of Enebro comprises a limited edition collection of bespoke villas designed by acclaimed architectural firm Woods Bagot.

Several different styles of three and four bedroom villas with individual outlooks are carefully positioned to maximise golf and sea views. Properties boast extensive outdoor living space – terracing and pool areas, whilst indoor accents focus on maximising the use of natural light, with floor-to-ceiling picture windows. Prices start from £585,000.

For individuals happier to plan their very own bespoke design home, the resort also has a limited number of premium plots in the prestigious Palmera community with frontline fairway views.” Plot prices start from £200,000.

Owners in Ebrero and Palmeras are granted preferential access to a range of on-site sporting amenities via the resort’s dedicated sport’s scheme, as well as membership of Troon Advantage, an exclusive club with a portfolio of VIP benefits worldwide.

past few years perfecting its Signature fairway offering to rival the likes of St Andrews and other top golfing communities worldwide. But while the challenging 18-hole links masterpiece created by Jack Nicklaus has garnered many plaudits, the resort has also built a strong investor following alongside.

“WBHO – the developer’s vision was to create a ‘gentleman’s estate,” explains project spokesperson Jeff Claus, the focal point being the Signature golf course but with lifestyle enhancements including exclusive access to leisure amenities including a stateof-the-art leisure centre and pool, in addition to reduced green fees across Nicklaus courses and top rated clubs in South Africa and abroad.”

Today, a balanced percentage of the gated 400 hectare site has been developed, with the remainder given over to nature trails, landscaping and communal garden areas. Houses (400 in total) and chalets (120) are traditional in style with white walls, thatched roofs and large ‘plantation’ verandas. Owners have the option of purchasing a plot to self-build or opting for a turnkey re-sale.

Adds Claus: “Property owners automatically become members of the golf club, plus we’ve a golf academy on site, which makes the estate appealing to families with youngsters looking to build their game.” Annual dues of £2,300 include golf fees, with unlimited golf for the principal member, as well as resort municipal and maintenance services.

Turnkey homes start from £115,000. Jeff adds: “Those who have purchased for future construction have the added benefit of extended building timelines of 15 years, as approved by the estate’s board of directors. A minimal environmental levy is

St Francis Links - South Africa Authentic African style in a refined setting springs to mind when you first set eyes on St Francis Links, ranked in the national top 10 courses in South Africa by Golf Digest. Situated midway between Port Elizabeth and Plettenberg Bay on the scenic Eastern Cape, this prestigious golf estate has spent the Volume 2 Issue 5// Abode2 87

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also in place to keep undeveloped properties maintained for landowners who have not built within the original five-year building period.”

Portugal – Quinta do Lago Nestled within 2,000 acres of UNESCO protected parkland in the heart of the Algarve, just 15 minutes from Faro airport; since the resort’s inception in 1972, tees and greens investors have made up a healthy quota of buyers to date, but the development’s coast-and-country setting with 3.5km of golden sandy beach is also proving a draw with families on-the-go.

Marginal changes to property prices in the past three years have enabled the resort’s residential portfolio to further diversify with homes spanning the price range from a midrange £250,000 to over £10m. “The master plan has always had nature at its heart,” says property sales consultant Jamie Robinson. “The result is a low density development with more than 70% green belt land.”

Tree-lined residential areas dotted among resort amenities are interwoven with four award winning championship golf courses, including latest addition Laranjal, voted the best course in Portugal in 2011.

Overlooking the Ria Formosa Natural Park and San Lorenzo Golf Course; the release of Quinta’s San Lorenzo North neighbourhood offers would-be investors the last opportunity to own a plot on the estate, with just 26 lots ranging from 2,000 to 3,000 square metres with POA. Adds Robinson: “Purchase options range from ‘turnkey’ – taking buyers through every step from concept design to the delivery of their home, as well as plot only – a popular option for those familiar with purchasing and building overseas. Some guidance will be given, but the planning, licensing and building

of the property remains the responsibility of the owner.”

Owners will have the opportunity to place their homes in the resort’s managed rental pool, with occupancy rates nearing 100% during July and August. Luxury villas in one of the established neighbourhoods rent for £7,000 per week, £1,500 for a smaller turnkey unit. Adds Robinson: “80% of rental income is retained by the owner, making it feasible to cover annual running costs.”

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destination golf

mogador magic Once the boho haunt of legendary musician Jimmy Hendrix, the sun-kissed coastal resort of Essaouira is welcoming a new influx of holidaymaker thanks to the fairway attractions on offer at Mogador Golf Villas. Stevie King samples a taste of par-3 paradise

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ne of the most enchanting spots along Morocco’s Atlantic coast, Essaouira’s cosmopolitan ambiance stems from its mixed heritage of Arab, Portuguese and French cultures, giving it great appeal to Western European visitors. “The town is now fashionable among Moroccans as well as being a favourite spot with jaded urbanites due to its coastal location,” adds local agent Jacques Oswald. “It’s not as frantic as Marrakech, yet there’s enough going on with the beach, hammams and spa, as well as a large souk to potter about in.”

But while the town’s ethereal quality sets it apart as a vintage destination with a difference, the town is increasingly garnering a reputation as one of the country’s chicest holiday getaways boasting a multitude of fashionable galleries, antique shops, restaurants and hotels.

It’s this evolving pastiche of old and new that’s now igniting demand for additional premium holiday accommodation – the community’s most recent addition - Mogador Golf Villas – suitably tasteful in design to blend in with its surrounds yet with enough pamper appeal to satisfy the most discerning of golfing guest.

Secreted away in a gated ocean-front estate of 1,500 acres, this boutique development is home to a stylish 147 room hotel managed by the Sofitel Group, together with seven beautifullyappointed luxury villas - all available for rental. On-site distractions include a Signature spa, gym, multiple pools together with the resort’s green and serene piéce de resistance – the sleek 18-hole championship Mogador course designed by veteran pro Gary Player.

For holidaying golfers seeking more privacy on the accommodation front – villa rentals offer the perfect solution.

Properties vary in size with six three-bedroom residences and one five-bedroom unit. All are available for individual rental or as a collective bundle thereby allowing flexibility in party numbers. Villa designs exude Corbusier-style elegance (echoing the refined lines of so many of the colonial French Art Deco villas which line Essaouira’s stunning corniche). Light-filled and airy, all make the most of their generous square footage with natural accent interior finishes – stone, wood and marble. Each property also comes with its own private pool set in beautifully maintained gardens. Staffing, concierge and chauffeur services are available if required as is temporary membership of the golf club for a few leisurely rounds during your stay.

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Moroccan Properties British Real Estate Company Marrakech Marrakech ■ Agadir ■ Essaouira ■ Tangier ■ Assilah

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Purchase ■ Selling ■ Investment ■ Rentals Construction - Interior design - Garden design Contact: Philip ARNOTT : +212 6 61 10 16 61 - E-mail: gallery@arnott-lawrence.com

■■■ Immeuble El Khalil (en face Gendarmerie Royale), Avenue des Nations Unies, Marrakech 40000, Morocco Tél.: +212 (0) 524 43 04 65 - Fax: +212 (0) 524 43 05 00 - E-mail: info@moroccanproperties.com - www.moroccanproperties.com

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destination golf

‘The course is close to perfection. It is strategic rather than penal, as a resort course should be and as usual with Gary Player’s creations.’

royal and ancient Golf in Morocco is celebrating its 100th year since the construction of the first golf course in Tangier. The favourite game of the late King Hassan II who had ninehole courses in his palaces at Fez, Rabat, Meknes, and Marrakech; a visit to the Royal Golf Club in Marrakech, one of the most venerable, brought his attention to the game’s potential as a national asset that could draw tourists and he decided to have a public course built in Rabat, inviting the famed architect, Robert Trent Jones, to offer his advice and architectural skills.

1917 saw the first greens appear in Tangier, created by famous British Course designers Cotton & Pennink.

Since then, the game has continued to develop with 26 golf courses now located across the country. Golf fans will also soon be able to test the greens of some forty more courses from North to South revealing just how entrenched the game is in the modern Moroccan culture.

Most of the main courses are around the cities, Rabat, Casablanca, Marrakesh, Agadir, Tangier, Meknes and Fez, an urban collection soon to be complemented by an ambitious residential tourism master plan to be rolled out in the next couple of years including plans for a high-speed train link opening between Casablanca and Tangier in 2016.

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Big targets abound when playing Mogador: wide fairways, tseogGiD–floG – ”AA CIRFA HTUOS NI ESRUOCOW EN TSEB“ 02022tst7tses0egeg0igD i2for D expansive greens but equally large bunkers 2212101 iDflfolthose flG oG– who – ””A ”AACCCIIRIRRFFA FAHHHTTTUUUOOOSSSNNNIIISSEEESSSRRRUUUOOOCCCFFLFLO LOGGG000111PPPOOOTTT“““ 2102 tsegiD floG – ”ACIRFA HTUOS NI SESRUOC FLOG 01 POT“ stray. There’s ample lateral and vertical movement to provide 21022-7t0se0g2iD flo G – ”A CCIRF–A”H TUOS NI SESRU OC FLOG 01 POT“ 22121010with 20-27-07the 0202rrerefelfolas folG oGGtattaeaeleplplm pm m ooC oC– –”E ”EECCCNNNEEEIIRIRREEEPPPXXXEEEFFLFLO LOOGGGRRRAAATTTSSSEEEVVVIIFIF“F““ variety and it’s all in a wooded setting 2102-70sea 02 reafloG taelpmoC – ”ECNEIREPXE FLOG RATS EVIF“ backdrop. From where the tigers prowl2the card reads f7,213 loG ta1 elpmoC – ”ECNEIREPX FLOG RATS EVIF“ drdraraw ededadacacAcAAyyryrtrsttsusududndnInI1lIal0aldad2idri-rBi7rBB0nn0anac2acicrirrfieA aww AAAbut yym ym m ethere rfA fA–––””1 ”111000222&&&000111000222..A.AA..S.SSNNNIIIEEEUUUNNNEEEVVVNNNOOOIITITTPPPEECCCEEERRRBBBUUULLCLCCTTTSSSEEEBBB“““ yards to a pardof 72, are six sets of drawA ymedacA yrtsudntees, I ladirthree B naceach irfA – ”1102 & 0102 .A.S NI EUNEV NOITPECER BULC TSEB“ for men and women, toAcater draw ymefor dacall A ylevels rtsudof nI ability. ladirB nacirfA – ”1102 & 0102 .A.S NI EUNEV NOITPECER BULC TSEB“ The condition and presentation is flawless. The bunkers are pristine, the greens true but slick and with just enough movement to demand your full attention. Imagination and sound course management will pay dividends and a sound short game and a hot putter will help, too Ranked in 2010 within the “world’s top 20 of the most exciting new courses” by Golf World magazine, a second course is also now underway with 9 holes open for training sessions. A state-of-the-art driving range, as well as two putting greens and training areas for the short game are also available. Best of all - every golfer, whatever his level, can play the course up to his own challenge.

92 Abode2 // ’Volume skniL sic2nIssue arF t5S‘

.w ’s’ksnkinLiLsiscincanraFrFtSt‘S‘ · ··mmm oococ.cs..sksknkninlislisliscicincnanarafrtrfsftts.sw .w www www:b::bebeW eW W· ··mmm oococ.cs..sksknkninlislisliscicincnanarafrtrfsftts@ s@ @ flfoflolgogg:l:i:lailaim amm -E--EE· ·· 000050545440000202222424)40))0(0(7(7272+ 2+ +:l:e:lelTeTT ’skniL sicnarF tS‘ · moc.sknilsicnarfts.www :beW · moc.sknilsicnarfts@flog :liam-E · 0054 002 24)0( 72+ :leT ’skniL sicnarF tS‘ · moc.sknilsicnarfts.www :beW · moc.sknilsicnarfts@flog :liam-E · 0054 002 24)0( 72+ :leT

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Strokesofofgenius genius Strokes Strokes of genius “BEST NEW COURSE IN SOUTH AFRICA” Golf Digest 2007 “BEST “BEST NEW NEW COURSE COURSE INSOUTH SOUTH AFRICA” AFRICA” –––Golf GolfDigest Digest2007 2007 “BEST NEW COURSE ININ SOUTH AFRICA” – Golf Digest 2007 “BEST NEW COURSE IN SOUTH AFRICA” – Golf–Digest 2007 2012 “TOP 10 GOLF COURSES IN SOUTH AFRICA” Golf Digest “TOP “TOP 10GOLF GOLF COURSES COURSES INSOUTH SOUTH AFRICA” AFRICA” – –Golf GolfDigest Digest2012 2012 “TOP 1010 GOLF COURSES ININ SOUTH AFRICA” – Golf Digest 2012 “TOP“FIVE 10 GOLF COURSES IN SOUTH AFRICA” – Golfer Golf Digest 2012 STAR GOLF EXPERIENCE” Compleat 2007-2012 “FIVE “FIVE STAR STAR GOLF GOLF EXPERIENCE” EXPERIENCE” –––Compleat CompleatGolfer Golfer2007-2012 2007-2012 “FIVE STAR GOLF EXPERIENCE” – Compleat Golfer 2007-2012 “FIVE STAR GOLF EXPERIENCE” –&Compleat Golfer 2007-2012 “BEST CLUB RECEPTION VENUE IN S.A. 2010 2011” African Bridal Industry Academy Award “BEST “BEST CLUB CLUB RECEPTION RECEPTION VENUE VENUE INS.A. S.A. 2010 2010 &&2011” 2011” –––African AfricanBridal BridalIndustry IndustryAcademy AcademyAward Award “BEST CLUB RECEPTION VENUE ININ S.A. 2010 & 2011” – African Bridal Industry Academy Award “BEST CLUB RECEPTION VENUE IN S.A. 2010 & 2011” – African Bridal Industry Academy Award

Tel: +27 (0)42 200 4500 E-mail: golf@stfrancislinks.com Web: www.stfrancislinks.com ‘St Francis Links’ Tel: Tel:+27 +27(0)42 (0)42200 2004500 4500 ·· ·E-mail: E-mail:golf@stfrancislinks.com golf@stfrancislinks.com·· ·Web: Web:www.stfrancislinks.com www.stfrancislinks.com·· · ‘St ‘StFrancis FrancisLinks’ Links’ Tel: +27 (0)42 200 4500 · E-mail: golf@stfrancislinks.com · Web: www.stfrancislinks.com · ‘St Francis Links’ Tel: +27 (0)42 200 4500 · E-mail: golf@stfrancislinks.com · Web: www.stfrancislinks.com · ‘St Francis Links’ Tel:Tel: +27 Tel: +27 +27 (0)42 (0)42 (0)42 200 200 4500 200 4500 4500 · E-mail: · E-mail: · E-mail: golf@stfrancislinks.com golf@stfrancislinks.com golf@stfrancislinks.com · Web: · Web: · Web: www.stfrancislinks.com www.stfrancislinks.com www.stfrancislinks.com · · · ‘St‘St Francis ‘St Francis Francis Links’ Links’ Links’ Tel:Tel: +27 Tel: +27 +27 (0)42 (0)42 (0)42 200 200 4500 4500 4500 · E-mail: · E-mail: · E-mail: golf@stfrancislinks.com golf@stfrancislinks.com golf@stfrancislinks.com · Web: · Web: · Web: www.stfrancislinks.com www.stfrancislinks.com www.stfrancislinks.com · · · ‘St‘St Francis ‘St Francis Francis Links’ Links’ Links’ Abode2_Volume2_Issue5_Mogador_Golf_Villa.indd 93 Abode2_Volume2_Issue5_St_Francis_Links.indd 1200 Tel: Tel: Tel: Tel: +27 Tel: +27 Tel: +27 +27 +27 (0)42 +27 (0)42 (0)42 (0)42 (0)42 200 (0)42 200 200 200 4500 200 4500 200 4500 4500 4500 4500 ·· ·E-mail: ·E-mail: ·E-mail: ·E-mail: ·E-mail: E-mail: golf@stfrancislinks.com golf@stfrancislinks.com golf@stfrancislinks.com golf@stfrancislinks.com golf@stfrancislinks.com golf@stfrancislinks.com ·· ·Web: ·Web: ·Web: ·Web: ·Web: www.stfrancislinks.com Web: www.stfrancislinks.com www.stfrancislinks.com www.stfrancislinks.com www.stfrancislinks.com www.stfrancislinks.com ·· · ·· · ·· · ‘St ‘St ‘St Francis ‘St Francis ‘St Francis ‘St Francis Francis Francis Links’ Links’ Links’ Links’ Links’ Links’ Tel: Tel: +27 Tel: +27 +27 (0)42 (0)42 (0)42 200 200 4500 200 4500 4500 ·E-mail: ·E-mail: E-mail: golf@stfrancislinks.com golf@stfrancislinks.com golf@stfrancislinks.com ·Web: ·Web: Web: www.stfrancislinks.com www.stfrancislinks.com www.stfrancislinks.com ‘St ‘St Francis ‘St Francis Francis Links’ Links’ Links’

27/06/2014 10:54 10:51

destination golf

The Long

game

Just like the game itself, there is more to buying golf course real estate than meets the eye.

Anthony Purdew of the Golf Consultants Association offers some useful pointers

T

he latest findings from HSBC by the Futures Company Golf reveal that golf resort development continues to provide the backbone of high profile tourism investment in many parts of world.

Statistics gathered from over 40 countries identify Florida, Spain and Portugal as the fairway front runners with ‘new comer’ Latin America climbing the popularity charts. Golf tourism is also growing quickly in Asia and the Middle

East, which currently have the world’s most profitable resort courses with new residential golf projects being developed as part of national tourism strategies in countries as far apart as Vietnam, Abu Dhabi and Cuba. All of this fairway activity bodes well for future investment returns. But with such a proliferation in choice, what need-to-know essentials should property buyers take into account when shortlisting real estate options?

investment essentials •

•

•

Examine the stay-play ratio - how much does it cost for a round of golf at the course you are thinking about buying on? How much is the house you are looking at buying? There should be a logical ratio between the two.

For example, if it is a daily fee course and a round of golf is going for £25 in the winter and the house is selling for over £200,000, the property value is probably inflated.

If the course is private, check on the initiation and monthly fees for the course versus the price of the home.

Don’t buy too near the fairway. You want views, but not if it means being woken up by a dawn chorus of lawnmowers. Take note of the width of the greens and the distance of the houses from the tee boxes. Play the course to see where the balls land and golfers congregate.

Deed restrictions are notoriously strict in golf communities, so make sure you fully understand the rules – these will likely cover everything from your property’s hedge height to barbecue curfew times. The same applies to golf course protocol. Is it open yearround? Do guests have to pay to use? Rules are there to help maintain the value of your property, but you need to be able to live with them.

•

Play a resort course several times – it has to be sufficiently challenging to hold your interest in the years to come. Find out if there are plans to change the course layout or expand facilities and check if owners get reciprocal privileges at neighbouring courses.

•

Get to know fellow residents before signing on the dotted line. If you don’t click with your neighbours, you may find your holiday social life distinctly under par. Make sure there are sufficient leisure attractions to keep non-golfing family members occupied.

•

Fee structures vary from resort to resort, so check the small print. Common extras include community and service charges, club membership fees, social fees and joining fees. Some resorts throw in golf membership for a fixed period, others, it’s a pay-as-you-go set-up.

•

Rental income is a great way to offset the costs of a second home, but be realistic about how many months of the year you can feasibly do this for. If you’re planning to rent your home during peak season, you’ll have to consider alternate ‘shoulder periods’ for your own use.

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Lakeside Phuket by YOO Luxury 5* Designer Hotel Central Investment Agency is proud to offer this 5* Luxury Designer Hotel in Phuket, Thailand to a worldwide investor base.

Lakeside Phuket by YOO is a spectacular collection of 238 stylish apartment and penthouse suites offering all the services and facilities that you would expect from a world-class development.

This 5* deluxe hotel will be designed and operated

by YOO, one of the worlds’ most successful and innovative property brands.

Investment Opportunity • A beautiful, tranquil, lakeside setting with stunning countryside and Golf views • On the doorstep of three world-class golf courses • 10 minutes’ drive from some of the most stunning beaches • Special limited pre-launch offer, Invest from just £59,950 • 60% total ROI over 3 years • 10% NET assured annual income from day 1

Phuket was recently named New York Times ‘Luxury Destination of the Year’ and Conde Nast Magazine’s ‘Top 3 Best Island Destinations.’ Thailand’s most popular island, the island is one of the world’s most outstanding beach destinations boasting miles of white sandy coastline together with some of the country’s top golf courses.

