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| Features: Garden, Pool, Parking, Terrace / Deck | ||||||||||||||||
| Amenities: Tennis Court, Shops, Bars & Restaurants, In beach resort, On the Sea, In vacation place, Near a golf course, 24 Hour security, Gymnasium, In Spa Resort, By the Sea | ||||||||||||||||
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Description: * Development : Palmetto-Bay-at-Merricks * Country : Barbados * Financing : 100% Available * Rental Program : 10% Guaranteed Return * Tour Operator : 5 Star * Taxes : No Gains Tax, Purchas Tax or Income Tax * Completion : First Quarter 2008 Overview Located within the lush tropical gardens of the The Merricks Beach Resort, Palmetto Bay is constructed to the highest specifications with colonial-style architecture. The spacious one bedroom suites provide 460 square feet of stylish elegant living accommodation with air conditioning and a private balcony that has views along the stunning east coast and across the Atlantic Ocean. Each suite is finished to the highest standard with colonial-style furnishings, luxurious appointed bathroom, an interactive entertainment system with flat screen TV, internet access, stereo, personal in-room safe and telephone. Project Name: Palmetto Bay at Merricks Beach Resort & Residence Total Investments In Development: 528 Location Palmetto Bay is strategically set within the lush tropical gardens of Merricks Beach Resort, which is 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 reservation fee 30% less your initial reservation fee within 45 days No further funds needed until completion 70% LTV guaranteed mortgages available to all who pay the 30% deposit. Financing The bank guaranteed mortgage 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 2010 Typical Purchase Example Purchase Price £190,000 Initial Reservation Fee £1,000 30% deposit less reservation £56,000 Total Down £57,000 If you decide to borrow the 30% deposit, either via a second mortgage on an existing loan that you may have or via a unsecured loan, the developer will make the interest and principal repayments on your behalf up until the completion of your unit and the commencement of your 10% guaranteed rental return. Any payments made on your behalf will then be added to your end purchase price, which will be covered by the 70% LTV guaranteed mortgage, which is anticipated to be well in excess of the original purchase price, thus enabling to borrow 100% of the amount at the time of completion. If you would like to discuss any of this in more detail please do not hesitate to contact us. 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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