InvestingAbroadFrench leaseback company Pierre & Vacances and Colliers Jackson-stops are holding an exhibition at the Westbury this weekend to launch two new schemes, one in France and the other in southern Spain.
Lac de L'Ailette is at Aisne, about 20 km from Rennes and one-and-a half hours north east of Paris. The site is near a couple of picturesque villages in an area listed as a nature reserve. One, two and three-bedroom cottages will be grouped around a 140-hectare lake and bordered on one side by a 27-hole golf course. About 80 hectares of woodland edges the other boundary.
On offer in this phase are 320 apartments, all fitted out to a high standard. Prices range from €180,000 to €235,000 and completions are expected in 2007. Designed, built and managed by Pierre & Vacances, the cottages offer a guaranteed rental income of 45.5 per cent over the first nine years, net of maintenance and letting costs. The lease must then be renewed for a further nine years, after which owners can decide to retain the apartment for their own use.
However, buyers must be aware that these are essentially holiday resorts, with communal amenities and landscaping and annual maintenance fees could be very high. Owners wishing to use their property for family holidays can expect a lower annual return.
Prices at the Lac de L'Ailette start at €175,000 for one-beds, €225,000 for two-beds and €324,000 for three-bedroom units. This covers all furniture and fittings, including a whirlpool bath and sauna.
The Spanish properties are at Terrazas in Manilva, Costa del Sol, overlooking the Straits of Gibraltar. Marbella is about 50 km distant. One, two and three-bedroom apartments are on offer, also promising a guaranteed 4.5 per cent rental return based on zero owner-use.
Prices range from €175,000 for one-beds, €225,00 for two-beds and €324,000 for three bedroom apartments. All will have sea views and terraces. For holidays, owners can choose between their own resort or or any other within the Pierre & Vacances group, subject to a €73 administration fee. The apartments will be fitted out and furnished ready for letting. Completions start in June 2007. The exhibition takes place in the Westbury Hotel tomorrow and Saturday, 11am to 6pm.
Meanwhile, another sale and leaseback development of one-bed apartments priced from €111,9995 to €226,2555 in a ski resort in the French alps will be on view in the Westbury hotel on Saturday and Sunday from 10am to 6pm. The apartments in Combloux, facing Mont Blanc, are being sold by France Residence.