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• PLUS 130% assured buy back after year 3 • Secure legal protection through UK Limited company structure • Other investment options available Total investment from only £59,950

27/06/2014 10:59 10:58

PrimeNewDevelopments.com is the new and innovative place to discover some of the world’s finest resort and residential property developments for sale

Freedom Bay, St Lucia, Caribbean – Prices from US$1,350,000

1000 Museum, Miami, USA – Prices from US$5,000,000

Edenarc, Les Arcs, France – Prices from €240,000

Finca Cortesin, Marbella, Spain – Prices from €1,900,000

Use simple lifestyle choices: Sun and Sand, Sport and Adventure and Metropolitan to view some of the most beautiful resort and residential development schemes across the globe With prices from €35,000 to in excess of $20,000,000 what type of property would you like to buy?

To learn more visit PrimeNewDevelopments.com

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Abode2

14 13:54

Work, Live, Invest or Retire in Mauritius

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27/06/2014 07/01/2014 11:04 17:39

destination scotland

Fringe

benefits The UK’s second financial centre and a city renowned for its iconic architecture and prestigious arts festival – Edinburgh has much to tempt property investors. James Matthews pays a visit

A

lready wielding new tax raising powers and with the eagerly anticipated referendum on Scottish independence this coming autumn – changes are afoot for Scotland’s bonnie capital. Whatever the political outcome may be, the city will still have plenty to crow about – a stalwart property market for one. Boasting 13 of the 20 most expensive streets in Scotland, Dick Place in the exclusive Grange district ranks the most expensive, with an average house price of £1.68 million – nearby hoi polloi

Merchiston where JK Rowling’s 19th century manor home recently sold for over £2.5m sashaying not far behind.

The city is often described as ‘one of the best places to live in the UK’; a fitting accolade comments Gordon Hamilton of Hunters Residential given the plethora of museums, galleries and designer boutiques and, of course, the Fringe Festival for residents and visitors to enjoy. “Edinburgh not only has the second highest concentration of listed buildings in the UK with many beautiful period residences, more recently we’ve been seeing a trend for bespoke townhouse conversions, a growth spurt fed by demand from young professionals and buy-to-let investors.”

Latest figures from Edinburgh Property Solicitors body ESPC reveal that buyer activity in the mid to premium sector home markets has continued to rise. In the three months to March the number of properties sold across the capital, the Lothians and Fife rose by 42.5% annually. The number of homes coming onto the market also increased, but at the more modest annual rate of 14.9%.

Commenting on the results, David Marshall, business analyst with ESPC says: “Despite the rise in the number of homes selling, in the majority of cases buyers are still enjoying some

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success when it comes to negotiating on price with sellers. In Edinburgh, 58.6% of properties sold over the last quarter were secured for less than their original Home Report valuation which is good for market liquidity.”

In terms of property location, the city is perhaps best viewed as a collective of self-contained communities, each with its own distinct feel. Adds Hamilton: “Though many of these ‘Edinburgh Villages’ are clustered around the bustling city centre, it’s worthwhile researching on foot as districts can vary hugely even just a street apart. Some are relaxed and tranquil, while others are surprisingly quirky and bohemian.”

So where are some of the top places for buyers keen to be part of the action?

City Centre Boasting a healthy sprinkling of period properties, close proximity to the financial district, universities, flagship stores and key transport routes mean a home in the city centre will always perform well from an investment perspective.

A popular location for buy-to-let pied-à-terres, the high volume of students and professionals in town also means rental occupancy is extremely high. Three bed properties can command up to £1350 per month. A classic example in the heart of the West End listed with agents Rettie is Tully Side, a stunning two-bedroom Mews House with private courtyard garden. Remodelled by its current owners the property has an asking price of £325,000.

Marchmont An affluent district to the south, close to Princes Street, Marchmont was originally developed as a planned middle-class tenement suburb back in the 19th century. Today property listings embrace a vintage blend of Victorian and Edwardian characterised by tall ceilings, spacious rooms with period features including original fireplaces, cornicing and wooden floors. Renovated traditional three-bedroom flats in the oldschool genre can be picked up for £290,000. Complementing the classic architecture the area also boasts a cosy community mix of cafes, quirky boutiques and eateries as well as excellent shopping facilities and good transport links.

Bruntsfield Leafy streets and grand architecture make Bruntsfield one of the most desirable addresses with the equally appealing Morningside, Merchiston and Church Hill areas just a few minutes’ walk away. Expansive greens such as the Meadows and The Links are in abundance, whilst the city centre is a mere 15 minute walk and the city bypass just ten minutes by car. Potential for rental income is also excellent with three bedroom properties renting for up to £1400 per month. “The housing staple is primarily high-quality Victorian tenements, interspersed with large and impressive early twentieth-century villas,” explains Robin Davie of Blair Cadell. “That said, we’ve seen a recent development shift with sub-division of villas and new build apartment projects in what would have been large gardens. Studio units can be picked up for around £100,000.”

Dean Village Dean Village (meaning ‘deep valley’) sits serenely beneath Thomas Telford’s iconic four-arched Dean Bridge. This Conservation Area meshes quirky old and trendy new architecture, including restored worker’s cottages, and converted warehouses and mill buildings. Many of the

buildings overlook the gurgling waterfalls and wooded splendour of the Water of Leith, with its winding pathways. For culture vultures, the National Gallery of Modern Art and the Dean Gallery are close by. Simpson and Marwick are marketing a beautiful three-bedroom apartment within the exclusive residential development Bells Mills adjacent to the Water of Leith. Sporting a high spec interior design, the property has an asking price of £390,000.

Newington A lively, bohemian district about 15 minutes’ walk from the Royal Mile, Newington’s main thoroughfare is bursting with commercial life with a variety of mixed use developments sporting retail businesses, cafes and offices on the ground floor of contemporary residential tenements. Head out to the neighbourhood’s fringes however and the streets become wider and leafier, many avenues lined by elegant Georgian mansions.

“For accessibility to town, as well as the lush meadows area and Arthur’s Seat, Newington is hard to beat,” says Lyndsey Beckwith of Pagan Osborne. On the market with the agency is ‘Muirton House’ a tastefully renovated four-bedroom stone-built Victorian villa. Set in matured landscaped gardens with a private drive, the property has an asking price of £895,000.

EDINBURGH essentials •

Scotland’s capital has a population of 486,000 but during the month of August figures double with all the fun of the Fringe festival.

•

75% of buildings in the city centre are listed.

•

Over one million people visit the castle every single year. It’s the most popular tourist attraction in Scotland.

•

Over 100,000 people cram in to Princes Street for the Hogmanay street party every year.

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DESTINATION SCOTLAND

Live the high life

at Quartermile T he height of modern luxury living with stylish interiors and spectacular views - the latest penthouse released for sale at the prestigious Edinburgh development Quartermile is unquestionably a highly desirable place to live.

Located in the Foster + Partners designed Meadow Heights this exceptional four-bedroom, triplex penthouse has been designed to offer unique flexible spaces. A combination of multi-level living with generous terraces and views that stretch from The Castle and the Old Town to Arthurs Seat and the hills beyond, make this a truly special property.

Inside, the emphasis is on contemporary, open plan layouts that create an airy and relaxed atmosphere. The sense of space is augmented further by striking floor-to-ceiling glass exteriors. The apartment is spread over three levels. On the first floor there is a bright and spacious master bedroom with large ensuite, custom integrated wardrobes offering sleek and stylish storage and a further three double bedrooms, two with ensuite shower rooms. A sumptuous master bathroom features Villeroy and Boch sanitaryware and exquisite tiling throughout.

Upstairs to the second floor the expansive open plan lounge and bespoke design kitchen, which comes with the very best in integrated appliances and stylish worktops, leads out onto a terrace area. The third floor sports a second living area and private roof terrace with breathtaking views of The Castle to the north and The Meadows and the Pentland Hills to the south.

Quartermile is establishing itself as one of Edinburgh’s most

desirable residential and business communities located in the very heart of Edinburgh with a wide range of boutiques, shops and restaurants on the doorstep. The University of Edinburgh is situated on the edge of the development with Princes Street just a stone’s throw away. Waverley and Haymarket train stations are within walking distance and a bus to the airport runs along the perimeter of the development.

Once complete, Quartermile will provide the city with over 900 apartments - 500 of which have already been built - 30,000 square metres of Grade A office accommodation, 10,000 square metres of retail and leisure space and seven acres of open landscaping.

For more information, call 0845 000 2525, visit the Lauriston Place Marketing Suite, EH3 9AU, which is open seven days a week from 10.30am to 5.30pm Friday to Wednesday and 10.30am to 7.30pm on Thursdays, or go to www.qmile.com.

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The penThouse house a aT quarTermile

Breathtaking INSIDE

AND OUT

Bask in the sunlight that streams through vast floor to ceiling windows. Wander through three levels of airy and tranquil open plan living space. Which of these four supremely stylish double bedrooms will you sleep in tonight? Melt into the sumptuous bathroom with lavish Villeroy and Boch finishes. Arrive at the state of the art kitchen, spacious lounge and terrace doors that open out onto the world.

Step out onto one of the two private, secluded terraces. Take in the magnificent, 360 degree view spanning Edinburgh’s historic skyline: The Castle, Arthur’s Seat and beyond.

Closer to home, the very best of Edinburgh – the University of Edinburgh, the boutique shops of the Old Town, al fresco dining on George Street and the acres of green space offered by The Meadows – are within walking distance. And should you need to leave Edinburgh, London’s less than an hour’s flight away.

Take a breath.

Designed by world-renowned architects Foster + Partners, the penthouse at Quartermile is truly spectacular, inside and out.

PENTHOUSE £1,830,000

FOR MORE DETAILS CALL +44 (0)845 000 2525 • QMILE.COM Visit our Lauriston Place Marketing Suite EH3 9AU – open 7 days

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destination scotland

Rich Pickings With a pick-up in house prices - the outlook looks rosy for the property market across the Lothians and Fife, reports David Marshall of the Edinburgh Solicitors Property Centre

‘S

olid progress on all fronts’ would be an apt description for residential real estate activity across the Lothians and Fife at present, with home sales during the second half of 2013 rising by almost 47% annually; this exponential growth rate edging towards 49% in the first five months of 2014.

With buyer activity on the rise, sellers are naturally finding market conditions more favourable with selling times falling and the number of homes achieving their valuation on the rise. The median selling time in Edinburgh now stands at just under six weeks, down from ten weeks at this stage last year.

Between March and May 59.2% of homes sold in the Capital achieved a selling price equal to or in excess of their valuation, the highest level since Home Reports were introduced in 2008.

Interestingly, to date, the impact on property prices has been relatively slight. In Edinburgh, for example, the average house price during the three months to May this year stood at £212,431 – a rise of 2.9% from £206,463 during the same period a year ago. We’re now starting to see more sellers returning to the market and as conditions continue to improve, this rise in supply should help to keep house price inflation at a moderate level.

Rocking on its axis as a beacon of change is of course the

prospect of independence, although it’s unclear what this will mean to property values. The ‘Yes’ campaign argues that separation from the UK would allow Scotland to set its own property tax rates, spend more on new housing and generally make decisions solely in Scottish interests. As we get closer to September we would expect to see a slight dip in activity as people wait to see the outcome of the vote, but this is likely to be relatively short lived.

Looking ahead, many of the matters directly impacting the property market are already devolved or set at a local level.

Stamp Duty will be replaced in Scotland by the new Land and Buildings Transaction Tax (LBTT) in April next year regardless of the outcome of the referendum, and funding and policies on the supply of new homes and affordable housing are already determined by the Scottish Government and local councils.

Regardless of the outcome of September’s vote, with demand for property in Scotland on the rise, it’s important that new build development – including the creation of affordable housing – continues to be addressed to ensure that buyers across the investment spectrum can purchase a home that meets their needs so that the market can continue to prosper in the years ahead.

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Harbour Green is a landmark development located right on the seafront at Portobello. It offers uninterrupted views across the Firth of Forth and provides a choice of 55 one, two and threebedroom apartments, all of which benefit from secure underground parking and lift access.

For more information call us on 0131 273 5257 www.mnmdev.co.uk

MNM Developments (Scotland) Limited Suite 10, Stuart House, Eskmills, Musselburgh EH21 7PB Tel: 0131 273 5257 Fax: 0131 273 5156 Email: michaela@mnmdev.co.uk Abode2_Volume2_Issue5_ESPC.indd 1031 Abode2_Volume2_Issue5_MNM_Ad.indd

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AMA Ab

destination scotland

The View from Here

L

ocated in the heart of the Arts and Crafts development of Caer Amon in Edinburgh’s upmarket Cramond district, The Butterfly House is one of just three remaining properties for sale from foremost Scottish developers AMA Homes.

Designed to inspire - this spacious two storey, fivebedroom detached house cocooned in a wrap-around garden, remains true to its architectural roots - whitewashed walls, black slate roofs complete with focus feature tower entrance offset by elegant, slender windows. Sheltering behind high garden walls, access to the property is via remote controlled gates which open onto a spacious paved driveway which houses the property’s triple garage.

Cross the entrance threshold and immediate impressions from the welcoming central hallway are of a light, airy, contemporary home, luxuriously finished with accent features including marble floors, solid walnut doors and touch-point lighting. Designed on an X-shaped floor plan, the view from the hall leads directly through to the glazed “internal conservatory”, which overlooks the garden, listed farmland vista and the scenic backdrop Firth of Forth views beyond.

Iconic in layout with a Butterfly wing design template the four main sections of the property radiate out from the central hallway. One wing leads to a welcoming, double-

height, vaulted-ceiling kitchen. Fitted with stylish German cabinetry and Siemens appliances, with gracious picture windows, this room maximises the pastoral views over the surrounding countryside.

The second wing, home to a spacious study leads onto a double-height lounge complete with feature timber wall and a floating, “dancing flame” fireplace. Adding dimension to each side of this feature wall is a talking-point vertical window framing stunning vistas.

The ground floor contains a large ‘snug’ ‘family room and guest suite complete with double bedroom, separate dressing area, and en suite with Jacuzzi bath, shower and double wash hand basins.

The ground floor living level also gives access to the property’s triple garage complete with underfloor heating – the ultimate luxury on a cold winter’s morning. It also means that conversion to use as a private gym is entirely possible.

Head to the upper levels and staircase access housed within the curved entrance tower is quintessentially Arts and Crafts in design, following the curves of the tower, with low level lighting at floor level yet at hand rail height. Upstairs, in the private part of the house is the spacious family bathroom, leading onto a large utility room and four generous double bedrooms.

caer amon essentials Enjoying a prime position near the historic coastal village of Cramond, Caer Amon is just a 20 minute drive from Edinburgh’s vibrant city centre. The locale enjoys beautiful walks and cycle paths along the Firth of Forth waterfront.

Excellent primary and secondary schools nearby include several top private schools at Murrayfield and Ravelston.

Wider transport links are also excellent, with easy access to the major motorway network and to Edinburgh International Airport. www.ama-caeramon.co.uk 104 Abode2 // Volume 2 Issue 5

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AMA Abode2 Advert_Layout 1 04/06/2014 15:16 Page 1

Caer Amon You’ll find stunning, contemporary family homes at Caer Amon, AMA’s exclusive development of luxury properties in Cramond, Edinburgh’s village by the Forth. These beautifully designed houses, with spacious gardens, offer an extensive specification of top-quality features. n

Master bedroom with en-suite and dressing room

n

4/5 further double bedrooms, one with en-suite

n

Impressive living room with feature fireplace

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Luxury designer kitchen with integrated appliances

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Separate family room, dining room and utility room

n

Gas fired underfloor heating and full double glazing

n

Large two/three car garage

n

Video entry system and security alarm

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Full intelligent lighting and CAT 5 wiring

Only 3 detached homes remaining

Prices from

£1,100,000

To arrange a private viewing phone 0131

226 1780 or 0131 336 1979

Our showhome is open Thursday to Monday from 11am and 5pm.

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www.ama-caeramon.co.uk

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Ordish Property Bespoke Property Search Whether you are searching for a treasured home, an investment property or development project, Ordish Property excels at delivering bespoke property finding solutions to meet your individual requirements; from providing initial advice and guidance, through to carrying out a comprehensive property search on your behalf.

From initial consultation, we will actively search the market for properties that match your specific requirements, undertake viewings, inspect Home Reports and provide indepth information and feedback about potentially suitable options. When appropriate, we can accompany you on viewings of “short-listed� properties and advise on the offer process.

Ordish Property have excellent working relationships with Estate Agencies, Solicitors, Surveyors and trade services across Edinburgh. As such, we are able to play an active part in obtaining specialist advice as well as facilitating the negotiation and purchase process.

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‘Design is only in good taste when it embraces the way you live’

BESPOKE PROPERTY. BESPOKE LIVING.

Ordish Property Ordish Property Ltd 40 North Castle Street • Edinburgh • EH2 3BN

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Tel: +44 (0) 7840 826 175 Email: mail@ordishproperty.com

27/06/2014 11:22

destination scotland

Stylish Living T

Robertson Homes’ latest residential offering epitomises traditional townhouse living for the modern homeowner

he dream of owning a luxury home by the sea in a location that embodies a rich history alongside a contemporary standard of living, is now a reality following Robertson Homes’ announcement to bring 13 new and exclusive Georgian-style townhouses to market in the beautiful coastal town of St Andrews.

Just a stone’s throw from the town’s picturesque seafront, these elegant five-bedroom townhouses sit in the secluded grounds of Abbey Park with its leafy apple orchard and mature trees. The properties are ideally located to offer the best of peaceful seaside living, balanced with the vibrant contemporary buzz enjoyed by the residents of this characterful town.

Designed by specialist preservation architects to ensure the style of the development complements the local surroundings, each home capturing the essence of traditional Georgian

architecture, complete with private gardens, offering spacious living in a truly welcoming environment.

On the ground floor the property layout comprises a spacious hallway with double doors opening onto a large, open-plan kitchen and dining room. A wide staircase leads up to the first floor and a stunning, bright drawing room, as well as two generously sized double bedrooms. The second floor sports a spacious master bedroom with en-suite shower room and dressing room. There are also two further bedrooms, a family bathroom and plenty of storage space.

Thoughtfully considered interiors and carefully chosen fixtures have set the scene for comfortable, modern and stylish living within a traditional, opulent setting. The superior Leicht kitchens are complemented by quartz worktops and fully integrated Siemens appliances with Quooker Fusion taps, delivering a choice of boiling or cold water instantly. In addition to underfloor heating, the bathrooms feature sleek sanitary ware by Villeroy & Boch, with full-height, chromeedged Porcelanosa tiling. The rooms are completed with luxurious taps and mixers from Hansgrohe.

Melissa McGeoch, Sales and Marketing Director at Robertson Homes, comments: “Our new offering of threestorey homes gives buyers the chance to own a stunning townhouse and a piece of vintage St Andrews.

“We understand the demands of the modern homeowner, and the design of these residences use more than four decades of experience balanced with modern materials to deliver solidly built and beautifully designed homes in a highly desirable area.”

Robertson Homes are now taking reservations for Abbey Park, which will be ready to move into by the end of 2014.

Due to the strong expected demand, potential purchasers are advised to act quickly in registering an interest.

For more information call 0854 890 9440, email salesabbeypark@robertson.co.uk or come along to the Robertson Homes Sales and Marketing Suite, Abbey Walk, St Andrews KY16 9LB.

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Abode2

destination SCOTLAND

Independent Thinking

Rural property and farm estates in scenic Perthshire are harvesting the benefits of a rekindled confidence in the housing market. Serena Templeton reports

S

hoehorned in between Scotland’s bracing central belt and the country’s heather-clad Highlands, Perthshire has a prime location foothold to embrace the recent upturn in the region’s property fortunes.

One of Scotland’s more sizeable counties stretching from the southerly lowland plains to the loch and glen vistas of the north, the area attracts buyers drawn to quintessential Scottish scenery and country pursuits, all of which make it something of well-heeled, aspirational pocket, says Sharon Donaldson of Slater Hogg and Howison. “There’s an abundant mix of ‘to dos’, more so than neighbouring Inverness-shire. A day’s shooting, fishing or stalking is easy to arrange, plus vibrant centrally located county town Perth has a great range of restaurants, shops and arts and theatre venues.”

Following a lacklustre 2013, the property market has picked up with sales of prime homes (above £500,000) up 5% in the first quarter of the year. Perth-based property expert Archie Melville, of Bell Ingram, feels that both buyers and vendors should be “encouraged” by this return to liquidity, but warns that, unlike other fast-growing Scottish property hotspots, such as Edinburgh and Aberdeen, Perth’s property market as a whole is growing at a steadier rate.

“Everyone has been expecting the independence vote to have a dampening effect, but we’ve only really seen it at the margins,” he comments. “If anything the main issue is an undersupply of larger properties and estates with land”.

According to latest census statistics, more than 12% of residents in the region hail from England and Wales, a good many, confirms William Reid of Reid Estates, owners of second or holiday homes – and with a Scottish connection.

Hot-spot locations are numerous – perhaps the most

prominent being that of Gleneagles, which this September plays host to the 40th Ryder Cup. Local homeowners include former Ryder Cup captain Colin Montgomery, steel magnate Lakshmi Mittal with homes in and around Gleneagles village, which includes two of Scotland’s most expensive streets, Caledonian Crescent and The Queen’s Crescent, consistently selling for 1520% above the national average.

