freehold caribbean investment property up to 50% below market value 10% rental guarantee for first...
TRANSCRIPT
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• Freehold Caribbean Investment Property
• Up to 50% below market value• 10% rental guarantee for first two
years• 50:50 Net room rate share from year
three• Then potential yield IRO 30%• Furniture included• 30 days free usage per year
(excluding SIPP) • Prices £120,000• 100% Finance available subject to
status
Overview
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Track Record
Buccament Bay Resort – St Vincent & The Grenadines
Substantial increases in value
Phase 1 opened Aug 2010
4 bed Villas Originally sold at £240k
Now £1.1m
Two Rivers – Dominican Republic
Launched August 2007
Prices up over 100%
Studios starting at £75K – now selling at £185K
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• Harlequin Property is a UK based, family owned company
• Harlequin is one of the largest developers in the Caribbean
• Projects supported by local government
• All land unencumbered
• Suitable for UK SIPPs
Security
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Our Team
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West Paces Hotel Group are a high-end, boutique, 6* brand which include the following :
• Solis Hotels• Capella Hotels• Auriga Spa
Led by the former president of Ritz-Carlton, Horst Schulze, West Paces are a world renowned group, who will be bringing their track record and quality to aspects of the Marquis Estate including:
• The Gary Player Golf Hotel• The Golf Clubhouse• Beach Club
West Paces Hotel Group
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Jones BakerJones Baker are a distinguished US based interior designer. We work closely with them in the detail of public areas, guest rooms and restaurants. Previous work includes:
• Four Seasons Hotels & Resorts• Rosewood Hotels• Hyatt Hotels
BDO6th Largest auditing company in the UK, 7th largest in USA, the World’s 5th largest network with 1095 offices worldwide. Founded in 1903, then in 1994 merged to become BDO
• Already auditing our companies for us in the Caribbean
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Joerg Roterberg – Vice President of OperationsJoerg has joined us fresh from One and Only’s Le Touessrok in Mauritius and boasts a proud CV including:
• Galley Bay Hotel, Antigua• Peter Island Resort, British Virgin Isles• St. James Club, Morgan Bay, St. Lucia
Garrett Ronan – Vice President of Food & BeverageGarrett also brings with him a very impressive CV. He will be responsible for F&B across all developments. Throughout his 22 years in the industry, he has worked for hotels such as:• The Beverly Hilton, Beverly Hills• Boston Harbor Hotel, Boston• The Waldorf Astoria & Waldorf Towers, New York
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Unit Types
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460 Sq Ft Studio Apartment
1139 Sq Ft 2 Bedroom Apartment
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2 bed Wrap Apartment 1336sq ft
Buccament Bay Watersedge 3 bed Penthouse Apartment 3850 sq ft
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2524 Sq Ft 4 Bed Plantation Villa
900 Sq Ft 1 Bed Superior Cabana
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2530 Sq Ft 3 Bed Penang VillaGround Floor
1st Floor
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Hotel Facilities
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Sports Academy
Football – Liverpool FC Soccer SchoolTennis –Pat Cash Tennis AcademyGolf – Gary Player Designed Course Diving & Water sports – Padi Qualified instructorsFitness Centre
Professional Sports Panel, led by Andy Townsend
The Harlequin Sports Academy is a fundamental part of The Harlequin Foundation which is being set up to promote improved education throughout the Caribbean.
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Gary Player Affiliates
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Restaurants
• Trader Vic’s
• Arlecchino
• Ginger & Co. Asian Fusion
• Jacks
• Masquerade Nightclub
• Oliver’s Wine Bar & Cigar Lounge
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AlaiaExclusive spa and secluded spa villasPrivate pools & sunken outdoor bathsBeautifully landscaped gardensOriental style contemporary luxuryOutdoor rain showerIndoor & outdoor treatment rooms offering:Massages, beauty treatments and holistic therapies, yoga, Pilates, Reiki and meditation
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• Kenwood Travel - £4681 for the week http://www.kenwoodtravel.com/holidays/?
search_id=627576&property_id=1619
• Thomas Cook - £4592 for the week http://book.thomascook.com/pub/agent.dll
• Expedia £4510 for the week http://www.expedia.co.uk/pub/agent.dll
Based on two adults sharing for Jan 2011
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100% Finance*
*Subject to status
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Lazy Money
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Example
Purchase price £200,000
Reservation fee £1,000
30% deposit £59,000
Interest on £59,000 @ 6% p.a. over 24 months breaks down to £295 per month.
This is paid by HP. £7,080 added to the purchase price upon completion.
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Stage Payments• - by the completion of the foundations 25%
• - by the completion of the Raw Construction 25%
• - by the completion of the Finishing Works 15%
• - by completion of the Said Property 5%
• If not paid, interest of 7.25% will be charged, however this is CAPPED at 18 months on an apartment and 12 months on a villa
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ExampleAnticipated Value upon completion £400,00070% LTV Mortgage £280,000Outstanding Amount £140,000Stage Payment interest approx £10,000Loan Interest £708030% deposit £60,000Cash return £62,920
Year One 10% Rental Guarantee £20,000 Mortgage @ 7%
£19,600Positive cash flow £400
Year Two 10% Rental Guarantee £20,000 Mortgage
£19,600 Positive cash flow
£400
Maintenance approx 1% of purchase price. £2000 per year.
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Example
£450 per night x 70% Occupancy = £114,975INVESTOR TAKES 50% = £57,487.50
Year Three
50% net share £57,487.50
Mortgage @ 7% £19,600Maintenance £2000Positive cash flow £35,887.50Net yield 17.9%
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Break Even
• Purchase Price - £200,000• Costs approx - £21,600
Therefore we would need to charge £85 per night based on 70% occupancyThat’s £21.25 per person (4 adults)
100% occupancy breaks down to £59 per night.
