Azur Bay Resort, Antibes
This is an existing complex which includes a hotel with a thalassotherapy centre of 2500 m2 and a leaseback development. The whole complex will undergo a total renovation, so the VAT will be recovered in full and the notary fees will be reduced. The development is located on the hills of Antibes, so most of the apartments will have beautiful views on the Mediterranean and the Southern Alpes, yet is only 800m from the beach
The developer is Eiffage, and the management company SCIH, the largest Accor franchised group in France (they manage 60 hotels).
The yield will be 3% on cost of the apartment (ex. Parking space and ex. Furniture) including a credit for personal use.
In fact, investors will get 2.5% as a rental return + 0.5% for occupation that they will be able to spend according to the season of the weeks they want to use.
+ 1 week low season = 0.1%
+ 1 week mid season = 0.2%
+1 week high season =0.3%
+1 week peak season = 0.5%
Thus, owners will be able to take from 1 week peak season up to 5 weeks low season every year.
Regarding mortgage conditions, a broker we work with is able to provide an 80% LTV with 4.70% fixed interest rate for 20 years and a 3.05% capped +2 on 15-20 years.