Teeing up real estate business, local developers are not surprisingly targeting player-purchasers keen to secure coveted tee-times on the adjoining Gleneagles Estate’s signature courses of which there are three. The Queen’s Crescent a private gated community overlooking the famed fairways of the Estate’s Queens Course, has just 14 bespoke design homes priced at £2.5m plus. Properties come with a ‘welcome gift’ of family membership to the Gleneagles Golf and Leisure Club.

Yet while the hype surrounding the Ryder Cup is giving a fillip to enquiries, for property consultant Chris Hall of Scottish real estate firm Rettie, the key selling point remains that of “non-inflated pricing.” “£500 per square foot is appreciably below rival luxury offerings worldwide,” he confirms. “In Hong Kong prices average £7,000 per square foot and in Mayfair in London sales are achieving £4,500 per square foot. Buyers may be thinner on the ground, but for those that come knocking, the potential re-sale profit margin is an investment carrot worth dangling.”

Historic county city Perth on the scenic banks of the River Tay meanwhile is attracting bolthole investors in the market for a pied-à-terre townhouse. Property values have increased by an average of 4.6% in the past year, traditional five-bed detached homes within walking distance of the centre in the £400,000£575,000 price range.

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Aerial P

Abode2:Layout 1

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www.clathymore.com A & J Stephen Ltd, Stephen House, Edinburgh Road, Perth PH2 8BS

S T E P H E N

Building beautifully crafted homes since 1935

C o u n t r y

H o m e s

CLATHYMORE PERTHSHIRE SCOTLAND Aerial Photography Taken August 2013

CGI

A unique opportunity to purchase a property at the exquisite Clathymore development in one of Scotland’s most stunning locations, just 10 minutes drive to Gleneagles Hotel Golf and Spa Resort and venue of the 2014 Ryder Cup. 4, 5 and 6 bedroom luxury homes from £460,000 to £1,250,000 Sales Office open Sat, Sun and Mon from 1pm - 5pm Contact us on 01738 620721 or visit: www.clathymore.com Sat Nav: PH1 1NW Disclaimer: Prices correct as at May 2014.

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design and interiors

We Are Family The only daughter of the celebrated Conran dynasty – Sophie Conran has always placed family at the heart of everything she does.

Laura Henderson catches up with the homemaker extraordinaire

W

hile most of us conform to climbing the property ladder as life circumstances change – Sophie Conran has charted an entirely different course, opting instead to tweak and tinker with her stunning three-bedroom apartment in Bayswater as and when the need arises. 28 years on and she still “loves” where she lives, perhaps even more so than the day she first moved in on her 21st birthday.

“The house has seen plenty of changes down the years,” she explains, “from building a loft for my teenage son Felix, as he’d shared for a long time with my daughter Coco, to setting up an

office as I love working from home. Our neighbourhood is such a great place to live too – I’ve no hankering to move anywhere else.” Even when her business grew to such an extent that she needed more space, rather than renting an office nearby, Sophie bought up an adjoining flat in her apartment block and incorporated it into her home.

A busy working mum with numerous creative irons in the fire – cookery writing and product design rank high on the list of accomplishments, a creative combination she clearly loves.

“I have turned my love of cooking and home into my work. As a tot I scuttled between my Dad, Terence, in his design studio and my Mum, Caroline, in her kitchen. These two incredible pillars have provided the inspiration for my current blend of food and design.”

But the Conran name hasn’t given Sophie a fast-track pass to success. Instead, hard graft and application mixed with a healthy dollop of common sense have stood her in good stead. After leaving school, Sophie joined forces with her brother Tom (who now owns a string of gastro-pubs) to run a catering company, an experience that sowed the seeds of her ‘foodie’ followings, leading her to write her first book Sophie Conran Pies. “I spend a lot of my time concocting things in the kitchen,” she explains – “it’s therapeutic and fun.”

Before Sophie Conran Pies, she rolled up her sleeves and got stuck into several business ventures as a milliner for haute couture hat designer Stephen Jones, a garden designer, as well as several successful editorial stints in the magazine world

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including at In Style and LivingEtc. She also worked for her father’s Conran Shop and with her brother, fashion designer Jasper, before branching out and creating her own design range with an eclectic mix of products spanning cutlery to wallpaper.

Multi-tasking is part and parcel of daily life, with a resolute focus on what she knows and loves best – homemaking. In addition to her Portmeirion tableware range and her crystal collection in collaboration with Royal Worcester, she has teamed up with Burgon and Ball on a range of funky garden tools and accessories. She adds: “Growing up with parents who were enthusiastic gardeners, I have always savoured the peace and beauty to be found in the garden. My ideal weekend is pottering around in the flower beds weeding and planting, topped off with a visit to the garden centre.” Her outdoor product range, she adds, has “evolved naturally”: “We’ve introduced stylish and fun ‘bolt-on’ products including birdhouses and feeders, barbecue sets and garden games compendiums – we even have party bucket sets with candles

and picnic accessories – it’s all about celebrating the great outdoors.”

Drawing inspiration from al fresco has also helped in the creative process for her interiors line too, with wallpaper collections for Arthouse, featuring dramatic red and black florals, with her range of gloss colours for freestanding baths, inspired by her memories and love of “flowers and water”. She adds: I get the most satisfaction out of being creative, whether it’s through porcelain, designing cutlery, or wallpaper: they’re all such exciting areas to explore. Most of my designs are fairly traditional with a contemporary twist – the key is creating something that is relevant for the way we live today.”

As to the future: “Working from home has always been part of the plan – long may it continue. I’m a homebody at heart,” she laughs. “That was my upbringing - with very hands-on parents, so it has always been my value system; there you have it - home and kids. I believe in enjoying every moment and in creating a beautiful world for the family, with warmth, simplicity and love. ‘One life, live it well’.”

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JL Abod

design and interiors

•

•

SOPHIE’S HOMESTYLE SECRETS

Fragrant aromas in the house are warm and inviting.

Light a scented candle in the hallway before guests arrive – it’s the perfect way to set the scene and welcome people.

Gloss paint on woodwork works well – I often paint mine a muted shade – grey or stone. It gives a certain understated elegance.

•

Try stacking books by size – it not only makes them look nicer, it’s easier to find what you’re looking for.

•

Mirrors placed opposite windows help make the most of natural light and can make a room look bigger.

•

Colour should be warm and comforting – try a bold shade in a room you spend a lot of time in - it can really lift your mood.

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JL Abode PenShut 297x210 May_Layout 1 18/03/2013 15:55 Page 1

NOTHING SIMILAR IS QUITE THE SAME

LIGHTING

C U RTA I N P O L E S

SOFT FURNISHINGS

FURNITURE

I RO N WO R K

To request your FREE copy of the 15th Edition Jim Lawrence brochure: call 01473 826969, email sales@jim-lawrence.co.uk or visit www.jim-lawrence.co.uk Showroom at The Ironworks, Lady Lane, Hadleigh, Suffolk IP7 6BQ

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Hartmann Designs Hartmann Designs Ltd is an International Interior Design practice based in London committed to the creation of exceptional Design.

With a portfolio of work spanning Europe, Africa and the Middle East, the practice has worked on a wide range of projects including large-scale hospitality, corporate and high-end residential projects.

All projects are individually developed with a strong emphasis on analysing and challenging the brief in order to meet the Client’s specific aesthetic value, function and budgets.

As a result Hartmann Designs Ltd has developed a genuine understanding of its Client’s requirements and delivers projects that are chic, timeless and above all extraordinary.

Hartmann Designs provide quality of design and service through attention to detail ensuring a rare blend of practicality and charm.

About Roland Hartmann Founder and Managing Director of Hartmann Designs, Roland Hartmann heads a multifaceted practice with a prestigious portfolio and global reach. Founded in 2001, the practice offers a premium, client led service, with a design philosophy that clearly reflects both Roland’s cosmopolitan background and the passion that he derives from his international travels and exposure.

Roland has built a highly skilled team, the combined skills of which have won Hartmann Designs a number of prestigious and diverse projects and awards including the design of international luxury hotels, VIP apartments, grand penthouse apartments and beautiful country homes.

The Hartmann philosophy is to observe, listen and translate clients’ needs every step of the way ensuring they are totally comfortable with the process from concept and design detailing to construction and purchasing to project installation.

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Interior design is more than the application of aesthetic. It requires a specialised domain of knowledge and analytical skill, acute judgement to utilise that knowledge in the creation of spaces which are functionally safe, efficient and aesthetically pleasing.

INTUITIVE. INDIVIDUAL. INSPIRATIONAL.

Hartmann Designs +44 (0) 20 8694 6915

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info@hartmanndesigns.com

hartmanndesigns.com

27/06/2014 11:45

DESIGN AND interiors

Interior

Imprinting your personality on a place while staying true to a property’s authentic roots can be a challenge. Laura Henderson meets three owners reinterpreting the past with quite exceptional results

intuition V

‘A veritable treasure trove of period pied-à-terres and regal restorations; France is the perfect stomping ground for aficionados of old school design.’

intage and retro glamour have long carried sway in the annals of good design, yet the million dollar challenge still remains: how to play the ‘original features’ trump card when restyling your home without it looking too ‘done’. “The joy of renovating an older property is the scope for playing up its existing assets,” explains French property guru, Sarah Francis: “The key, however, is to treat these features appropriately. Beams for example are at their best when kept bare and cleaned down to add real vintage charm. The same applies with natural flooring, which, if well looked after will last a lifetime and never date.”

A veritable treasure trove of period pied-à-terres and regal restorations; France is the perfect stomping ground for aficionados of old school design. A case in point close to the historic city of Toulouse is Bel Ombre, the traditional maison de maitre of retired investment consultant, Daniel Martin. Dating back to 1794, and sympathetically renovated, the downstairs suite of rooms shows its period features to optimum effect-from the oak wood flooring and “caisson” ceilings to the reclaimed marble fireplaces and full-height French windows. Everything about the family home exudes a restrained luxury, although as Martin explains, this wasn’t always the case. “The property was a sad affair in the beginning-a virtual shell. Our first step was to let the outside light in and re-instate the sealed windows for the first time in 200 years.”

An expert hand at serial renovations, a degree of sensitivity, Martin adds, is required in relation to the age of the house: “Although we were pretty much working with a blank canvas in each room, we always kept a sense of ‘the look of that time’. In the salon, we chose a durable but elegant 18th century marble floor and tested several colour options before settling for a sumptuous gris perle Italian stucco for the walls, which we felt complemented the vintage white marble fireplace with its red and green inlays.” Proportions should also be considered from the outset. He adds: “Placing marble pilasters at either side of the central section of our salon, together with a large antique

mirror above the fireplace were simple but highly effective techniques for amplifying the room’s impressive proportions and easy ideas to replicate elsewhere.”

An authority destination when it comes to cool styling; warehouse renovations in downtown Miami are catching the wave of demand for unapologetically modern real estate with a vintage twist, with developers customising both commercial and residential units for luxury living. Located in the heart of South Beach and originally a commercial building back in the 1900s, the one and two-bedroom industrial-chic loft conversions owned by Paul Joseph, boast 12-foot warehouse ceilings, original Deco industrial columns and oversized widows.

“Having a large open living space creates areas for entertaining, working and sleeping,” he explains. “But it’s a renovation style that’s embracing the past while being in tune with the present day way of life-the whole idea being you can conduct business at home, with a blurring of work-play boundaries.”

Simple structural accents: 4 x 4 steel posts retain the semiindustrial feel. Recessed display cases in the lounge area, previously a small wall, have been seized by Joseph as an opportunity for display space-three cubes lit with small halogen lights now a feature of the living area. Polished concrete floors also express the old-school look, while the bathrooms are

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oversized featuring frameless glass, with natural stone on both the walls and floors to create a low-key atmosphere.

Drawing design inspiration from the island’s castaway heritage roots, estate homes on the Caribbean haven of Barbados continue to celebrate the destination’s rich colonial past-Great House designs preserving old-school architectural traditions that remain as popular as ever today. One such gem is The Coral Reef Club. Set amongst 12 acres of lush gardens festooned with tropical glamour on the island’s fabled Platinum coast, this former plantation estate, the focal point of which is an 88 room boutique hotel, has been run by the O’Hara family for over 50 years. “It was my father, Edward ‘Budge’ O’Hara, who oversaw the hotel for over 30 years until he died in 1995, who set the tone,” explains co-owner and Managing Director, Karen Capaldi. “His vintage vision has the same voracity today as it did in the 1950s.”

Explore the serene and green beachfront estate and first impressions are of a timeless, elegant but unstuffy family-run hideaway, the property’s classically proportioned elevations sitting under a hipped shingle roof, while the louvered windows, ceiling fans and tall Demerara windows lend a distinctly colonial feel. Loaded with casual elegance the layout of the hotel is guest-friendly, with communal open-plan areas made for lots of entertaining, sporting a cosy, unpretentious feel. “Upgrading the hotel’s luxury Plantation suites was a seminal moment, not to mention fun to do,” Capaldi enthuses. “Seasoned visitors to the island put a lot of store by an authentic living environment - the suites epitomise this - the ultimate in luxury accommodation but with a palpable home-from-home feel.”

Taking on the interior refurb and delivering the four suites to their former Caribbean splendour is award winning London based firm Helen Green Design, their many makeover accolades including designer suites at The Berkeley, Knightsbridge and ambassadorial-style Siddons House at Cornwall Terrace. Each suite complements the hotel’s classical Bajan theme with subtle accent features - sconces and rounded windows - in coral rock with much of the woodwork in ‘pickled’ pine, a whitewash that gives a pleasant and light effect. Individual interior layouts comprise a light, and airy bedroom, with separate dressing area fitted with floor-to-ceiling lattice-work wardrobes, a step-down roomy salon and bespoke design bathroom with rain shower, freestanding roll top bath, raised sinks and granite and marble countertops. Statement his and hers mirrors adorn the walls on either side of the bath, overshooting lower-level storage for a less regimented feel, while mahogany tester beds and period antique furniture complete the muted, restorative scene. And of course each penthouse has an expansive ‘gallery’ area of outdoor space.

“There’s such a rich source of raw product here in Barbados,

from versatile sandstone and coral to limestone for decorative details and architectural accents,” says Helen Green Head of Design Natalia Miyar. “Colour themes have a huge bearing on the finished look too. For this particular project, it was all about embracing a calmer, reflective palette - duck egg blue, neutrals and rich greens on a base of gold and mid and dark browns, while retaining the essence of the location through the choice of furniture, decorative pieces and fabrics. The litmus test of a good interior is being able to instantly identify the location from your surroundings: one that echoes the outside world through a subtle design aesthetic. There’s a lot of trial and error involved in giving living space identity – but the rewards almost always compensate for the journey.”

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belize

New

Horizons From its secluded beaches to its steamy rainforests, Belize is a country of diverse natural beauty. But it also is moving onto the radar of emigrating buyers thanks to its generous retirement programme and relaxed pace of life. By Laura Henderson

B

elize, the bite-size Central-American nation, casts a spell - especially on those with a spirit of adventure. A young country (only independent from the UK since 1981), it’s a place made for exploring. Indeed to a growing number of expats the country’s uncrowded coastal resorts and casual affordability have proved almost irresistible.

Quintessentially Caribbean in style with its aquamarine waters and palm-fringed beaches, the destination is often referred to in travel circles as “Mother Nature’s Best Kept Secret”, and it’s easy to see why. A tiny country, it squeezes a tremendous diversity between its borders - not only as the diving and snorkelling capital of the western hemisphere, but also as the only English speaking democratic country in Central America, with a benefit-laden retirement programme as well as a broad array of tax incentives for property investors.

Like its Central American neighbours Panama and Nicaragua – the country is increasingly competing with Costa Rica and Mexico for retirees and second-home buyers. New luxury developments, outfitted with spas, restaurants, marinas and golf courses, are on the rise. Given the position of the country on the edge of the Caribbean Sea, buying locations are largely confined to the coastal stretches. And while this may change as infrastructure develops and communications in the outlying areas improve, for the moment, the coast is where everyone wants to be.

“High-end properties had to be custom-built until the early 2000s, when developers started putting up detached villas and townhouse projects in keynote coastal locations,” explains Macarena Rose former head of the Association of Real Estate Brokers of Belize. “Now, there’s a shift in focus towards marketing the destination as a choice place to retire, with many new integrated developments taking shape amid

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DID YOU KNOW?

growing tourism. Uptake has also been boosted by the lowering of a foreigner transaction tax back in 2006 — with a rise in luxury-condo developments, especially popular with expats.”

A sense of stability - a currency pegged to the US dollar, and a reassuringly stable political climate, with a legal system

•

Belize is universally considered one of the top 10 diving destinations in the world with a coral barrier reef second in size only to Australia running the length of its coastline.

•

The country is also one of the most ecologically natural and least developed island paradises in the Caribbean and is priced far below comparable Caribbean real estate.

•

The “celebrity factor” figures, with high profile names such as Leonardo di Caprio and Francis Ford Coppola putting down property roots. Ambergris Caye has been a film location for “Temptation Island” and the island behind the Madonna song: “La Isla Bonita.”

•

A facilitative taxation regime with no capital gains or inheritance taxes as well as the availability of private off-shore banking services, make the country a popular choice with second-homers looking to relocate.

based on British law, all add to the destination’s attractions as Oscar Romero of Belize Land Properties explains, as does the retiree benefits package on offer to foreign investors: “Belize has made itself attractive for the older market, with the Qualified Retired Persons Programme (QRP). Anyone over 45 with an income of at least $2,000 a month can qualify - and so can their dependents. Perks include the right to import vehicles free of duty and all other private assets (within 12 months). There is no capital gains tax or income tax for those who qualify which means you pay no Belizean taxes on any foreign-earned income.”

British retirees Joanna and Mark Simpson are one such couple reaping the rewards of a brand new life, relocating from Ware in Hertfordshire in 2011 to a beautiful fourbed villa in Ambergris Caye. “The quality of life here is appreciably better than back in the UK”, explains Joanna. “We can live well here for as little as $2,000 a month. Spend a bit more and you can really push the boat out.” As for property prices. “We paid $275,000 for our property and it’s incredibly spacious. Luxury condos can be picked up for as little as $125,000, a larger, family-sized villa with private pool and gardens from $350,000. There’s something to suit all budgets.”

When it comes to location choice, Joanna does sound one note of caution: “Property outside of the major destinations might be difficult to reach at the present time. The issue with transport in the provinces is that road transport can be quite sketchy at times. Try to buy in the vicinity of regional airports. That will at least give you options for access while the infrastructure of the country is improving.”

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belize

WHERE TO INVEST Ambergris Caye A scenic island and an established expat haven with more foreign homeowners here than anywhere else, if you want to combine casual beach life with upscale goodies, this is the place to do it. The sandy streets of San Pedro, the main town, are lined with painted wooden houses, small hotels, bars, craft shops and restaurants. While some residents own cars, the most common form of transportation is by golf cart.

Real estate in San Pedro, while not as keenly priced as other parts of the country is still competitive compared to other Caribbean islands. Condos to renovate can be picked up for $200,000. Ready to move into villas near the town centre start at $270,000; prices of $500,000 are not uncommon.

Adds Daniel Hartin of Remax Southwind Realty: “Investors are attracted to Ambergris Caye due to the wide range of property available from beachfront condos, serviced lots as well as large raw land parcels in the more remote beaches suitable for private estates, condominiums or resort development. Strong visitor numbers also support a buoyant rental market, a key driver for those investors looking for income generating property.”

Placencia Boasting a Peninsula that runs for 16 miles from the coastal community of Riversdale to Placencia Village at its southernmost tip, Placencia’s palm fringed growth corridor running along its entire length is easily one of the best locations on the mainland. Firmly on the tourist visitors’ map and allowing quick access to offshore cays and diving sites, a short boat ride cross the lagoon, brings you to the starting off point for a multitude of inland tours. Those staying on the peninsula can while away

the time walking the famous one-mile sidewalk that runs through the sand, stopping off at the boutiques and beach-side restaurants. Most real estate development is between Seine Bight Village and Placencia Village.

Placencia Village has notably fewer condo projects than San Pedro on Ambergris Caye, but more are in the wings.

One of the most prestigious residential communities is that of Coco Plum; three-bed custom-build homes in this beautiful beach and lagoon-front enclave are selling for $799,000.

Corozal, Hopkins and San Ignacio For buyers keen to look off the beaten track, the rapidly growing town of Corozal to the north of country (just across the border from Mexico) and the sleepy Hopkins/ Dangriga area offer significant investment upturn. Both have a pleasant, easy going atmosphere. San Ignacio, in the Cayo District, inland of the border to Guatemala, meanwhile is the centre for jungle tours and activities such as caving, rafting and horseback riding. House lots in southern Corozal just minutes from scenic Corozal Bay can be picked up from $25,000, new build two-bed condos with all mod cons in San Ignacio for $290,000.