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Too Good to be True?
Marquis Estate
3500 units x £200 per night = £700,000
£700,000 x 1 month (30 days) = £21,000,000
£21m x 1 year = £252,000,000 PER YEAR
50% Occupancy = £126,000,000 per year.
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Exit Strategy • Opportunity to resell the contract prior to completion – 100% finance offered to new buyer – subject to status
• Complete on the property and restructure the finance End mortgage – 70% loan to value developer loan - reinvest
• Complete on the property enjoy the rental income
• After completion resale office on each site
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Resorts
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St Lucia – Marquis Estate
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• The world bank has placed St Lucia in the top 30 countries in the world to invest
• “Figures show that in May 2010 the volume of searches was 177% higher for Caribbean property than in May 2009.” - Property Wire
• 9,000 airline seats last year to 24,000 seats for 2010.
• 197,042 visitors from January-July 2010
• 14.3% increase from 2009
• 436,757 Cruise passenger arrivals, 1.4% increase 2009
• Up to 60% below property Prices in Barbados
• Buying in at an early stage – completion date: 2013 – maximum capital growth
Why Invest in St Lucia?
Statistics from One Caribbean
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St Lucia’s first master resort• Gary Player golf course and hotel
• Pat Cash tennis academy and hotel
• Liverpool FC Academy
• Performing Arts Academy
• ESPA Spa
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The Landings Marquis Estate
1 bed apt £330,000 1 bed apt £180,000
2 bed apt £365,000 – 450,000 2 bed apt £200,000
3 beds £522,000 – £845,000
Cap Estate - Villas Marquis Estate Villas
1 bed £445,000 3 bed £847,000 2 bed £480,0004 beds £1,047,000 4 bed £515,000
Purchase Comparables
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Rental Comparables
Jade Mountain
Average nightly rate for basic unit £697 per night
Cap Maison
Basic garden view room an average nightly rate of £3302 Bed Unit nightly average rate of £875.93 per night
The Landings
One bedroom suite average £373.86
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Barbados – Merricks
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• Most established market in the Caribbean• 271,840 visitors Jan-June 2010 increase of 3%• 368,327 Cruise Passenger arrivals • Track record of growth - “In the recorded history of property on the island, property values have
never declined” - ‘Cluttons’, 2009
• Direct comparables 50% UMV• Considerable need for 5* Accommodation• Average Capital Growth of 12%• Merricks completion date – 2013- Source One Caribbean
Barbados Key Facts
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Ground Breaking at Merricks 29th September 2010
135 people in attendance including government officials, the press and Pat Cash!
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The Crane (Competitor) Merricks (Harlequin)
1 bed apt $812,000 Studio apt £235,000(Approx £510,000)
2 bed apt $1,364,000 2 bed apt £365,000(Approx £860,000)
Massive Market Discount
* $ -> £ Exchange rate correct as of October 2010
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The Crane Hotel
2 Bed 3 Bath Apartment - $1.3-1.9 Million
(Approx £860,00 - £1.2 Million)*
Merricks Beach Resort
2 Bed 2 Bath Cabana - £670,000
Room Rates
Price vary between £225 - £1460* per night.
* Exchange rate as at October 2010
Comparables
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Dominican Republic
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• Established market Jan-Jul 2010 welcomed 2,616,486 visitors 3% increase
•Dominican Republic welcomes in excess of 3.5 million tourists a year (29% of the Caribbean total) who spend in excess of $3.4 billion. Tourism accounts for 24% of GDP (High season – December to April).
• Puerto Plata has been a recognised tourist destination since the 1990’s
• Main Market is Americans, followed by European Visitors
• Minimum affect from the Global Recession –Republic welcomed 3,992,303 visitors in 2009.
Dominican Republic Key Facts
Source One Caribbean
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Development Completion Dates:
The Hideaway at Las Canas - Mid 2012
Two Rivers - Mid 2013
Las Canas - Late 2013
Dominican Republic Key Facts
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* Computer Generated Images used
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Iberostar – Costa Dorado Sun Village Resort & Spa
Average of £200/night Average of £410/night 2011 all booked up
Casa Colonial Beach & Spa
Average of £180/night
The Bungalows
Average of £235/night
Rental Comparables
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St. Vincent & the Grenadines
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• INTERNATIONAL Airport – Due for completion 2012
• Emerging market
• One of the most underdeveloped islands in the Caribbean
• Largest Hotel developer in St Vincent & The Grenadines
• Make maximum profits in an emerging market – Property Prices 1/5 of West Coast Barbados and ¼ of West Coast St. Lucia
• Tourism has become a top priority for the government
• 70,574 Cruise visitors Jan-May 2010, and 30,229 visitors Jan – May 2010
St. Vincent & the Grenadines Key Facts
* http://www.onecaribbean.org/statistics/2009stats/default.aspx
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• Young Island (http://www.youngisland.com)
Rates: £125 - £465 pn
Notes: – no electricity or phone lines, showers outside!
• Beach Combers Hotel (http://www.beachcombershotel.com/)
Rates: £38 - £170 pp
Notes: Very dated, no resort facilities except tiny swimming pool.
• Grenadine House (http://www.grenadinehouse.com/)
Rates: £100 - £170 pn
Facilities: Restaurant & Bar, Swimming Pool (Inland – no sea view or beach)
St. Vincent Resorts
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• Raffles-Canouan Island $680-$8400 per nighthttp://www.raffles.com
• 4* Young Island Resort $448-$1,222 per nighthttp://www.youngisland.com
• Cotton House-Mustique $615-$4560 per nighthttp://www.cottonhouse.net/
• Petit St. Vincent From $1020per night – peak season
http://www.psvresort.com
(These are based on two adults sharing)
Grenadine Resorts