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Merrick''s Barbados Investment Property
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Name: Merricks Beach Resort & Residence
Total Investments In Development: 701
Ideally located on the south east coast of Barbados only 15 minutes drive from Grantley Adams International Airport close to Barbados’ original luxury tourist resort of Crane Beach is Merricks Residence, a multiphase residential and tourist development.
The development will cover some 70 acres offering 101 villas, 600 apartments, leisure areas, entertainment facilities, commercial spaces and a 5-star Hotel and Spa from which home owners will have full use of facilities, which include swimming pools, tennis courts etc.
The unit types available are Studio, 1 and 2 bedroom apartments, 1 and 2 bedroom Cabanas and 4 and 5 bedroom Villas.
The privileged location of this development with its close proximity to the airport and its own private beach makes Merricks Beach Resort & Residence a fantastic opportunity to own a luxury apartment or villa in the Caribbean.
The superlative location of Merricks Beach Resort & Residence is destined to become a luxury holiday resort in itself.
Rental Program
Rental Income is Guaranteed at 10% of your purchase Price for the initial 2 years followed by 50% of the room share for 5 years fully furnished.
Payment Schedule
£1000 non-refundable holding fee
Balance of 10% day15 day
Balance of 20% day 60 day
NO FURTHER FUNDS DOWN
20% - completion of footings
20% - completion of 2nd floor structure
20% - completion of roof
10% - upon key release
Where the balance of 70% is arranged by a bank guarantee mortgage, this means the bank will pay the remaining stage payments for building works which will require interest to be paid pro rata.
Typical Purchase Example
MERRICKS BEACH RESORT & RESIDENCE: 1 Bed Apartment
800 sq ft - £175,000
Day 1: Holding Fee (£1,000)
Day 15: 10% deposit less £1,000 (£17,500)
Day 60: Further 20% payment (£35,000)
Apply for bank guarantee finance through Barclays International, First Caribbean International Bank or RBTT Bank for the remaining 70%. The bank guarantee will finance the remaining 70% of the build releasing funds in stages.
At each release of funds the bank will instruct a surveyor to inspect the construction site to ensure the build is satisfactory before releasing client’s funds. Investors must pay the interest on the released funds until completion at which stage the client can enter into a traditional mortgage over a fixed term generally of 15 years.
Completion Date
First quarter 2008.
More Reason to Invest in Merricks Beach Resort & Residence
The payment structure for Merrick Residences means you have to pay just 30% before you can take a bank guarantee/mortgage (subject to status).
Investors at Merricks will see a rapid increase in equity though construction.
The Merricks development is strategically located on the east coast of Barbados only 15 minutes drive from the International Airport, to which there are daily flights direct from the UK and Europe which include British Airways and Virgin from Gatwick, BMI from Manchester as well as many charter flight companies.
A year round popular holiday destination with great weather and very little rainfall.
The Merricks development offers a fantastic opportunity to purchase a luxury residence under current market value.
The east coast of Barbados is relatively untouched unlike the west coast i.e. St James.
There are several active buying markets in Barbados and the Caribbean. In particular Americans because of its close proximity to the USA. Others include, British, Mexicans and Columbians.
There is guaranteed income paid to investors on selected units for the first 2 years giving immediate positive cash flow from completion. 5* Accommodation in Barbados runs at 85% year on year.
Expected growth of 25% to 30% per annum for the next 4 to 5 years.
Home owners at Merricks have use of all the facilities of the 5* Merricks Hotel & Spa.
It is expected that tour operators will allow investors in Merrick Residences to rent their units to them for on-site management and rental to tourist throughout the year.
Buyers could choose to sell on the unit before completion with the ability to more than double their initial deposit.
In close proximity to some of the Caribbean’s most beautiful beaches as well as having its own secluded beach.
The development team of Merricks is host to the former managing director of the prestigious Sandy Lane Hotel Group see
The Merricks development gives investors opportunity to purchase property below market value. A comparable resort which is complete, The Crane can be found just a few minutes further down the coast line see
A Guaranteed Mortgage/Bank Guarantee up to 70% LTV is available to investors, which offers added security to buyers.
There is no purchase taxes payable by investors.
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