Private Islands The private island market in Belize is attracting ever more attention from island enthusiasts. Islands offer the opportunity to create a personal version of paradise and the Belizian Cayes offer the added advantage of clear title, comparative affordability and proximity to the US. Dotted along the coastline of Belize are a collection of 450 cayes the most spectacular of which are found along the reef itself. A budget of $3m will secure you a slice of offshore paradise such as Jewel Caye in the pristine azure waters Cockney Range – 2 and a half acres of private island complete with two luxury detached homes and mooring for yachts.

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BELIZE BUYER’S GUIDE Solicitor Dina Chamberlain explains the key steps foreign buyers should take to ensure a smooth and secure property purchase

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s a former British colony, the legal and property systems in Belize are based on the model of English law. This makes the process easy and hopefully trouble-free for the majority of buyers. The currency, the Belize Dollar, is officially pegged to the US Dollar, giving the market stability from the fluctuations of the currency markets to a certain extent.

Government approval from the Ministry of Natural Resources is required for any property purchased by foreigners, but there are few restrictions beyond that. Some coastal areas and private islands are restricted and require local approval for freehold sale.

Beyond the basic process of government or local approval, the real estate market in Belize is unregulated. Real estate agents do not need any formal qualifications to sell real estate.

Unlike the States for example, neither the seller nor the real estate agents are under any legal obligation to disclose pertinent information relating to the property or its title. This being the case, it’s important to employ the services of a trusted agent, perhaps someone who is licensed in another jurisdiction, but has experience in the area. With a licensed agent, your purchase is more protected.

Employ an independent lawyer - this will ensure that the property has clean and clear title before you transfer funds.

Bide your time - the buying process takes somewhere between 30 and 90 days. Once an offer has been made and formally accepted, and a deposit (usually 10% of the purchase price) paid into an escrow account, there is a binding agreement in place between the two parties. Then there comes a period to allow for the relevant legal searches and due diligence to be completed.

Following this stage, an Agreement of Sale is drawn up based upon the details of the original offer, which is then signed by

both parties. This agreement also sets out the details of the payment schedule for both parties to agree, as well as any other terms and conditions.

Understand the stages - once the final payment or instalment has been paid over, the transfer documents will be drawn up and reviewed for signing, and the escrow accounts will be released for the seller to access. The final stage is for the new documents to be registered officially, and you are then officially an owner.

Research the mortgage market - there are some mortgage products available for buyers of property across the Caribbean, and Belize is often classed within this bracket due to its past colonial links and the way in which property is bought and sold. A number of the regional banks which cover the wider Caribbean are able to lend to overseas buyers, and often at quite competitive rates.

Generally, you will find that there are options to get 70% LTV mortgages across a term of 20 years, and the finance is available in US or Canadian Dollars, as well as in Sterling or Euros.

Interest rates are linked directly into the US LIBOR interest rate, giving you the relative stability of being linked to a larger market.

Tot up your taxes - the taxes in place for buying a property are minimal compared to other countries in the region. Transfer or Stamp tax is due only on properties valued at more than US$10,000, and at a rate of 5% above this level.

Legal fees come to around 2% of the purchase cost, and there is a nominal fee of up to US$700 for the drafting of the Agreement of Sale. Running costs of property in Belize are also low, with property tax charged at somewhere around 1.5% of the property value.

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belize

Bountiful

Belize S

A previously jungle-covered peninsula in this former British colony is offering some of the most desirable properties in Central America. Jane Slade investigates

educed by the pristine beaches, lush rainforests, and unspoilt hinterland on his first visit in the 1980s, The Godfather film director Francis Ford Coppola bought a run-down hotel high above the jungle canopy in the Maya mountains which he converted into the 20-room Blancaneaux Lodge Resort Hotel (www.coppolaresorts.com).

A few years later he bought Turtle Inn at Placencia in the south, transforming it into a 25-room seafront sanctuary for chums like Harrison Ford and Tommy Lee Jones to relax, undisturbed, far from the intrusive lenses of the paparazzi.

Placencia, a previously jungle-covered, sandy beached pirate haven, means ‘peaceful point’ with the northern portion being transformed into a 4,000 acre resort development with its own mega yacht marina, airport, state-of-the art hospital

and signature golf course.

Italian developer Marco Caruso discovered the 17-mile long peninsular when he came for a fishing holiday 13 years ago. He intended to establish a small B&B but he built a 90room hotel instead. He is now building five resorts and six developments over the next two and a half years, each with their own hotel. Also, The Placencias’ megayacht marina will officially open in November.

There will also be a signature golf course, separate island resort and The Placenias’ private international airport offering direct flights from Europe, making it one of the most exclusive destinations in Central America.

Four years ago there wasn’t even a paved road to Placencia, three hours drive south of Belize City. But now it’s become the country’s most desirable location with the sparkling Caribbean Sea to the east, a wildlife-rich lagoon to the west and rolling tree-capped Mayan mountains in the background.

Best of all the region boasts the most pristine beaches in Belize protected by a barrier reef making it a haven for sailors, divers and snorkelers.

Properties on the new development are unashamedly high end. And, according to Madeleine Lomont, Placencia Residences’ sales director and founding president of the country’s real estate association, will be the most stunning architecturally too.

“There is more of a European influence than American,” she explains. “The Marina Village is modelled after an Italian

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port town; the detatched private villas are an array of styles from classic Spanish with terracotta roofs to modern with sleek clean lines, and the ocean-front Copal Beach Resort was designed in Argentina – giving it a uniquely South American luxury feel.

“We are basically building an international luxury resort town,” she declares.

Prices start from US $400,000 for a one-bed condo rising to $1.2million for a three-bed.

Other properties include 2,400 square feet two-bed villas costing from $700,000 increasing upwards to $12 million for a detached family residence measuring 22,000 square feet. “All of our homes, villas and condos have full access to the amenities and services, including management by our resort properties.”

Fourteen-acre Rendezvous island, 12 miles off the coast, is also part of the development and will soon to be home to 30 two-bedroom villas starting at $4 million with private pools, mahogany wall finishes and thatched roofs. The island will also have its own spa, restaurant, hotel suites over the water and a helipad.

“We have an exclusive market that’s very different from what is available locally,” says Madeleine, whose family established the first diving centre in Belize 1967 at Glovers Reef.

“We already have some 200 owners, some with multiple properties; ranging from Americans and Canadians to French, English, Thai, Argentineans and Vietnamese.

“There’s a combination of medical professionals, attorneys and entrepreneurs.”

Perhaps there will be some musicians in the mix. The manager of the hotel is a classically trained opera singer and Marco Caruso (no relation to late Italian opera singer Enrico) hosts karaoke sessions on the pier.

Some owners have bought as holiday homes with a view to retiring there in later life; others live there full time and the rest spend between 6-8 months a year.

There’s a resident’s retirement programme for the over 45s too which is attracting a mature market. Those who qualify can bring their car, boat, plane and household goods into the country duty free.

Under the scheme you can stay as long as you like and apply for permanent residency after a year providing you have $25,000 in a bank account or an income of $2,500 a month.

Income earned outside Belize is tax-free. There are even plans

for nursing care facilities. “We have owners aged from the 20s to almost 90 and also disabled owners,” adds Madeleine.

“In fact one of our owners is in the personal care business so will be joining us on this aspect.”

Placencia is ideal for retirees. Apart from the Mayan mountains there are no hills to navigate and with Belize’s population numbering just 335,000, who live mainly in Belize City and in the north, the south is uncongested.

Belize was formerly known as British Honduras until it gained independence in 1981 and became a member of the Commonwealth, but its blend of cultures and nationalities are as exotic as its black orchids, scarlet macaws, and howler monkeys.

There are Creoles descended from Scottish buccaneers and descendants of shipwrecked Africans as well as Portuguese, Spanish and native Maya.

However there is still a British colonial structure; judges still wear wigs, the Queen is on the currency and everyone speaks English. But more assuring for British buyers is that British common law presides when buying property.

There are no restrictions on foreigners buying homes in Belize which are sold freehold with full title. There is also no capital gains tax. Stamp duty is five per cent of purchase price, legal fees 1.5-2% and property tax is minimal.

“The real estate on offer is as diverse as the population,” adds Madeline.

“There are lots of different properties from farmland and single plots in the interior of Belize to resorts and condos in Placencia and on the island of Ambergris Cay in the North.”

The former fishing enclave of Ambergris Cay is a bustling holiday destination with a Spanish Mexican feel as it’s close to Mexican border. “Placencia is much quieter,” says Madeleine, “We have lush scenery, historic Mayan settlements, but good access through the mainland and the only golf course in the country.”

Elsewhere on the peninsula you can find condos and studios for sale from $250,000; private villas from $300,000; luxury ones with a pool from $700,000. It’s not a cheap area and people are looking to buy now to capitalise on the new airport. You could say Placencia is the emerging luxury Belize destination.

For more information on The Placencia Hotel and Residences and The Placencia visit: www.theplacencia.com

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Luxury Properties Throughout Beautiful Belize

Paul Kammeyer Belize Shores Realty, Belize, C. A. T: (713) 893-8023

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C: +501-625-6552 (Belize Phone)

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BE L

SHORES REA Y LT

BELIZE SHORES REALTY The Finest Luxury Homes

E IZ

BELIZE

When it comes to residential real estate for sale in Belize, look no further than Belize Shores Realty. For more than 6 years, we’ve been helping individuals, families and business owners find the perfect real estate for sale in paradise and are dedicated to doing so for many years to come. We welcome you to browse through our website where you will find a number of residential real estate listings for sale along with useful information about each one.

Stunning detached property with its own safe harbour marina for private yacht. 4,000 square feet of residence with separate guest house, caretaker annexe, solar and water desalination systems. The ultimate luxury private hideaway.

An island exclave for a privileged few. Private 511 acre island, located less than 30 minutes from Belize mainland. This stunning property has the potential to be used as either a private home or as a boutique island resort.

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info@belizeshoresrealty.com

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30/06/2014 21:52

alternative investments

Divide and rule S

Combining high-ticket housing for a more conservative outlay, fractional ownership is a rapidly growing area of the holiday-home market. Laura Henderson examines the perks and the pitfalls

pending smart through the economic waves is a tricky feat and nowhere more so when it comes to investing in bricks and mortar. Having cast a recognisable footprint on the world of luxury acquisitions, namely private jets and designer yachts, the concept of fractional or shared ownership is increasingly being seen as an influential cog in the lifestyle real estate wheel.

Cutting its teeth Stateside in the 90s in master-planned communities like Aspen in Colorado, the market has stratified in recent years to a wide sphere of high-end resorts principally across Western Europe and the Caribbean. “Fractionals, unlike ‘vacation time only’ timeshare, confer a deeded interest and equity share in a managed property,” explains Piers Brown of fractional brand Fractional Life, “in short, all the benefits of a holiday home for several weeks a year, but bought in partnership with others who bear the costs with you.” Typical buyers, he adds, will probably have toyed with the idea of purchasing a second home outright, but ruled it out in light of likely limited use: “For many, it’s the perfect middle ground solution – a share in a valuable asset, with a third party to manage the maintenance and upkeep side of things.”

Bucking the current mainstream down trend, shares in fractional properties are by contrast, proving remarkably resilient, with a growing number of premium hotel and property management brands including Starlight Hotels and Resorts Group and Six Senses Resorts setting up shop in a still under-exploited market. It’s a move, Jerry Cobb of the

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Fractional Ownership Consultancy, considers “good business sense”: “Developers can find the fractional concept easier to sell because the outlay is significantly smaller, while buyers get residence rights which better match their expected use.

If anything, the real challenge is education – outlining what fractional ownership can actually offer.”

Balancing exclusivity with time-tested usage, standard ownership configurations can lie anywhere between 4 and 13; the number of shares offered, principally a function of the amount of prime time that can be guaranteed. “Properties with a relatively short prime season will generally offer fewer shares,” explains fractional expert Scott Delaney, “with a float time during the least popular months. Full rights of ownership, including selling to others, renting, and buying additional fractional shares is standard, as is a fraction becoming part of an owner’s portfolio of heritable wealth.” Owners can also swap weeks between themselves or rent out their allocated period privately, with vacation exchange opportunities often available, although this is usually regarded as more of an ‘add-on’ benefit and not the primary reason for the purchase.

Buyers considering investment have two legally approved purchase formats open to them; setting up a limited company in which each owner owns a percentage of the shares in the company (more common with five+ owners), or drawing up of a deed of co-ownership with individual names placed on the title deed. “An annex document in both cases outlines owners’ rights to certain weeks a year based on high/low season distribution,” explains Delaney, “with upkeep of the property the responsibility of the resort’s elected management company written into the deed of co-ownership.” Maintenance fees vary widely by resort with a benchmark of between £2,000 - £4,000 per property per annum, plus a contribution to a ‘sinking fund’ to cover incidental expenses which roughly equates to 10% of the annual maintenance fee.

Like all schemes, market expansion is bringing with it much needed consumer legislation. Says Cobb: “Selling shares in a property is much more complex than a straightforward re-sale, with share promotion legalities and transfer duty issues to take into account, added to which there’s the issue of planning a workable exit strategy. Specialist advice is essential.

Co-ownership isn’t for everyone, but if you have a particular holiday destination that you love and don’t mind a restricted calendar of occupation, it’s an option that just might fit the bill.”

Pick of the Bunch Italy – Estate Giacomo Leopardi Located near Montefiore dell’Aso, in the dolce vita region of Le Marche, this verdant estate comprises two beautifully designed villas, both set within 5 acres of landscaped gardens boasting views over the Adriatic. Appassionata’s signature style of hand picked antiques and elaborate decoration coupled with a wonderful balance of space and light is hugely apparent thanks to co-founder and Interior Designer, Dawn Cavanagh – Hobbs.

Estate amenities include access to the estate’s tennis court, vineyard, and large outdoor pool for the summer months; open fires, and under floor heating for the winter. 1/10th fractional shares offering five weeks per annum usage start from £195,000. www.appassionata.com Portugal – Pine Cliffs Close to the bustling coastal town of Albufeira just a thirty minute drive from Faro Airport this serene and green five-star development is managed by the prestigious Starwood Hotels and Resorts Group. Property owners are well looked after thanks to a generous portfolio of benefits including discounts on services within the resort, including restaurants and bars.

Residents also automatically become owners of the Pine Cliffs Golf & Country Club, which qualifies them for membership to the Portuguese Golf Federation (FPG), giving them an official and internationally recognised handicap. Fractional ownership offers investors a 1/13th share (providing four weeks usage per year) in a fully-furnished two or three-bedroom two-storey property. POA. www.pinecliffs.com

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alternative investments

urban edge As take up in fractional ownership grows, city-based properties are becoming popular with developers and owners alike, says Fractional Lawyer and Consultant Stephen Bishop of BLB and Lighthouse

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sk anyone in real estate what the most important feature of a property is and they’ll cite the ‘location’ maxim. Leading financial centre London, with its universal language and convenient time zone location is a case in point, attracting executives who know they can combine work commitments with short breaks, and bring their family to enjoy all that the city has to offer. Indeed city fractionals are recognised to work best in large cosmopolitan hubs with international appeal and a high wealth cultural, arts and retail mix – destinations where visitors will want to return to time and again. But as developers in the world’s greatest cities are finding, the right location is just one factor in creating an impressive fractional offering.

How individual schemes craft their owner per residence ratio to ensure that reservation policies satisfy the market they’re appealing to is equally important. A successful example is the Palazzo Tornabouni scheme in Florence where a high proportion of owners come from the States. Since US buyers will be spending substantial funds on travel per visit – having the built-in flexibility of a longer stay is a vital component of the package of benefits on offer.

Service levels are a make or break indicator too when comparing schemes. The ‘private residence club’ model with successful projects such as Marriott’s 47 Park Street in Mayfair, London and The Phillips Club in New York, have set a quality benchmark in this respect. Owners purchase a share in a high-end luxury residence with a portfolio of easy access leisure facilities and amenities to dip into. In short – members can enjoy all the comforts of home with the service levels of a five-star hotel.

Being able to trade weeks for time at other properties is a further qualifier worth taking into account, such a set-up enabling you to sample other destinations and locations as needs and aspirations change. The award-winning IFA Resorts and Hotels Group who have recently joined forces with Fairmont Hotels and Resorts have incorporated such an offering enabling owners to exchange stays at other Fairmont

Resorts and world class hotels such as The Savoy in the heart of London.

As more high-end real estate companies enter the fractional arena, the future is looking bright for the sector.

Shared ownership is however still a developing sector of the second home market – and as such, seeking advice from a professional familiar with the legal intricacies of the market is essential before committing to a purchase.

urban fractional essentials •

Unlike traditional vacation destinations (beach, ski and golf) which are dictated by the seasons, urban fractionals offer a year round rental/usage window

•

Fractional ownership offers access to high-value real estate at a reduced financial outlay - even more so in the case of urban fractional schemes in prime city locations which maintain some of the most expensive real estate prices in the world

•

The lower-entry price point gives owners the financial flexibility to diversify their portfolio with ownership of multiple properties in several cities as well as traditional vacation destinations around the world

•

Urban fractionals can be seen as ‘multi purpose’, providing a pied-à-terre for bu siness and leisure purposes

•

Fractional schemes operate with professionally managed maintenance set-ups together with concierge and other leisure support services

For more information go to www.lighthousefractional.com

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Abode2

Today’s sophisticated buyers expect more from their leisure time. An urban fractional offers all the beneďŹ ts a second home can offer - not only a vacation property, but a base for business visits with the potential for capital growth and rental return Lighthouse provides a complete fractional service to owners and developers of luxury individual properties - from initial feasibility and consultancy services to setting up a bespoke ownership structure and advising on sales and marketing, we have the expertise required to bring a successful urban fractional product to the market

T : +44 (0)845 519 6148 E : info@lighthousefractional.com W : www.lighthousefractional.com

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alternative investments

Sunny and Share

Fractional ownership can be a prudent investment choice for portfolio diversification provided you do your due diligence, says Jerry Cobb of the Fractional Ownership Consultancy

O

ver the past ten years in Europe, Fractional Ownership has gained acceptance and rapidly increasing popularity as an option for lifestyle holiday home purchases. Whether in quarter shares, twelfths, or even smaller fractions, true fractional ownership (and not re-bundled and re-branded timeshare offerings) offers purchasers the opportunity to own a fraction of a property, equitably and in perpetuity.

Structured and priced correctly, such schemes can also offer the potential for fractional owners to enjoy any capital uplift in the value of their property. So what should potential investors look out for when considering a shared purchase set-up?

issues surrounding timeshare resales (where ratios are much higher – even as much as 500%) disappear.

Structure – Scrutinise what you are buying. Ensure that it is a fraction of the freehold (or long leasehold) and NOT merely a right to use a property for a finite period (15 years for example). The latter is timeshare, and whilst there are many reasons that reputable timeshare might work for any number of people, if you want to buy a true, freehold fraction, this would not be the recommended product.

Notwithstanding the appeal for lifestyle purchasers, traditional “lifestyle” fractions might also be viewed as an interesting way in which to diversify an individual’s property portfolio - achieving a range of regional, geographical and property type diversification at a pricing point that would be simply unachievable for an outright purchase. Clearly the predominant sector is residential touristic properties (which vary dramatically from five-star resorts with all the leisure trimmings to beach-front villas and Scottish castles), but there has also been a move into city based fractionals which offers further scope for portfolio hedging.

And, it goes without saying, as well as enjoying the use of these properties (should you so wish) you also benefit from the ensuing rental income.

Pricing - the pricing of the fraction at point of purchase is critical. Whilst the cost of the combined fractions will undoubtedly be greater than an outright purchase (in order to cover legal and conveyancing costs, furniture packages), the ratio between the aggregated fractional price and the outright price ought not to exceed 125% -150%. At these levels, the

Annual Costs – the idea of a fractional purchase is to also reduce the annual attritional costs of property ownership.

Therefore, the property should be properly managed and maintained and those fees should be transparent, verifiable and shared equally between the fractional owners. The fractional owners should also have the right to challenge, and if necessary remove, any management company that fails to perform either by way of service provision or its charges – in just the same way as an outright owner would.

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T O P G

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27/06/2014 12:01

alternative investments

Hide

Seek and

Launched in 2007, the Hideaways Club caused quite a stir in the real estate industry with its innovative approach to holiday-home ownership. Seven years on what key attractions are keeping discerning travellers coming back for more? Serena Templeton catches up with one member, David Kappler, to find out

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s travel your passion? Do you find yourself hankering after the privacy of a luxury villa over the convenience of a less intimate five-star hotel? If the answer is yes, then membership of The Hideaways Club may well offer the ideal solution.

Hideaways offers a unique combination: investment in a diversified portfolio of premium properties across the globe, with holidays accessed through a luxury lifestyle club. “Put simply, the Club provides members with a range of luxury second homes without the inconveniences associated with having a single property in any one given location,” explains Hideaways Club Operations Director, Donald Watt. “Members also benefit from a first class concierge service and a capped membership.”

