Provence from €82,776: France Residence, the largest specialist Irish property operator in the French market is launching a new 120 unit holiday complex near Avignon this weekend with a show at the Burlington in Dublin.
Half of this development will be sold to the French market and France Residence is launching the "overseas portion". The company, which expects an annual turnover of €60 million this year (up 50 per cent on 2003), is keeping to what has proven a winning formula - working with well established 'blue chip' developers to sell properties in good locations to Irish buyers at modest prices.
The 20 villas and 100 apartments at St Saturnin les Avignon are only 10 kilometres from the mediaeval capital of the Papacy where Pope Clement V and his successors held court from 1309 to 1377. The huge sums spent on transforming Avignon into a worthy alternative residence to Rome ensured the city's lasting appeal as one of the major tourist attractions of Provence.
St Remy de Provence, where Vincent van Gogh painted some of his best known works is also within easy reach, as is the Camargue National Park. For those who enjoy a Provencal lifestyle they could hardly do better. If there is a downside from the location point of view it is that the nearest direct air link with Ireland is the Dublin-Nice route, about two hours drive away on the A8.
However there are plenty of flights from London into Avignon itself, nearby Nimes and Marseilles.
The development is located on a canal near the centre of St Saturnin les Avignon and an artificial lake will form a central feature of the complex.. As usual, the prices are extremely keen. The apartments are nearly all two storeys with a garden and terrace at the rear. A small 33 sq metre one bedroom apartment costs \€82,776 (\€99,000 including VAT). Larger two bedroom apartments - up to 55 square metres in size - cost between \€121,237 and \€151,062 (\€145,000 to \€181,300 including VAT). Each apartment comes fully furnished and with car parking space.
The villas, swimming pool and garage included, are even more attractively priced. They range from \€215,000 to \€225,752 (\€258,000 to \€270,000 including VAT). The VAT is refundable on completion of the purchase and the rental income of between 5.4 per cent and 5.65 per cent is above average. Given current interest rates a self-financing mortgage of up 70 per cent should be obtainable in France.
The France Residence development at Mimizan Plage, in the Landes region south of Bordeaux, sold out within hours of its launch last October. Coincidentally it too consisted of 120 units.
The company, which is fully bonded and licensed in France as well as Ireland, is one to watch.
The main problem of its three executive directors, Patrick Kinsella, Lewis Leith and Finbarr Callaly may well be how to make the jump from being the largest Irish based operator in the French market to becoming a major player in both countries.