Today, the Classic Property Fund, launched in 2007, has a portfolio of 33 villas and the City Property Fund, launched in 2011, has a portfolio of 7 properties. Through reciprocal agreements with other destination clubs, members have access to around 250 holiday residencies around the world. The Classic Property Fund comprises a growing family of villa

and chalet real estate in Italy, France, Spain, Turkey, Morroco, Thailand, South Africa and Switzerland among others, and the City Collection operates in premium urban centres such as New York, Prague, Berlin, Istanbul and Bangkok. Once fully subscribed, it is intended that the Classic Property Fund will

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The View from Here David Kappler What made you become a HC member?

The decision was motivated by two factors - the investment element and the lifestyle element. For me, the lifestyle part (the opportunity to holiday around the world for several weeks a year) was the stronger motivator, although the prospect of getting my original investment back plus some when I eventually decide to exit has its attractions too. It also side-steps the hassles associated with outright ownership from paying bills to organising repairs and maintenance. It’s an excellent way too of spreading financial risk over several markets.

How much money have you invested?

As a member you can choose the investment level and type of membership that suits your lifestyle and situation best. I’m one of the original investors in the Classic Fund that offers investment ranges from £88,333 to £250,000.

More recently I decided to invest in the City Fund that offers investment levels from £69,500 to £127,000.

La Retraite, Provence

very spacious with at least 4 bedrooms. I have recently returned from a golfing holiday with 5 golfing friends. We have also given weeks to our children and they have taken their friends. The other key benefit is that you can have your holiday needs taken care of before you travel, from being picked up from the airport to having an itinerary planned from restaurant bookings to day trips and excursions. All properties come with full time maid service which means there’s little else left to do but to enjoy your surroundings.

Do you have to book early to avoid disappointment?

You may need to book quickly if you want a specific property on a specific date. Sometimes we do this, but more frequently we decide when we want to go on holiday, and then call to see what is available.

What are your favourite destinations?

I used to travel a lot in my working life, so I like relatively short flights and tend to pick the European properties hidden away in the countryside yet still within easy access to decent restaurants and interesting towns – regions like Provence and Tuscany for example. My wife and I love playing golf so we often choose properties connected to or close by golf courses such as Arabella in South Africa or Quinta da Lago in Portugal. www.thehideawaysclub.com

How much time do you spend on holiday?

At my level of investment I can access 4/5 weeks in the Classic and 12 days in the City Collection. My wife and I normally take friends away with us as the villas are usually

have 100 villas in the most desirable locations across the globe and the City Property Fund will have 100 apartments in the most vibrant cities of the world.

Unlike timeshare, Watt explains, where purchasers merely acquire the rights to use a specific property, for a specific week, for a finite period of time, Hideaways provides ownership and diversity for the life of the membership. “Members can buy into a fund at a level to suit their lifestyle and holiday needs and then they may join the club to use any property owned by that fund”.

Entrance level prices for the Classic Collection start with a Lifestyle-Associate membership for £88,000 which entitles a member to between one and two non–peak weeks each year. For the City Collection, an Associate membership starts at £69,500 for 12 nights per annum.

Adds Watt: “We take a consultative approach regarding our growth strategy where members of the Club are consulted about the future destinations properties. All the properties have been handpicked to ensure they are exceptional places to stay”.

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alternative investments

picture perfect

It’s all in the image and how to find it, Cheryl Markosky discovers on a new overseas property portal

‘A

picture is worth a thousand words’. Never has this adage rung truer than when related to the hugely visual world of property.

This explains why Charles Smith, the man behind freshly launched international property website PrimeNewDevelopments.com, has chosen a very picture-led approach.

“We want enough alluring photographs of homes for people to look at, but also to tease them so they’ll be desirous to find out more,” he says.

You’d expect no less from someone with 20 years property experience, the last 14 of which were with Sotheby’s International Realty in the UK. There he learned how to get the message out about wonderful products to discretionary buyers.

As well as displaying photographs of sleek, upper-scale developments to whet the appetites of those browsing the site, Smith has also come up with an innovative way to explore by placing the property in a triad of lifestyle groups.

“Anyone going onto PrimeNewDevelopments.com can choose between a city locale (metropolitan), a beachside place (sun and sand) or somewhere more daring perhaps up a mountain (sport and adventure),” he explains.

Other pluses include a more advanced search linked to a favourite location, saving your own cache of searches, viewing prices in a preferred currency and the currency of the developers, and maximum distance listings from the property

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to a specified airport or town.

This new palette of site benefits both the buyer and developer, suggests Smith.

“Buyers love being able to begin the process by thinking about how they live – do they want to be by the sea or in a skiin ski-out Alpine lodge? - and then distilling their selections via the site.”

And developers appreciate getting responses in ‘real time’ from purchasers. “They don’t have to go through a third party that might not have the answers. They can say, ‘we don’t have any two-bedroom apartments left, but a three-bedroom place is being released when we kick off the last phase. Why not fly out this weekend and take a look?”

The financial model paints a pleasant scene too. Buyers register for free, alongside developers who can put up details about new schemes gratis. PrimeNewDevelopments.com operates on a no sale, no fee basis, which means no one pays any fees upfront.

Smith adds that while his inspired lifestyle categories and economic model are both getting accolades, he’s witnessing high-end purchasers shopping for property in other ways as well.

“When I was at Sotheby’s it wasn’t uncommon for four friends to club together and buy a £10 million painting or a private jet and then share it. Until now, this luxury fractionalstyle ownership idea wasn’t really working in real estate. But with quick property responses and developers getting leads immediately, it’s becoming reality.”

It’s early days for PrimeNewDevelopments.com, but already Smith’s building up a sound database of purchasers and

developers. “It’s all about putting well-informed and wealthy people who know what they want in touch with the developer so they can speak to him right away.”

Now at a crossroads – “we have the right environment and the right products, so now we need to get the message out to more people,” argues Smith – the website will be rolled out in more languages.

Already listing some companies affiliated with the high-end property portal, such as Smith’s sister firm, London Real Estate Advisors, AIPP (the Association of International Property Professionals), and 3rd Home, an exclusive private club where members can share each other’s homes (rather than rent), more will be added to the canvas in the near future.

“It’s wonderful facilitating purchasers, who can communicate directly with developers that are passionate about what they’re building,” Smith sums up.

Just like Sotheby’s can tell a collector why he should be paying £1 million for a picture, PrimeNewDevelopments.com can complete the portrayal of an overseas property deal.

Pretty As A Picture How PrimeNewDevelopments.com looks from three easy angles Choose one of three lifestyle groups: • Metropolitan - city-slicker spots such as Venice’s Palazzo Molin del Cuoridoro, Museum House in Toronto, Singapore’s Ritz Carlton Residences and River Street Mews in Jane Austen’s Bath, UK. • Sun and sand – anyone for prestigious One Sandy Lane in Barbados, The Residences at Dubrovnik Sun Gardens, Croatia; or Samujana at Koh Samui, Thailand?

• Sport and adventure – be audacious at Marbella’s Finca Cortesin, Vilnius Golf and Spa Resort in Lithuania, and Hamilton Grand’s Old Course Hotel Golf Resort and Spa at St Andrews in Scotland.

If you want, you can refine your search to a particular location, and even state a maximum distance from a particular airport or town.

To complete the picture, you’re put directly in touch with the developer or lead agent, who can answer your questions.

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alternative investments

Once Upon a Lifetime Philip Weiser of international estate agents Carlton International explains why real estate remains the asset class for economic recovery

O

nce upon a time the prospect of a sun-kissed holiday home was a dream aspiration for legions of overseas buyers. House prices Stateside were on the up and up and life in the greenback economy was good. 2006 marked an abrupt end to the fairy tale: a decadeslong binge of fevered price appreciation that we’ll never forget nor probably ever truly comprehend. The global economic downturn has largely been blamed on the US sub-prime mortgage catastrophe and the parallel investment instruments linked to the insurance of such an opaque loan structure, with “property” pilloried as the common denominator, whereas in reality, it has just caught the common cold.

Today there are sizeable areas of the world where real estate has been largely unaffected by the crisis, categories of property, where, resilience to infection remains prevalent, as well as sectors of Real Estate activity which continue to offer unique opportunities for solid, medium and long term investment.

One such opportunity has been identified by the Carlton International Group. With thirty years specialising in prime French Riviera real-estate, and the company is well placed to advise investors on attractive investment prospects.

Strong fiscal foundations are however essential to the success of any investment. In the case of France, the country has avoided the subprime debacle largely because the banks have, historically, conditioned loan facilities, not only on property values but above all, on the capacity of the borrower to repay.

Repossession laws are complicated and have been expressly designed to protect the home owner. French banks have also made specific efforts to design terms of lending which avoid litigation with home owners. On the French Riviera, the limited capacity for additional construction has also restricted cheekby-jowl development seen in many parts of the world. Demand, both for primary and secondary residences has, more often than not, exceeded supply.

In any economic downturn however the failure of banking institutions to provide finance, the threat of unemployment and with a constant bombardment of bad economic news, even the hardiest buyer capable of purchasing, will prefer to hold their financial resources in case of unforeseen circumstances.

The result is a decline in the sales of new development apartments. French legislation obliges developers to provide

guarantees of building completion before they are able to contract the sale of any unit, with a view to the future completion of the building. These guarantees are provided by banks and insurance companies. In the event of the failure of the developer to complete construction in accordance with the specific description of the building, the guarantors must ensure completion. It goes without saying that both the developer and the guarantors, wish at all costs to avoid falling into this trap.

Carlton International has identified investment opportunities and negotiated competitive pricing, for bulk purchase of multiple residential units. Once acquired, completed apartments can be offered for rental and managed by the rental management branch of the company. Returns commonly exceed the norm, rental values having been unaffected by current economic conditions. At any time, or following the termination of residential leases, the apartments can be resold and with the inevitable upturn of real-estate values in due course, will provide considerable capital gain for investors.

Economic conditioning has designed a pattern for future market tendencies: stagnation and the credit crunch imply that developers become unable to acquire land for building. The stagnation period lasts between two and four years. Building permits require six months to one year and subsequent construction takes one to two years until delivery. Clearly, at best, new apartments will become available for occupation between 2014 and 2018. The current stock of unsold apartments will become imperceptibly exhausted by 2016 and demand will exceed supply, resulting once again, in the accompanying increase in property values.

For investors, discount levels will depend on capital advanced and the numbers of units to be acquired. Opportunities for sizable institutional investment are available. Local banking institutions have agreed to assist in investment financing at competitive rates, subject to appropriate guarantees being made.

Investors acquiring single units for their personal use may also benefit from similar advantages.

Kenichi Watanabe, president of Nomura Holdings, which acquired parts of Lehman Brothers after its collapse, called the current financial crisis a “once in a generation opportunity”.

With regard to Real Estate on the French Riviera, Carlton International thinks so too.

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alternative investments

A SIPP in Time T

Owning that dream home in France through your SIPP is an investment option well worth considering, as Camille Letuve of property consultancy Athena Advisors explains

he ability to buy property has always been one of the biggest attractions of a self-invested personal pension (SIPP), but as most portfolio investors know, that property must be commercial and not residential.

In France however there is now a specific type of real estate categorised as a commercial investment by the French government that comes with lifestyle perks, which is now purchasable using a SIPP. And its location? In the heart of the French Alps.

Commonly known as ‘Residence de Tourisme’ but also referred to a ‘Leaseback’ or a non-professional furnished let, the ‘Residence to Tourisme’ scheme was initiated back in the 70s when holiday accommodation was needed to cater to France’s emerging middle class, with the Alps top of the holiday location hit list. To cash in on this revenue stream the government incentivised investment in tourism real estate by offering buyers VAT refunds, effectively saving them 16.7% on the purchase price of the properties. Today French VAT is set at 20%, so buyers effectively save a fifth on the property price.

Today leaseback initiatives are increasingly common and are becoming ever more sophisticated. Located in prime tourist locations where there’s a high visitor footfall, properties can offer solid rental returns with strong potential for capital appreciation.

Due to their commercial categorisation, ‘Residences de Tourisme’ also come with a number of attractive tax benefits.

SIPPs are already tax-efficient in their own right, so investing in a leaseback property means owners will likely benefit from tax advantages on both sides of the Channel.

The process of purchasing a ‘Residence de Tourisme’ through your SIPP is straightforward. Your SIPP purchases the freehold of an apartment which is then leased back to a management company for a minimum period of 9 years. The SIPP benefits from guaranteed annual rental returns (paid quarterly) generated by the fully managed and maintained property, all free from income tax. Low up-front costs and reduced maintenance and running charges make the property even more cost effective.

Within this structure you would be buying a French tourism property using tax free money from your SIPP, in an already tax efficient property that provides a tax rebate of 20%. Of course, any commercial property investment carries risks, but the ‘Residence de Tourisme’ scheme is long established and has a strong track record of delivering attractive returns.

So if you have excess cash tied up in your pension and have always wanted to own a property in France, buying a leaseback through a SIPP could be the ideal way to have your investment cake and eat it.

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The promise of our resort lies in its name. ‘Elysian’ means paradise and that’s exactly what our resort is… a romantic haven where you can enjoy the privacy of a luxury villa with its own private pool set in a lush, tropical Balinese garden.

Close the gate, slide into the pool, chill out, relax and enjoy everything we have to offer. Your private villa comes with Apple TV, an iPod and Bose Sound System, a complimentary laptop or iPad plus free Wi-Fi internet access, 24 hour guest service and round-the-clock in room dining.

When you choose to venture outside your gate, we have the renown Rush Bamboo Restaurant to tempt your taste buds and The Elysian Spa to revive body and soul. And within a few minutes walk, you can immerse yourself in the lively pleasures found in Bali’s trendiest suburb yet always knowing that there is peaceful haven to return to.

Why would you settle for a hotel room when you can have your own private villa?

Jl. Sari Dewi 18, Seminyak, Kuta, Bali, Indonesia 80361 • T +62 361 730999 • F +62 361 737509 E info@theelysian.com • www.theelysian.com

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alternative investments

Cruising Second Citizenship The launch of the world’s first cruising office offers an innovative approach to commercial property investment. Serena Templeton reports

W

ith a name like ‘The World Office’ – any positioning statement trotted out to explain the investment rationale behind the world’s first floating commercial liner is a tricky feat to achieve without resorting to a string of superlative clichés.

Yet it’s a challenge developer RC Holdings Ltd Belize has managed to overcome with considerable aplomb – delivering an innovative approach to commercial property investment at a competitive entry-level price.

The concept is clever. The luxury liner – the first of its kind – will provide individual investors with high-grade scalable ‘startups’ with the opportunity to grow business networks internationally, while cruising from one port of call to another.

The ship is scheduled to travel to 150 countries and 300 ports annually, with itineraries expected to repeat ports every two years with new ports and excursions added annually and amended to include major events in its itinerary such as the Cannes Film Festival and the Grand Prix. “The World Office is dedicated to providing a thriving commercial district with an infrastructure that enables entrepreneurs to flourish,” explains Kevin Rees of investment consultancy Albany Hill.

“Imagine having a beautiful luxury Office on the French Riviera, in London, Hong Kong, Singapore or Dubai. It offers the ultimate in luxury workplaces, with an elegantly designed, modern environment as well as being a focal point for top entrepreneurial talent from around the globe. With considerable investor interest expected to come from India and China and other Asian countries, these entrepreneurs can use the ship as their headquarters, creating companies and jobs whilst developing innovative technologies.”

The sheer scale of the cruise ship is considerable - with accommodation for 2000 passengers, 1000 crew, together with state-of-the-art conferencing facilities, call centres, 600 offices, a shopping emporium, two helipads, a Broadway-style theatre and five-star hotel. Office space, adds Rees, will make investors

eligible for a citizenship programme for a second passport (for visa-free travel within Europe). He adds: “Special programmes have been established where investors of both the purchasing of fractional or full ownership of the ship become entitled to a second passport enabling visa-free travel for most countries in the world plus tax benefits.”

For those considering investing in a slice of globetrotting commercial space; real estate options cater to different forms of commerce, from professional offices and corporate world headquarters for international corporations, to retail, leisure and hospitality facilities. Adds Rees: “The concept is aimed at a cosmopolitan buyer base and as such, real estate is being developed to facilitate specific forms of commerce indicative of various cultures from around the world. It would be great to call your guests on board, who could be flown in from any European port to enjoy the world finest hospitality and services.”

The Investment Offering The 200 hotel suites and 600 office cabins are available as an investment opportunity for fractional ownership starting from $150,000 with full ownership for $1.5 million. Fractional ownership offers a cost effective option to businesses for world class offices with a global reach. Ownership also enables investors to use the space for their own use or to rent out, combining an attractive working lifestyle base with a secure investment. All investors are eligible for a second passport enabling visa-free international travel as well as associated tax benefits.

Introducing Ship Bonds Investors also have a unique opportunity to obtain high yield ship bonds. Investments start from $53,350 and offer benefits such as free investor accommodation usage as well as delivering a 14% fixed net return for 4 years plus a contractual 124% Buy Back. In total - the investment will deliver an 80% NET ROI over the 4 year investment.

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Abode2

The World’s First Cruising Office Complex

with 600 offices offering the best Citizenship by Investment Programme

SHIP BONDS AVAILABLE

The World Office is dedicated to providing a thriving commercial district with an infrastructure that enables entrepreneurs to flourish.

Spending around 70% of its time docked in one of 150 countries worldwide, the ship will provide the commercial customers with a unique way to conduct business with the rest of the world.

Introducing Ship Bonds - a Unique Investment Opportunity • • • • •

Invest from $53,350.

14% NET return, fixed for 4 years.

124% vendor Buy Back.

All funds invested through lawyer escrow account.

80% NET ROI for the 4 year investment.

For further information please contact: Office sales and citizenship investment enquiries: +44 203 714 2955 Investment bonds: +44 845 1247485

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chÂteaux & vineyards

The Grape Escape

As a new wave of foreign investment washes over France, Laura Henderson assesses the latest craving for vintage real estate

A

domaine in deepest France surrounded by bush-trained vines; somewhere that provides a decent income and gives you that elusive “quality of life”. Marketed as commercial/holiday-home hybrids, now is apparently a good time to try your hand at wine making, with estates being snapped up for a ‘relative’ song, although we’re talking upwards of £600,000 for anything halfway decent. It’s a far cry from the early days in Languedoc, when Midi vintners first began exporting barrel-size quantities of vin de table to undiscriminating traders. The quality surge from New World wines and consumer demand for a better quality tipple however, have revolutionised both the economics of the industry and the region’s real estate fortunes, poor sales of vin ordinaire forcing small-scale vignerons to sell up or face bankruptcy.

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grape escape basics Values for wine-producing properties have gone up 10% in the past 10 years.

Essential checks before buying include: a satellite survey of the vineyards, winery check for contamination and vine check for viruses. Pre-emption rights also need to be ascertained, and an application made to the Chamber of Agriculture for the authorisation to farm.

The purchase process can take several months but vines don’t stop growing. It’s important to have an arrangement in place with the vendor to farm the estate before you officially take over.

Many appellations are now upping their profile explains Martine Sahunet of Cabinet Bedin: “The Pays de Rhone has been quiet, but is now picking up. The Medoc is also active as is the Grand Libournais. We’ve had enquiries from as far a field as Canada and the States.” In the Gironde, which includes the prestigious Saint Emilion and Pomerol districts, in the past two years Chinese investors have bought upwards of 50 vineyard estates – mainly 20+ hectare estates in less prestigious areas for £1.5m-4m. Smaller estates with 3-12 hectares of vines are now selling for around £750,000, while full production vineyards of over 100 hectares start around £3.5m. Estate values, explains Carol Young of prestige agents Bordeaux and Beyond are dictated by location, the quality of terroir and the wine produced, as well as the type of property and whether they are established producers for the wine: £500,000 is really a minimum budget for an estate, plus the finance necessary to purchase stock and operating costs for the first eighteen months. This is because the seasonal cycle from producing and harvesting to bottling generally takes that long. Operating costs can be calculated on an average of between £3,000 and £4,000 per hectare, although it takes a good three years for new vines to make decent wine.”

One of a select few innovative projects taking shape in southern France just 20 minutes from Carcassonne is Le Domaine de La Mandoune, a restored vineyard estate developed into one, two and three-bedroom townhouses, with property owners enjoying a share in the ownership of an onsite vineyard as well as being able to participate in the winemaking process. Townhouses start from £185,000 excluding taxes.

Providing a ‘handholding service’ for newcomers, 50% of Montpellier based Vignobles Investissement’s clients are from overseas, of which 10% are British. “Most buyers get stuck in and make a go of it,” explains wine consultant Adam Dakin an old world hand, who has been in the business for over 20 years.

“The main stumbling block is technical expertise, although companies like us help purchasers to source personnel, and consultants who can advise on equipment.” 20-40 hectares

It’s worth paying a premium for an estate with good vines and an established reputation.

20 hectares will make around 130,000 bottles of wine.

Avoid buying from or selling to wine cooperatives, or selling bulk wine. Many are struggling to compete with the quality produced in New World countries.

Dakin adds, with a vigneron’s house will set you back around £1m: “but prices can easily go beyond £4m depending on location and quality of vines.

In the Languedoc, it’s the property that pushes prices higherin Bordeaux and Burgundy, the terroir and calibre of vines have a much greater bearing on value. Some owners may also be forced to start production from scratch, due to unsuitable machinery or poor quality vines, while others will hold out for a going concern with existing staff.”

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chÂteaux & vineyards

Vineyard estates are growing in popularity with foreign buyers. Cecile Acolas Managing Director of Rosemont Consulting explains the legal steps aspiring viticulteurs should take to ensure a vintage purchase

Grape Expectations F

inding the vineyard of your dreams may feel like a heaven on earth outcome but without a well executed approach to your purchase, your grand cru investment may well turn out to be more sour grapes than vintage splendour.

So what steps in advance of making an offer should a prospective buyer take? Arranging a technical audit by a property expert or oenologist is essential, but so too is undertaking a detailed financial audit taking into account the tax, legal and production outputs of the estate; keeping in mind that that you are not only purchasing a property but also a business.

Due diligence time at the outset will also put you in a much stronger position to negotiate on price, evaluate the benefits of buying assets versus shares, adding reserves or even imposing conditions such as a guarantee of assets and liabilities.

Purchase process Buying real estate in France is a highly structured affair, with key checks in place as part of a stepped purchase process. Once a sale property has been identified, a letter of intent indicating a wish to buy is drawn up followed by the signing of a preliminary contract or promesse de vente. This deed of sale is fundamental because it confirms the agreement of both parties and the terms of the sale. The terms and scope of the guarantee of assets and liabilities are also clearly laid out in this contract.

This guarantee allows the purchaser to engage the liability of the seller for acts prior to the sale, for example, the discovery of outstanding debts on the estate.

A period of several weeks will usually pass at which point the final stage of the sale transaction is completed by a Notaire for the property purchase and a Lawyer in relation to the purchase of shares.

Property purchase structure Choosing the right purchase structure is essential, as it will determine the tax liabilities applicable to both the estate and its owners. The structure choice will take account of several factors

including: How will the vineyard be operated? What, if any, are the business objectives of the purchaser? And, what is the personal tax liability of the buyer?

Specialist financial advice is necessary, especially for nonresidents. In addition to French internal tax rules, a nonresident will also have to adhere to the relevant bilateral tax treaties which could offer atttractive tax benefits.

One favoured approach is to separate the land (owned by example by an SCI, a Groupement Foncier Viticole - GFV) from the business operation (commercial companies with limited liability are recommended).

The GFV mentioned above, is a civil company with a special status which allows the company either to purchase the property for direct use or for lease. A long term lease, usually referred to as the ‘property holding structure’ and the commercial entity running the business, can allow for a specific reduction of both wealth and inheritance taxes.

Wealth tax and inheritance tax are the primary taxes that can be offset via tax exemption conditions such as: third party loans, specific shareholders agreements, and professional asset qualifications.

Non-resident investors may also find it advantageous to use a single non-French ownership structure for both the real estate and the business aspects of the estate, thereby allowing the structure to remain out of the scope of French personal taxation.

Taxation on profits will depend on whether a limited company or a partnership structure is used. This choice will also have an impact on future capital gains realised, especially on the sale of land. Foreign investors should take care when choosing a corporate tax structure for land ownership because of the latent capital gains tax generated by this regime.

Finally, it is worth bearing in mind that foreign tax structures such as Monaco SCI (for land ownership) and European Holding Companies (for the business element), could well be favourable alternatives as a means of optimising one’s tax position in France.

For further specialist tax advice visit: www. rosemont.mc

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Photo © archideaphoto - Fotolia.com

SPECIAL ASSETS DESErvE SPECIAL ADvICE…

MULTI - FAMILY OFFICE

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FLEETWOODTRUSTEES Ltd Abode2_Volume2_Issue5_Alternative_Investments_Rosemont.indd 147

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CHÂTEAUX & VINEYARDS

BORDEAUX BOUNTY

With renewed interest from overseas buyers for vineyard property - grand cru domain Bordeaux is leading by example, says Chantal Nollet of prestige French agents Leggett Immobilier

S

ince 2013 Leggett Immobilier has seen a buoyant and dynamic vineyard market with Bordeaux and surrounding satellite regions, in particular, St Emilion setting a pace. Vineyard values remain attractive with little price fluctuation over the last couple of years - prices averaging €200,000 per hectare for AOC St Emilion and €85,000 per hectare for satellite estates around St Emilion.

Both domestic and international demand remains high, with Chinese clients in particular homing in on high-yield properties up to €50 million. A fine example on the market with the agency for €6.36 million is a beautiful estate on the edge of the Saint Emilion domain in AOC Côte de Castillon territory.

The property offers the possibility of purchasing neighbouring vineyards in the AOC St Emilion jurisdiction, enabling this renowned Château to produce AOC St Emilion wines.

Located just 2km from the heart of Saint Emilion, the agency has a further stunning vineyard estate producing AOC Montagne Saint Emilion from its 6 hectares of vines (13 hectares of land in total). The property includes a traditional 18th Century maison de maître with 4 bedrooms. The vineyard produces an average of 40,000 bottles of wine a year, successfully marketed via three different labels. It has an asking price of €3.150,000 F.A.I. Leggett Immobilier has an established reputation with

international buyers, providing an unrivalled quality of service, but it’s our professionalism and attentiveness towards vendors too, that ensures the agency is recommended by word of mouth amongst the vines, that, and bringing a constant supply of beautiful and commercially productive properties to market.

To find out more about wine estates in the Bordeaux region contact Chantal Nollet on 0033 (0)5 53 56 62 54 or visit www.leggettprestige.com

BORDEAUX ESSENTIALS •

There are attractive tax advantages to owning agricultural land in France

•

St Emilion is the oldest active wine producing area in the Bordeaux region dating back to Roman times

•

Merlot and Cabernet Franc are the two most important grape varieties in St Emilion

•

St Emilion is the last of the major Bordeaux appellations to finish harvesting each year

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Abode2

LEGGETT

PRESTIGE

LUXURY PROPERTY AND REAL ESTATE IN FRANCE

18thC chateau with 3.5Ha of AOC Graves vines, Gironde €3,116,000 Ref:38660CN33

14.5HA vineyard and prestigious mansion, Gironde Ref:39746CN33

€1,908,000

20Ha estate with Cotes de Castillon vines, Gironde Ref:26215CJ33

8.7Ha of AOC Cotes de Bourg vines, Gironde Ref:37782CN33

€1,028,000 €995.000

€1,590,000

18thC castle and 11Ha of AOC Cotes de Bourg, Gironde €1,732,000 Ref:38615CN33

23Ha AOC Blaye Cotes de Bordeaux and estate, Gironde €1,988,000 Ref:40390CN33

There is a simple reason why Leggett Immobilier won the European Property Award: ‘Best Real Estate Agency France 2013/14’ – we provide a personal service for our clients, that no other agency can match. Our French/English sales team also speak Mandarin, Russian and several other European languages.

Leggett’s Bordeaux Vineyard Specialist Chantal Nollet will be pleased to advise you further on these properties and others available at this time.

www.leggettprestige.com Email: prestige@leggett.fr Tel: 0033(0)5 53 56 62 54 Head Office: La Maison du Chapitre Route de Riberac 24340 La Rochebeaucourt France

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e

chÂteaux & vineyards

Languedoc

By Domaine Which terroirs in the Languedoc are attracting foreign buyer interest at present?

There are already quite a few foreign owned wineries in the area. Buyers in the main come from Europe with some exceptions of course, such as Australia and Russia etc. The region is home to many different terroirs, that, together with a balmy Mediterranean climate and a diverse variety of grapes make it difficult to pin point any one given area as especially sought after. More often than not, it’s down to the estate size as well as the attractiveness of the property that influences a client’s decision to buy. It goes without saying that many buyers are also attracted by the competitive prices, compared to other regions of France.

How do vineyard estate prices compare with Bordeaux and neighbouring Provence?

The area is not as universally well-known as its wine producing neighbours and this has had a notable impact on property prices. The quality of the wines has nevertheless shown consistent improvement over the last 15 years with increasing volumes being exported abroad in particular to Asia, especially China. The region is still in development and in the future we can expect to see it hitting par with our famous and established French domains. With the increase in interest from Asia, we are also expecting to see Chinese clients buying wineries here soon. We are likely to see an upturn as buyers discover what a premium location the Languedoc really is.

Are the majority of buyers investing in a vineyard with business or lifestyle aspirations in mind?

From personal experience, most foreign clients are seeking a change of lifestyle combined with an investment purchase.

They have reached a stage in life where they are seeking a new focus, that, combined with a superior quality of life for their families. It can be something of a challenge to ensure all these requirements are met. But it’s a challenge I relish each and every time.

What advice would you give prospective buyers looking to take on a working vineyard estate as a new business?

As highlighted before, the business side is just one aspect but

Annelise Bosshard of prestige agents AB Real Estate explains why foreign buyers are homing in on Languedoc Roussillon for a vintage property purchase

a critical part neverthless of the property selection process.

Most buyers aspire to produce high quality wine and to sell under their own label. Improving the quality of the wine often goes hand in hand with further investment in the winery, especially in the cave equipment. Whether a buyer succeeds or not will depend mainly on an ability to keep existing clients while developing new markets. If a client already has a strong network of contacts, this can help fast track the ‘turning point’ improvement and help to bring a solid return on investment.

It’s not uncommon for clients to develop a tourism related income generation stream alongside, such as running a Gîte or B&B. Once the ideal property has been found, a crucial point is the set-up of the legal structure for the purchase.

This is a very individual process and depends entirely on the property as well as the client’s needs and aspirations moving forward.

What do buyers need to know about the buying process?

The property buying process in France is uniform across the board. Property prices advertised include the agency fee, so the only additional costs are the Notary fees which account for around 7-8% of the purchase price. We are happy to recommend to clients bilingual notaries with specialist experience handling property purchases on behalf of foreign buyers.

In terms of the purchase process - once an offer has been accepted, the assigned Notaire draws up a preliminary contract (compromis de vente). Once this has been signed by the vendor, they are unable to pull out of the sale without incurring penalty costs – there is no gazumping in France.

The buyer has a 7-day period within which he can withdraw from the sale without obligation; a registered letter addressed to the notary is all that is required.

It is usual for a buyer to pay a 10% deposit during this 7-day ‘cooling off ’ period to secure the sale. The Notaire prepares the final sale contract (acte de vente) and carries out the necessary searches and surveys. This usually takes a period of 3 months but both parties can agree a longer completion term – this is often the case in the purchase of a vineyard as the opportune time to take over a winery is after the harvest. A sale is not deemed complete until the funds have been cleared into the Notaire’s account.

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Abode2

Beautiful 19th Century Ch창teau and quality winery with 87 hectares of land, and large outbuildings with a wonderful park, situated close to the Mediterranean Sea. This graceful property with all its original features offers various high standard commercial and tourism possibilities. Ref 1855

AB Real Estate Prestige has been operating in the Languedoc-Roussillon for over 15 years, specialising in luxury and prestigious properties. We have earned our reputation for being supremely professional and offering a personalised and attentive service.

Based on our extensive local knowledge, we offer a targeted search should we not have your ideal property in our portfolio.

Applying the highest standards of quality and integrity in all aspects, the Managing Director and owner of AB Real Estate and AB Real Estate Prestige, Annelise Bosshard, will personally take you through the whole buying process until you have settled into your dream property.

www.AB-Real-Estate.com www.prestige-luxury-property-south-france.com ab@ab-real-estate.com +33 (0)467 36 36 80

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e

chÂteaux & vineyards

The Pick of the Bunch V

ineyard ownership requires a healthy dose of financial and emotional stealth: money, patience, hard work and, perhaps most importantly, passion.

In reality, in the early years even covering your costs can be a challenge with the risk of your vintage purchase being a drain on resources if not well managed. While there is no shortage of vineyard property for sale, finding an estate that suits your personal requirements as well as one that has the potential to become a viable business, requires a detailed understanding of the market and the factors that determine a successful winemaking operation.

Buying an estate can perhaps best be seen as the creation of a multi-faceted business, one which includes growing grapes, transforming them into wine, through to marketing and selling the finished product. For those who like the idea of owning a vineyard but have neither the time nor the inclination to make and sell wine - there are alternatives, such as growing grapes and selling them to a winery under contract. While different approaches will appeal to different investors, it’s important to understand the economics of each approach as they offer differing scope for financial gain.

Arguably more than any other type of farming - an understanding of the geology associated with a particular vineyard is critical. The same grape variety can perform very differently depending on the soil type on which it is grown.

The French use the word “terroir” to describe the unique environment in which grapes are grown, which includes the soil, topography, micro climate, and planting practices.

Choosing a good “terroir” will greatly increase your chances of producing good grapes and thus of making good wine, particularly in years when growing conditions are more challenging.

In many parts of the world, notably the larger European wine producing regions of France, Spain and Italy, there are specifically denominated wine regions, such as the AOC (Appellation d’Origine Contrôlée) system in France. Where a vineyard is located in respect of these denominated regions can have a significant impact on the reputation and price of the wines and on the price of the vineyards. In Bordeaux for example, prices start from as little as €7,000 per hectare while in the most prestigious appellations they can exceed €2,000,000 per hectare.

While some vineyards are sold without any sort of

Finding the perfect vineyard takes persistence, timing and a nose for a good investment.

Alexander Hall of Vineyard Intelligence offers some pointers on how to navigate the purchase process

accommodation, most will include vines, winemaking facilities and a property. The latter range from modest cottages to multiroom châteaux and frequently offer better value when sold as part of a wine estate than if they had been sold as a stand-alone concern.

The actual buying process is complex and time-consuming but vineyard ownership does offer huge rewards. Buyers who are prepared to take their time and to seek out expert advice can look forward to a unique lifestyle that is full of variety and personal and professional satisfaction in many different forms.

buy wise Do understand that it will take time to find the right property. Many properties are privately listed with an individual agent. Very few appear on multiple listings.

Wineries often do not want their names mentioned at all; a winery that is for sale can risk losing its winemaker or distributor.

Do start with the best vineyard that you can buy. A good winemaker or a good vineyard manager won’t work with a bad vineyard.

Employ local experts to analyse the quality of the vineyard, the facilities and the wines; it could save you considerable expense further down the road.

Find out who the best local producers are in your chosen region. Where their vineyards are situated will tell you a lot about where the best soils and climatic conditions are to be found.

Talk to importers and merchants in your target markets to get an idea of demand and pricing and use this information to refine your search.

Winemaking estates need constant investment, so put savings aside in a sink fund for necessary improvements to the vineyard and winemaking facilities.

Try to retain the current owner on a consultancy basis for an initial period to smooth the transition and assist in the learning process; they will know the business better than anyone.

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Abode2

Where Would you like to live in Provence?

Stone investment in association with Provence Homes is delighted to present some of the most beautiful properties for sale in this sought-after region.

Specialising in the luxury real estate market, our local knowledge and expertise will help find you the property of your dreams.

Provence is a halcyon blend of tradition, nature, gastronomy, art and culture; historic towns, vintage villages, lavender fields and vineyards, all combined with a year-round warm climate.

Property styles run the gamut from traditional farmhouses, maisons de campagne and period homes to bespoke-design villas with frontline sea views.

The region also boasts unrivalled access with Avignon and Aix en Provence TGV stations and Marseille Provence International Airport with daily flights from across Europe.

Stone inveStment Mr Pierre Monville | + 33 6 16 64 16 04 | p.monville@stoneinvestment.fr 64, rue Grignan - 13001 Marseille - France | www.stoneinvestment.fr Abode2_Spring_Stone_Investment_Ad.indd 1 Abode2_Volume2_Issue5_Vineyard_Intelligence.indd 153

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CHÂTEAUX & VINEYARDS

Bountiful Burgundy

© Groupe Mercure

The rural soul of France, Burgundy has a lot more than just fine wines going for it, as Eric Louvet of Groupe Mercure explains

L

ying midway between the vast plains of northern France and the Rhône valley, Burgundy is a hugely hospitable region. Dubbed the ‘rural soul’ of France, this heart shaped area boasts a full-bodied vista of hills and vineyards, billowing forests, rivers and storybook villages. An appealing combination of history, gastronomy, and viticulture, the region is also rich in Romanesque architecture, Dijon the capital famous for its spicy moutarde, noble houses and polychromatic patterned roofs. The immensely wealthy Valois Dukes governed the Duchy for 600 years, evidenced by the buildings they fashioned in particular the many glazed roof châteaux, and fortified medieval towns whose corkscrew lanes and half-timbered houses have not changed one iota over the years.

Wine however more than anything has shaped the region’s character, the department of Côte d’Or in particular, famous for its Champs-Elysees strip of land stretching from Dijon to Beaune, where every village bears the name of an illustrious wine; Meursault, Nuits-St-Georges and Gevrey-Chambertin.

Southern Burgundy while still wine territory is rich in rolling pastureland. To the west is canopied woodland and fields dotted with white Charolais cattle. To the east are the flat plains of the Bresse, famed for their succulent poulets, which have been awarded their own appellation. Running through the centre of Burgundy is the Morvan National Park, a vast nature reserve smothered with lakes and forest, dominated by a forbidding Celtic plateau of granite rising to 900 metres. Towns there are a little scarce, but you are never far from a village or a friendly face.

Home to approximately 4000 individual domains, sales of vineyards in the region are predominantly of a high calibre and attract a cosmopolitan buyer base with threshold prices easily

running into the several million Euros mark depending on the property and appellation. The average price for a quality estate is currently between €3 and €15 million.

2014 has seen a resurgence of buyer interest with several premium châteaux and vineyard purchases especially in the sought-after Chalonnaise region with a mix of South African, Swiss and French buyers. Interest is peaking too for estate property over the €900,000 threshold; many buyers venturing from long-haul locations with new investor markets opening up including Russia, China and Malaysia.

This beautiful 18th château estate comprises a primary residence with a living area of 430 square metres flanked by two pavilions, each 140 square metres and formerly attached to the main property. Outbuildings include a small chapel, stables and a separate apartment which opens onto the swimming pool. Wooded grounds of approximately 6.3 hectares complete the property. €1.795.000. Groupe Mercure Reference 1132VM

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LE SENS DE L’EXCEPTION EXCEPTIONAL PROPERTIES AND EXPERT SERVICES SINCE 1936

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retirement

Meet the

golden lifers Dwindling pension values may have cracked the security of some savings nest eggs, but it hasn’t dampened enthusiasm for an active retirement. Now forward thinking developers are cashing in on the trend. Laura Henderson reports

V

eteran explorer, Sir Ranulph Fiennes, climbed Everest in 2009 at the ripe old age of 65, stating: “It’s amazing where you can get with a bus pass these days.” Turbotonsilled Tom Jones meanwhile, a veritable ‘disco grandad’ at 74, is still packing out stadiums across the globe.

While Fiennes and Jones may be extreme versions of the golden years’ generations, they both embody a new ‘can do’ spirit: an attitudinal shift Caroline Abrahams, charity director at Age UK has been tracking with interest: “Retirement is no longer a call to pipe and slippers,” she explains. “It’s a time for broadening one’s horizons and sampling new experiences, with many pensioners now exploring the world, dating again and working longer. Global role models like Fiennes and Jones may be on the extreme end of the scale, but they’re successfully redefining attitudes to age. For them, it’s all about making the most of a liberated period of their lives – they’re combining maturity and opportunity and it’s a potent combination.”

As demographic trends go, it’s a mind-set that is also influencing present-day approaches to retirement living, with an innovative selection of ‘village-style’ housing developments now infiltrating the property mix. “Thinking and practice in the UK retirement sector has lagged behind advancements in Scandinavia, Australia and the US, but the resort concept is becoming better understood,” explains Nick Sanderson, Chairman of the Association of Retirement Village Operators UK (ARVOUK). “Twenty years ago housing projects for the elderly were primarily motivated by the negatives: ailing health, age-related infirmity and bereavement. Now, the focus is more about improving and prolonging quality of life through social contact, bespoke services and community activities. Resorts coming on stream are addressing those needs with the essential care ingredients, from home help services to round-the-clock nursing care built-in. There will always be room for the traditional elements of retirement

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housing, but large-scale villages look here to stay.”

At present around 8% of the over-65s live in privately run developments; a five fold increase in the past decade with numbers rising. Research from property consultancy Retirement Homesearch indicates that of those, more than half purchase for cash, using a portion of the proceeds received from the sale of a previous home, releasing the remainder to supplement their annual cash flow. But while the convenience and quality of life benefits are clear to see, understanding your financial commitments can prove trickier.

“Buying into certain village developments can work out expensive,” explains Philip Hodgkinson housing lawyer at SAS Daniels LLP. “Most schemes operate on a leasehold purchase

basis, with a deferred ‘assignment’ or exit fee of 10-12% paid on resale to the management company, money, which goes into a sink fund for property maintenance. Residents also pay an annual maintenance levy. By law, this charge has to be ‘reasonable’, but different service level agreements across developments don’t make for easy comparison. Most villages also prohibit lettings which means your estate may end up having to settle the service charges after you have moved or died, until the property is resold.”

While many resorts have a residents’ council to scrutinise annual operating costs, the absence of a nationally recognised body to regulate developers and protect owners’ interests means there is no accepted best practice. “Until the market matures, the onus is on buyers to vet developer and management company credentials,” adds Hodgkinson. “If you find a resort you like - get your solicitor to check over the contract terms – because the last thing you want in your retirement is a financial shock.”

For retired city banker Gerald Dickson and his wife Joanna balancing aspirations for an “active old age” with “continued financially security” prompted their decision to offload their five-bed family home in Oxfordshire in 2006 and plump for the ‘all-inclusive’ delights of a resort home. The couple looked at several schemes, before opting for a two-bed apartment in Castle Retirement Village near the market town of Berkhamsted in Hertfordshire, run by development group Retirement Villages. “Affordability was a key factor,” explains Gerald, “and so far it’s worked in our favour – we’ve Volume 2 Issue 5 // Abode2 157

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retirement

Richmond Villages Letcombe Regis

cut our annual living expenses by around 30%. But it’s only part of the equation. Moving to a managed resort gives us the freedom of independent living for longer. It also removes the anxiety of managing a future house move once we’re too frail.” The Dicksons paid £225,000 for their flat, with monthly maintenance fees of £450, which cover 24-hour on-call emergency cover, weekly laundry and domestic clean, insurance, property maintenance and the services of a resort manager. While not an insignificant outlay, Dickson feels the fee structure is “justified” by the “range of facilities” and “peace of mind” that 24-hour on-site care provides. “We’re now funding a better lifestyle with the benefits of a continuing property investment, an outcome we wouldn’t have achieved rattling around in the family home, with big overheads. The

Letcombe Regis indoor pool

10% assignment fee when we eventually sell is at the top end of the scale, but resale values here have performed well over the past eight years, which partly mitigates against potential higher living costs.”

Promoting a similar ‘bundled services’ offer to Castle Retirement Village, the competitor resort set-up offered

by Richmond Villages meanwhile, has gone several steps further in catering for the seriously ill. Tour the company’s Letcombe Regis site near Wantage in Oxfordshire, and you’ll be hard pushed to tell whether you’re in a luxury hotel or a plush private hospital. The restaurant’s cordon bleu chef runs cookery master classes, while the Wellness Spa sports a 16-metre pool, Jacuzzi and steam rooms. Residents in good health live independently, but the resort is also geared up to accommodate the frail, including MS sufferers with both assisted-living homes and a care home on site. Serviced one-bedroom apartments start at £275,000, with monthly maintenance fees of £460 rising to £1,868 for a “full-care package” including all meals, daily-maid service, laundry, utilities, and visiting nurse care.

Village Manager Elisabeth Parker puts the success of the development down to a “more service, less hassle” philosophy: “Given a choice - most older people prefer to retain their independence, but have medical care to hand,” she explains.

“Our continuous care set-up offers this. Staged pricing also means residents only pay for what they need, as their circumstances change.

Care home costs average £850 a week, compared to entrylevel prices of around £600 in an independent care home – but for this extra outlay, residents benefit from economies of scale, with access to a range of quality services they might otherwise struggle to purchase alone.”

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R E T I R I N G A B R OA D? We’re with you all the way.

If you’re considering retiring to the sun, we understand that it won’t be without a little trepidation. But as ever, Bupa is here to help with international medical insurance that gives you access to a 24/7 helpline and a choice of local medical centres of excellence. So you’ll have peace of mind in the knowledge that you can take us with you on your new adventure.

For more information or to receive your FREE guide to retiring abroad call us today or visit us online

+44 (0) 1273 322 079 www.retireabroadwithbupa.com Our guides to retiring abroad are full of helpful tips and information that will help you to start making plans, with confidence.

Bupa International may not be able to provide cover in some jurisdictions as local restrictions may apply.

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Home is at the heart of an enjoyable retirement

Thinking Retirement?

Think Churchill.

Imagine life in a beautiful apartment – secure, fully maintained, close to shops and with a host of amenities on hand.

When the time comes to consider the options, living in a Churchill Retirement Living apartment really could be the answer.

Our Owners often wish they had made the move years ago!

Thinking retirement? Choose Churchill.

YOUR HOME – WITH ADDED pEACE OF MIND • Lodge Manager • Owners' Lounge • Maintenance-free garden • 24-hour Careline • CCTV security system • Guest suite for friends and family

Find out more about Churchill Retirement Living today.

TRUST IN US. The Most Outstanding Retirement Housing Operator in the UK Celebrating half a decade of excellence since 2009

WINNERS 2009–2013.

APARTMENTS FOR SALE Bristol Filton; Devon Honiton; Dorset Bournemouth, Dorchester; Gillingham, Southbourne, Wimborne; Essex Saffron Walden; Gloucs Gloucester; Greater London Chingford; Grtr Manchester Sale; Hants Portsmouth, Southampton; Herts Rickmansworth; Kent Canterbury, Tonbridge; Leics Market Harborough; Somerset Portishead; Surrey Hindhead, S Wallington, Woking; W Mids Solihull, Sutton Coldfield - Reddicap & Boldmere, Stourbridge; W Sussex Bognor Regis, Worthing; Worcs Malvern, Stourport.

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COMiNG SOON Bristol Thornbury; Bucks Aylesbury; Cheshire Chester; Cornwall Truro; Dorset Christchurch; Essex Waltham Abbey; Greater London Orpington; Hants Andover, Drayton, Eastleigh, Fleet, Romsey; Herts Berkhamsted, Bishop’s Stortford; Surrey Camberley, Caterham, Waltonon-Thames, Warlingham; Warwickshire Royal Leamington Spa; W Sussex Haywards Heath.

To request a brochure Freephone Find us on:

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0800 840 5743 www.crll.co.uk

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New Ad

retirement

The Good Life A

sk anyone what they aspire to in retirement and their answer will likely include luxury, tranquility and security - three words that really do sum up the quality of life at Inchmarlo Retirement Village in Aberdeenshire.

Surrounded by the beauty of Royal Deeside, and just five minutes’ drive from Banchory, the seven individual neighbourhoods that make up the Village are situated on the former Inchmarlo estate. Established in 1986, the aim of the Village has always been to enable residents to live in their own homes for as long as possible, not only ensuring a better quality of life but also saving on long-term care fees.

The pace of life here can be as slow or as fast as a Home Owner wishes. With acres of beautifully tended gardens and wild woodland, it’s a haven of peace. Equally, the community can be sociable and engaging, with croquet, putting, bridge club, film club and Village Pub to enjoy. Further afield there’s the Royal Deeside area to discover along with fishing and golfing just a cast or pitch and put away.

Security is a priority in retirement. On-site, 24-hour security wardens ensure a safe environment and, with the Care Home at Inchmarlo House, medical support is right on the doorstep.

Inchmarlo House prides itself on maintaining high standards of care, being one of only 4 retirement destinations in Scotland to have been awarded the highest grade 6 rating by the Care Inspectorate.

There are 160 residential homes on the 100-acre estate and those for sale at the new East Park neighborhood are the latest additions to the Village. House viewers regularly comment on

how spacious and well-appointed the properties are.

These are just some of the reasons why Inchmarlo has been the preferred choice for many discerning retirees, not just from the local area, but also from locations throughout the United Kingdom and overseas. Inchmarlo prides itself on its cosmopolitan atmosphere with Home Owners making their pilgrimage from countries as far afield as Australia and New Zealand.

As one resident describes it, “Inchmarlo gives you the freedom to live the lifestyle you prefer, secure in the knowledge that assistance is on hand if required. It’s the perfect environment to spend one’s twilight years.”

For more information visit www.inchmarlo-retirement.co.uk

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Abode2

New Ad:Layout 1 03/12/2013 15:54 Page 1

For a retirement village the neighbours are pretty wild.

At Inchmarlo you wake to a chorus of birdsong not a cacophony of traffic.

Take a stroll and there’s every chance you’ll meet a deer, or two, or several.

And here red squirrels are the rule rather than the exception.

The estate is 100 acres of rambling woodland and well-tended gardens, all set in the scenic gem of Royal Deeside.

Wildlife aside, it’s a perfect natural habitat for us people too.

Homes range from one-bedroom apartments up to four bedroom houses, all well proportioned, spacious and carefully designed for totally secure retirement living.

To find out more about life at Inchmarlo Retirement Village just simply (1330) 824981. simply call call +44+44 (0)1330 824981.

Or email info@inchmarlo-retirement.co.uk Ret irement Vi l l age Come, look around, and meet the neighbours.

Where gracious living comes naturally.

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destination spa

desert ZEN

One of the hottest global holiday destinations, Marrakech’s exquisite spa retreats are luring five-star travellers in search of holiday karma. Laura Henderson reports

P

eppered with Kasbahs and bustling bazaars, most visitors to the ochre-hued city of Marrakech rarely venture beyond the hustle and bustle of the Medina, let alone savour the Zen-like tranquillity of the suburbs or explore the lush green Ourika Valley in the foothills of the Atlas Mountains. But aspirations and expectations are changing fast, thanks to the growing portfolio of exclusive retreats offering visitors an authentic oasis experience just a heartbeat away from the city’s attractions.

Anyone who’s been back to Marrakech after a several year absence may have difficulty recognising the place. The most noticeable change is the proliferation of five-star hotel and luxury boutique spa accommodation now available – a growth spurt linked to the government’s Vision 2020 tourism agenda which aims to double visitor numbers in six years to 20m.

For newcomers and returnees alike, it presents an embarrassment of ‘where to stay’ riches with difficult decisions on which option to pick until now...

Villa des Orangers Intimate, oh so quiet and about as far removed from the relentless whirl of Marrakech as you can get, the peeling away of life’s stressful layers begins as soon as you venture beyond Villa des Orangers imposing carved entrance doors. Built in the Thirties for a Moroccan judge who was in residence until 1998 – this stunning townhouse property just a short stroll from the buzzing Djemaa El Fna Square acquired a new lease of life under French owners husband and wife team Véronique and Pascal Beherec. Nine months of painstaking renovation working in collaboration with local craftsmen has produced what is today a singularly exquisite retreat - the only Relais & Chateaux property in the city and one that feels more like a bijou Moroccan palace than a vintage riad - understated but with a courteous serving of laid-back luxe.

From the exquisite tiled courtyard to the serene pool area, where chaise longues are shaded by olive trees, each corner of the property has been crafted with style to evoke a sense of place; flowered patios with fountains leading to galleries with chiselled plaster archways, hand woven Berber carpets, and finewood used to make the intricate carved furniture and the iridescent colours of the decoration are so harmonious that they create an elegant setting in a refined, tranquil atmosphere.

Each of the 27 rooms is slightly different meshing Moroccan, Colonial and African design influences; many have

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cavernous fireplaces and spill-over balconies. In one, there’s a fabulous thatch-branch chandelier; in another, a massive antique wood headboard. Some even have fireplaces in the bathroom. There are plenty of personal touches too, such as the Moroccan slippers in your bedroom and “Les Sens de Marrakech” bath goodies in which to soak.

On the first floor, suites with private terraces open on to the medina. The roof, fitted with a pool, gardens and solariums, offers panoramic views of the old city, the Koutoubia mosque, and the Atlas Mountains. Add to this chill zone, a cigar cellar, Moorish hammam offering a range of rejuvenating massage and beauty treatments and a bar open all day so that you can sip espresso and nibble at Moroccan sweetmeats at your leisure. Attentive staff transform each hour of the day into moments of relaxation and wellbeing; a key highlight being afternoon tea in the wood panelled library. With its cast iron fireplace, deco velvet club chairs, leather couches and Moroccan lanterns – it’s the perfect bookish hideaway.

Foodies are in for a treat with talented French chef JeanClaude Olry orchestrating the kitchen with a refined medley of Moroccan and Mediterranean cuisine. Breakfast is a healthy, yet spoiled-for-choice affair from the fresh-baked flatbreads and muffins, Berber porridge doused in local honey and home-made yoghurt to the organic Portobello mushrooms and olive drizzled sweet vine tomatoes. For bon viveurs with a moreish appetite, six-course taster menus can be sampled at dinner, each delectable course presented with a suitably apposite glass of wine selected by Maitre D Mohamed Ammar.

Better still, meals can be enjoyed wherever you choose, lunch around the pool or a candlelit dinner under the stars in one of the secluded vine trellis courtyards.

Ultimately however, what guests are likely to remember is Villa des Orangers’ cocoon-like atmosphere - whether you’re soaking up the full bloom scents from the garden, admiring the High Atlas snow caps from the comfort of your roof top sun lounger or sipping a cup of freshly infused mint tea in your kaftan; few places in the world come close for bespoke serenity. www.villadesorangers.com

“Villa des Orangers tells the past of Marrakech.

The whisperings at the doors of the Medina blend with the scent of fragrant jasmine in the garden.

The unwinding begins.”

now and zen vÉronique Beherec What attracted you to Villa des Orangers?

We were on holiday in Marrakech and had the opportunity to view the property. We immediately fell in love with the townhouse architecture, the tranquillity and the oriental sensuality of the place.

How difficult was it to create an oasis of calm in the heart of the city?

Not difficult at all. We simply drew on the surrounding vibrancy and distilled down favourite aspects of it – space, natural light and canopies of greenery.

What memories would you like guests to take away with them after their stay?

The kindness of the staff, the serene character of the property – a longing to return and to treat Villa des Orangers as a home-from-home in Marrakech.

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destination spa

Palais Namaskar Secreted away in Marrakech’s most exclusive suburb, La Palmeraie, Palais Namaskar comes with a ‘paradise guaranteed’ preservation order. Despite its centuries-old appearance, the palace has been a living, breathing entity for just two years; its very existence down to the business zeal and eye-for-detail

tenaciousness of French owner Philippe Soulier. Working in collaboration with renowned French-Algerian designer, and former associate of Philippe Starck, Imaad Rahmouni, the partnership has worked an eclectic architectural design palette to impressive effect: Middle Eastern and Moorish themes offset by Andalusian and Persian accents, best exampled by the formal gardens, colonnade galleries and open-sky courtyards.

The gardens are a delight – giant Royal palms, citrus orchards, fig trees and olive groves, while the soothing sound of water cocoons individual living spaces; the rippling fountain entrance way setting the tranquil tone through to the network of water features and cascades, culminating in the palm flanked cobalt piscine which dominates the central courtyard.

Soulier, a feng shui master, designed the hotel according to the principles of environmental harmony and the five hectare property adheres strictly to those rules. Among the most impactful design accents are the Le Corbusier style villas with fountains at different temperatures set one against the other, the Murano chandeliers and mirrors designed especially for the bar, with an entire floor of crystals deemed to release positive energy. At the centre sits the hotel’s silk tented restaurant where guests can savour culinary delights created by Antoine Perray, a young chef from Normandy who wonderfully combines fresh local products with an unpretentious contemporary cuisine.

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“Even a few days spent here is a voyage of inner discovery.”

All of the Palais Suites are generously proportioned – cavernous enough to display the handsome inlaid furnishings to best effect. Bedrooms are coated in muted, minimalist luxury – white linen and mohair throws, en-suite dressing rooms sporting hand-carved clothes rails and shelving, while the bathrooms are positively iridescent with their bespoke finishings and satin tadelakt walls. Every suite has a private patio area or terrace, so if trundling to the pool for a dip sounds too much like hard work, you can relax in the privacy of your very own garden. No stay however, would be complete without a visit to the Palais Namaskar Spa where treatments by ILA and Guerlain focus on both spiritual and physical healing. www.palaisnamaskar.com

now and zen philippe soulier What are your passions?

Travel. I love the Far East where I studied philosophy, before becoming a specialist of Feng Shui and Astrology. Morocco attracted me for its climate, cuisine, laidback atmosphere and vast landscapes. With this inspiring backdrop Palais Namaskar just had to be realised.

What it was like working on the Palais?

I had the vision and worked hard to ensure that the resources were also available to complete the project. I worked hand-in-hand with Imaad Rahmouni to execute the design. We effectively started with a blank page that we filled day after day. The key was making sure that each step of the creative journey didn’t jeopardise the final outcome.

What is the philosophy behind the hotel’s design concept?

To provide a magical setting - a place to disconnect from the outside world. I want guests to be at the centre of that experience, to feel an inner harmony, not a transitory detachment like a visitor at a museum. For me, interior décor and design should be an extension of one’s inner voice. If you have a clear mind, then the décor should be correspondingly empathetic - simple, neutral and pure.

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destination spa

Heritage

haven The opening of luxury spa estate Domaine Amenjenane offers guests a top-to-toe pamper experience with a difference, as Stevie King discovers

M

orocco takes its strength from its centuries-old, fabled standing in the Islamic world. Its people, its traditions and its culture reflect a revered Berber civilisation strongly attached to its past and with a deep commitment to universal wellbeing.

It is these holistic values that have influenced the vision behind the development of boutique luxury estate Domaine Amenjenane. Situated in the southwest of Marrakech between Sidi Abdullah Ghiat and Tamazouzte, this lush, secluded estate is a veritable haven of peace and tranquillity and the setting for two stunning bespoke-build villas now available for

rental – Villa Carmen and Villa Jasmin.

Both residences celebrate the finest in traditional Moroccan architecture mixed with authentic Andalusian styling; local artisans having incorporated a wealth of natural materials in the build from hand carved cornices, bridged archways and Perlatino marble flooring, through to cedar cabinetry, hewn stone columns, and mosaic stained glass windows.

Each two-storey villa sports four spacious, beautifully appointed double bedrooms with luxury en suite facilities, together with extensive open-plan communal living and dining areas, hi-spec, fully-equipped kitchens with outdoor

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pool patios, private gardens and panoramic roof top terraces.

With the estate’s emphasis on relaxation and well-being, guests can take advantage of the many restorative on-site amenities including a massage salon, two Spas (one of which is located within Villa Carmen), a traditional hammam, sauna, Jacuzzi, gym and relaxation room.

Guests can choose from an extensive range of beauty treatments using fine local organic body and skincare products. Treatments range from a traditional Hammam with black volcanic soap and essential oils through to custom facials and deep tissue body massage.

For those keen to explore the all that the Red City has

to offer, cultural and sporting excursions can be arranged by the Estate’s dedicated Concierge team including private guided tours of the city’s top attractions such as the Majorelle Gardens and the Koutoubia Mosque through to trekking excursions in the Atlas Mountains, fine dining in the Old Quarter and even coveted tee times on Marrakech’s Signature golf courses including Golf Royal and Golf de la Palmeraie.

The villas are available for rent on an individual and combined booking basis with a minimum stay of two consecutive nights required. For seasonal tarrifs and to enquire about availability contact Nisrine Bouabid +212 661 266 617/+212 2443 2186 or visit www.amenjenane.com.

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Views of a lifetime forever

Mount du Cap, St Lucia One of the last remaining exclusive villas at St Lucia’s best kept secret could be yours

Just once in a while a property investment opportunity arises where a truly exceptional location is complemented by inspired architecture and uncompromised luxury.

Mount du Cap is a 38 acre estate situated at one of St Lucia’s most beautiful and exclusive addresses, a development of just 16 quality bespoke homes. The location close to stunning Rodney Bay, offers stunning al fresco appeal only minutes from world class amenities, while offering seclusion, security and privacy.

Sales enquiries to:

Tel: +44 (0) 207 193 4511

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US & Canada +1 800 543 8127

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• Bespoke villas designed and built from 3,000 to

8,000 square feet

• Panoramic ocean views across St Lucia and to Martinique

• Homes start from US $2.5m

• Designed with immaculate craftsmanship by Ian

Morrison of Barbados

• Only 7 plots remaining

• Country club, golf course and beaches close by

Tel: +1 (758) 452 7646

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Email: enquiries@mountducap.com

www.mountducap.com

27/06/2014 14:25

caribbean

ISLAND OF POSSIBILITIES The Caribbean’s most understated island - St. Lucia’s latest collection of luxury resorts makes it the ultimate place to play castaway. By Laura Henderson

T

he sound of the crashing waves on the rocks below the headland setting of Cap Maison takes the al fresco dining experience, an atmospheric notch higher. Cocooning its guests in plumped-up pool lounger luxury is what the hotel does best, but the resort has set a precedent in other ways too. On an island long dominated by big all-inclusive brands (couples-only player, Sandals, alone has four ‘loved-up’ villages dotted across the island), the informal glamour of Cap Maison shows just how far St Lucia has come in its bid to become the Caribbean’s new hot spot for boutique developers and blinged-out sun seekers.

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Big on tropical greenery and marina life, the island doesn’t boast the same beach inventory as some of the other Caribbean havens. Steep, corkscrew roads wending their way through steamy rainforest and mountainscape can make the simple quest of day-tripping, feel like an off-road adventure.

Yet it’s this unadulterated topography: the primeval Piton peaks, rising out of the sea like daggers, the rough hewn cliff tops, and the cosy, drop-anchor harbours that set it apart.

Tourism, while a dominant force in the economy (currently accounting for 45% of GDP) hasn’t always been so prevalent.

Until the early 1990’s, banana production was the island’s primary source of income, but with globalisation and subsidy cutbacks in the European market, revenue from the ‘green gold’ industry has dwindled away, with the St. Lucian government stepping in to fill the gap with a raft of investment sweeteners aimed at attracting new sector interest, with residential tourism leading the way. “Tax incentives and ‘start-up’ grants fast-tracked resort construction in the early stages,” explains property consultant James Lomax.

“Operating and build costs are inevitably higher here than in

many middle-market destinations, so the focus on high end products was inevitable, but it’s a formula that has stood the sector in good stead.”

Prudent planning and a measured pace of development have also enabled the island to weather the worst of the recessionary storm over the past few years. While places like Antigua and St Kitts are feeling the ill-effects of over supply, St Lucia’s focus on quality, has nurtured a well-heeled per capita tourist spend, with a record 350,000+ visitors in 2013.

Improved airlift has been instrumental in swelling footfall too, with British Airways increasing their direct schedule from London Gatwick to five flights a week, and Virgin operating three.

Buyers in the market for a beachfront pad will find two distinct investment locations vying for attention – the more developed northerly coastal reaches around Rodney Bay Marina and vintage capital Castries and the quieter south around Soufriere. To date, property values in the north have had the edge over their southern counterparts with more demand for re-sales, particularly from Canadian, British and US buyers. Existing properties on resort developments in Marigot Bay south of Castries, for example, have doubled in value the last six years, with new developments tipped to rise by 8-10% a year.

Rental income is also high, with villas typically fetching up to £3,500 a week in high season, and two-bedroom apartments from £180 a night. “St Lucia has a five-month peak season, but the other seven months are by no means barren,” confirms Angad Singh of Sothebys. “In fact, younger couples and retirees often prefer to visit out of the school holiday season – there’s always something going on, be it a golf tournament, music festival or yachting event.”

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caribbean

underway on the island and garnering its fair share of interest on the south west coast is Sugar Beach Residences. Set within the Val des Pitons UNESCO World Heritage Site, this Viceroy Resort set in 180 lush acres is designed by worldrenowned Caribbean architect Lane Pettigrew Associates. The estate boasts a collection of 38 exclusive two to six bedroom properties, many just steps away from the water’s edge, with stunning views of the Pitons, rainforest and Caribbean Sea. Each Residence has landscaped gardens, spacious terraces, and a vast infinity pool from which to enjoy the breathtaking sunsets. There are shaded dining and living areas perfect for entertaining or simply relaxing with family and friends.

Prices for the Residences range from US$2.5 million to US$9 million. Owners of the Residences have full access to the five star service and facilities provided by Viceroy Hotels and Resorts including a Rainforest Spa, three gourmet restaurants, a scuba dive centre and beach club.

To ensure an effortless stay, a dedicated team of Butlers provide residents with discreet, intuitive service around

the clock.

Says Sales Director Penny Strawson: “Property choice is wide ranging and still a good 30% cheaper than Barbados.

Buyers love the laid-back vibe. It disarms you. A few weeks here and you always go home recharged.”

BUYING IN ST LUCIA There are no restrictions on non-residents buying property in St Lucia.

Non-residents require an ‘Alien Landholding Licence’ to purchase property. The licence is granted for a specific property or plot of land is not transferable.

Stamp duty is 2% of the purchase price.

There is no VAT, capital gains tax or estate duties.

Under a special government concession, rental income earned from some resort properties is tax exempt for an agreed period of time.

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Small Wonder With a ‘luxury by example’ approach to second homeownership, Mount du Cap is on course to become one of St Lucia’s most exclusive addresses. Serena Templeton reports

A

ttention to detail, unrivalled service, creating that ‘intimacy in scale’ feeling. It’s a tall order of ‘must haves’ for even the most talented developer.

But then Mount du Cap does happen to have a head start in the luxury design department. Cue Barbadosbased architectural firm Morrison Associates whose work is celebrated across the Caribbean from St Peters Bay in Barbados to Spice Island in Grenada.

Railing against ‘road map development’ – the inspiration behind the creation of this beautiful 38 acre estate on the north of the island undoubtedly stems from the property’s superb coastal location – a case of blending with the natural surrounds over impersonal, force-fed design.

“Morrison Associates are highly respected in the region for their understanding of the islands’ environmental, heritage and lifestyle attributes,” comments Charlie Winand Head of Sales for Mount du Cap. “But practical considerations have a valid voice too – not least maintaining a realistic appreciation of individual client needs and aspirations.” As an example, Winand cites the agency’s attention to detail – hands on monitoring of the quality and visual integrity of the project, ensuring covenants and architectural guidelines have been instituted while embracing clients’ individuality and personal taste in the bespoke-build approach to each home.

Appreciative owners clearly go with the territory. Of the 16 generous-sized plots on the estate, only 7 remain available for sale, all sporting panoramic sea views and oodles of privacy.

Homes range in size from 3,000 to 8,000 square feet, with prices

starting at US $2.5 million, inclusive of plot.

For residents with relaxation in mind, the resort is set up to please, providing a full management service to oversee the day-to-day running of villas, including security, maid service, pool, garden and general maintenance. Additionally, full home letting facilities are available for owners who wish to offset some of their annual running expenses.

Adds Winand: “St Lucia enjoys an active holiday rental market and the demand for high end holidays is growing. It’s a long season too – December to May, with many return visitors booking a good eight to twelve months ahead to secure their preferred weeks.”

As one would expect - villa interior design incorporates best of breed accessories and fittings - quality Italian kitchens, Siemens appliances, Kohler sanitary ware, stainless steel fittings and beautifully crafted doors and windows from Trinidad made with hardwood timber from Guyana.

Given the trends of the real estate market in neighbouring Barbados, property industry forecasts suggest that St Lucia stands to experience a similar degree of desirability, particularly as other developments, which are planned or underway come to maturity. With just 16 beautiful homes, Mount du Cap’s exclusivity makes the investment pull a strong one.

Adds Winand: “The aesthetic and ethos of the estate is rather special. There’s no substitute however, for standing on the site itself, breathing in the crisp, tropical breeze and taking in a view that will render you speechless. It’s our hope that visitors will visit and experience this for themselves.”

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You’ve made the effort and achieved the results

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Prestigious Luxury Villa Residence du Cap Nestled in the hills of the former historic sugar plantation of Cap Estate, Residence du Cap is situated on approximately three quarters of an acre. This elegant property enjoys breathtaking views over the Caribbean Sea, Pigeon Island and in the far distance the World Heritage site of the Pitons.

Newly renovated, the two-storey property is made up of three main bedrooms and a fully selfcontained guest cottage that serves as a fourth bedroom. The cottage is ideal as guest/nanny quarters. Leading from a decked footbridge from the car port, the entrance way leads into a bright and airy open plan living and dining area and through to a spacious fully-equipped kitchen.

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The three double bedrooms located upstairs all have en-suite facilities, are air-conditioned and boast magnificent vistas. The master bedroom sports an en-suite shower room and a private balcony with panoramic sea views. At the rear of the villa is a secluded patio and courtyard area offering private seating for shady al fresco dining. Stylish French doors open out onto a decked veranda where you can relax by the pool.

Asking price: US$ 1.95m

For further information contact: www.tropicalvillas.net PO Box 189, Castries, St. Lucia, West Indies Tel: (758) 450-8240 or (758) 450-0349 Fax: (758) 450-8089

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Email: frontdesk@tropicalvillas.net

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caribbean

Sunny and share With the eastern side of Barbados now a prime location for real estate, fractional ownership at The Crane Resort is proving a popular second-home proposition. Stevie King reports

C

ool breezes, crystal clear waters and a healthy sprinkling of tropical luxury - Barbados needs little introduction. For one islander, Canadian businessman Paul Doyle, the soft powder sand and Atlantic surf had such a “hypnotic effect” on him that he decided to invest in a prime slice of commercial real estate in 1988 purchasing and developing the island’s oldest resort - the then 18-room Crane Hotel.

Over two decades on and his grand master makeover has resulted in a stunning 252 room four-diamond resort meshing both the original hotel building as well as new suites, with four award-winning restaurants, a premium array of leisure facilities, retail village, spa and more.

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possibility of selecting the time of year and even the amount of time spent from an annual week, to a quarter-share, through to whole ownership.

“Fractional ownership matches financial outlay with usage,” explains Doyle. “In short, it delivers that “second home” lifestyle at a fraction of the cost.”

Owners, he adds, can use their holiday home for a prearranged time period every year, in addition to which they acquire a share in the associated benefits of their holiday home including value and equity. He adds: “With the Crane’s consistent capital growth, owners enjoy the best of Barbadian life, while benefitting from the financial return of annual savings. Residences can be willed, transferred or sold at any time easily, quickly and at minimal cost, so there’s also a readymade exit strategy built in from the start.”

Residence options from one to three-bedrooms, (740 to 4,000 square feet) range between the Historic Residences, which are housed in the original hotel building, and the new Residences By The Sea, and Residences In The Park suites.

Traditional homes sport authentic Bajan interiors, with handcrafted mahogany four-poster beds, hardwood floors, antique furniture and original coral-stone walls. The new suites, meanwhile, are more contemporary with vaulted ceilings, marble bathrooms, and spa showers. “All properties have that certain wow factor,” adds Doyle. “It just depends on individual tastes. Garden residences, for example, feature private pools set in tropical gardens with rock walls accented by waterfalls.

Others sport roof terraces to offer complete privacy. All offer generous living space with the quality finishes that have become The Crane’s hallmark.”

Now Doyle has introduced Quarter Share Ownership for (13 weeks) tailored to those who wish to spend a significant time in Barbados without the costs of the outright ownership.

“Quarter Share owners will enjoy all the benefits of Crane Resorts’ world renowned Shared Ownership programme,” he explains. “Not only will buyers now own a quarter share of a luxurious residence but they will also enjoy access to 5-star resort amenities such as three fine dining restaurants, two bars, spa, tennis courts, fitness facilities and 1.5 acres of cascading swimming pools – all at the door step of one of the world’s finest beaches.”

Quarter Share owners also benefit from vacation exchange opportunities worldwide as the number one ranked resort in RCI, the world’s largest vacation exchange company as well as through membership in The Registry Collection, the world’s most prestigious vacation exchange network. This is in addition to a profitable rental pool option that has covered all expenses and has made a profit for all weeks not reserved for use by the owner.

Service charges (paid annually) for each week owned are pro-rated based on the square footage of the residence’s interior space, covered and uncovered exterior space and private pool size. Ownership is completely turn-key with running costs, maintenance and renovations included in the fee.

Quarter Share Ownership in luxurious, fully-furnished one and two bedroom residences featuring lush gardens, private pools, Jacuzzis, and dining gazebos is priced at US $138,000 and US $206,000 respectively. To learn more, call Crane Resorts’ Property Sales Centre at 001 246 416-6560 or email: property@craneresorts.com.

ISLAND insight Paul doyle Barbados attracts a cosmopolitan buyer base – is this replicated at The Crane?

Definitely. Much like Barbados, The Crane’s ownership base consists of affluent, well-travelled and discerning individuals. However, our sense is that Crane owners although just as cosmopolitan as their West Coast counterparts, tend to be more laid back and long for a more understated sophistication.

What are the upsides to fractional ownership?

Fractional ownership affords all of the benefits of second home ownership at a fraction of the cost along with enviable resort-style living and flexible vacation exchange options to other luxury resorts worldwide. (The Crane has been awarded the world’s highest RCI Points value out of over 5000 global resorts.)

What added-value services and facilities can owners access?

All owners (including Whole Owners) enjoy access to all of the services and amenities of a 5-star resort. These include four exciting restaurants, two bars, cascading pools, fitness facilities, spa, flood-lit tennis courts and of course – the world-famous Crane Beach.

What home-grown attributes keep Barbados at the top of the Caribbean luxury getaway charts?

Barbados is known the world over for the friendliness of its people. This friendliness permeates every aspect of Barbadian society allowing visitors to immerse themselves in the island’s vibrant culture with complete abandon.

How does the Crane create a sense of community among homeowners?

The unique structure of our ownership model allows owners to “come home” to the same residence year after year. As The Crane naturally attracts like-minded individuals who prize peace, tranquility and natural beauty, this leads to a tangible sense of community as many owners become fast friends with their neighbours – it’s like an annual family reunion.

What’s in store for The Crane this coming year?

We have a number of things planned for the year; most notable is the introduction of The Crane Private Residences – a pure residential product consisting of townhouses and apartments designed for outright ownership. Owners will enjoy a gated community with access to everything in the resort - restaurants, bars, fitness centre, pools and beach.

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CARIBBEAN

Home FRONT

Property expert Bernadette Williams offers some useful pointers on looking after your tropical second-home

O

wning a property overseas can bring a lifetime of pleasure not to mention one or two challenges including managing your home from afar; which is why many second-homers choose to employ the services of a local Property Management Company to take care of their bricks and mortar investment.

Whether your property is being let out for rentals or used purely for personal time away - our company philosophy is to

look after clientsâ&#x20AC;&#x2122; homes as if they were our own, from weekly inspections (for unoccupied properties) to 8 week inspections (while occupied). Our bespoke property management service covers all home care essentials from cleaning and general maintenance to attending to necessary repairs and upgrades, paying local rates such as water and electricity, through to property tax and insurance as and when needed. We also handle property viewings and rental bookings.

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TOP TIPS •

Let your agency know if you are planning to rent out your home. That way they can ensure your property is appropriately equipped and furnished.

Remember - client satisfaction leads to repeat customers.

•

Make sure you plan a year ahead for your own stay as holiday makers tend to book villa rentals well in advance especially if they are repeat visitors.

•

Arrange for a few essential items to be bought in advance and your fridge stocked ahead of your visit - flights can be delayed and stores often close early on the island.

•

Always give plenty of notice of your intended arrival date so your home can be prepared – cleaning schedules in particular get booked up during peak season.

•

Don’t over prep your home if you are considering long-term rentals. Tenants often want to make it ‘their own’ with personal items.

•

Make sure you have sufficient funds in your account with your Property Manager for ongoing upkeep and maintenance as well as a sinking fund for unforeseen repairs.

experience your full service company Residential Sales Rental & Property Management Condos Homes Villas Apartments Holiday Rentals Long & Short Term Property Rental Commercial Rental & Sales Land Sales Citizen Investment Tel: +1 869 662 5227 Email: info@bwilliamsmanagement.com Website: www.bwilliamsmanagement.com

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caribbean

Coastal Charmer Setting a quality benchmark for luxury real estate on St Kitts – The Windswept Residence Club has foreign investors firmly in its sights. By James Matthews

N

estled within an exclusive enclave of Sandy Bank Bay, on the South East Peninsula of St Kitts, The Windswept Residence Club is drawing a broadreaching buyer base with its innovative membershipbased, fractional ownership scheme in the 2,500 acre private community resort of Christophe Harbour. When complete in 2015, this newly developed neighbourhood will include nine turnkey villas, each with 4-bedrooms and ranging in size from 3,900+ to 4,500+ square feet of living space. Elegantly appointed and melding modern amenities and natural design accents including vaulted ceilings, exposed beams and natural roof shakes; each tastefully furnished residence will feature two master suites, a luxurious European kitchen, and spacious outdoor living area with pool terrace and an outdoor kitchen/bar area. The villas are also just a short walk from The Pavilion beach club, a chic gathering place featuring exceptional dining with natural-edged pools, waterfall showers, and beachside cabana bar.

Ownership options start at $450,000 USD for 1/10 deeded interest in a villa of choice, inclusive of closing costs and carrying costs for the first 5 years of ownership. “Each member owns 5 weeks of usage per year,” explains Director of Sales for Christophe Harbour Real Estate Thomas Liepman. “Usage periods alternate each year for optimal planning, with the specific 5 usage weeks allotted to each fractional period over the course of each year (1 week in peak season, 2 weeks in peak to mid-season, and 2

off-peak weeks) which rotate annually. In addition, all members have the opportunity to ‘trade’ weeks with other owners to better accommodate their schedule, as well as rent out some or all of their weeks with peak rates averaging $8,400 USD per week.”

One further option available to absentee owner-investors is that of leasing back usage periods to the developer for guaranteed rental income over 5 years. Individuals can rent back their weeks at a pre-negotiated, fixed rate, which is currently $9,000 USD per annum for 5 years. Adds Liepman: “It makes ownership here a truly bespoke product, which in itself is quite unusual within the existing parameters of the island’s residential tourism portfolio.”

Fractional shares at Windswept Residences also qualify for the Citizenship by Investment Programme. This enables owners to travel visa-free to more than 120 countries including: Canada, UK, Switzerland, European Union and most British Commonwealth countries, with dual and lifetime citizenship for individual investors and eligible family members. There are no residency requirements to obtain citizenship.

Fast facts windswept residences •

Exclusive membership in the Christophe Harbour Club

•

Fully managed and furnished 4-bedroom luxury villas

•

Rental programme with return on investment

•

All-inclusive pricing from $450,000 USD

•

Annual dues and cost of ownership waived for 5 years

•

Qualifies for Programme

Citizenship

by

Investment

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CHRHA

ChristopheHarbour.com

citizen by investment.

resident by desire.

Christophe Harbour introduces Windswept Residence Club, an extraordinary new approach to luxury island living. Citizenship opportunities, seductive shorelines, and on-site concierge services accompany your fractional ownership investment. Christophe Harbour Club memberships are included, and a million stunning sunsets come standard. Steps from the beach with water views, starting at the mid-$400,000s.

Thereâ&#x20AC;&#x2122;s no better time to claim your share of Caribbean bliss.

843.501.2241 info@ChristopheHarbour.com

luxury living | superyacht marina | limitless adventure

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and finally

My Secret Globetrotting Address Book

,

uty e blog os. nite’s in the

Design guru and YOO founder John Hitchcox reveals his favourite getaway haunts What makes London stand out from the rest of the world?

London is a totally unique city. A 24/7 buzzing metropolis, with skyscrapers sitting alongside historic buildings and leafy green spaces. The skyline has moved rapidly skywards in the past few years with buildings like The Shard, and it’s exciting to see that there are over 200 towers in planning.

What is your favourite part and why?

I lived in Notting Hill for fifteen years, but have recently moved to Maida Vale. I love both areas because they are close to the centre of the city yet have village like atmosphere – it’s the best of both worlds. The proximity to the city also means I can ride my bicycle everywhere.

Best global destination for total chill time?

In the Cotswolds there is a very special residential community, The Lakes. Set amongst six lakes in the idyllic countryside, it’s the ideal place to relax and chill out. You can stroll through meadows and woodlands, have a swim in the lake and then a yoga session as the sun sets. I have never been to a more peaceful place and drive the 90 minutes from London most weekends.

Favourite global hotel/resort for stand out service?

The Mira Moon Hotel in Wanchai, Hong Kong is one of my

favourite hotels. Inspired by a Chinese folklore about the Moon Goddess, it’s a magical, welcoming and relaxed space.

No request for the friendly staff is too difficult, with the world class Super Giant restaurant serving Spanish-Chinese fusion tapas. Each room comes with a plethora of thrown in technology to make your stay as easy and fun as possible: a local smartphone with free calls and data and an iPad mini pre-loaded with useful local apps.

London aside which world capital inspires your creativity?

I am very lucky to be able to travel with YOO and all of my trips inspire me in some way, whether it’s the slick glamour of Miami, the cuisine in Lima or the vibrant energy of Mumbai.

It’s hard to pin down one city as specific locations inspire in different ways. Designing in 48 cities across 29 different countries, we take into account the cultural and historical influences of projects we take on, while designing spaces that free people to live the way they want to live. We think global and design local.

Best holiday memory – where and why?

It would have to be The Lakes! I have so many fantastic memories of spending quality time there with my family and closest friends. Being in the countryside with my loved ones, swimming, fishing and sailing reminds me of the simple joys of my childhood.

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Sophisticated simplicity

+SEGMENTO The simplest appearance often belies the most complex thinking. +SEGMENTOâ&#x20AC;&#x2DC;s exquisite and simple design hides decades of thought and experience. Thin worktops, handle-less surfaces and a purity of lines combine to refine the visual experience.

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