We are selling nine spectacular clifftop apartments, each with beautiful and unrivalled Atlantic Ocean views. It’s a rare opportunity to own a luxury holiday home at an affordable price. READY FOR OCCUPATION MID-MARCH 2018
The apartments are being sold under fractional ownership. Each apartment is divided into 10 fractions. Each fraction consists of five weeks per year – one week every ten. Prices range from £115,000 to £165,000 per fraction, for 999-year leasehold. To assist with funding your purchase we can introduce you to a finance broker who is familiar with the project.
Below is a full explanation of Fractional Ownership.
The build is progressing fast and apartments will be ready during the summer of 2017. A significant number of fractions are spoken for and contracts are now being exchanged – but plenty are still available.
Don’t miss out! Apartments 5 & 9 are fully sold and several others are fast becoming reserved. Secure your little piece of magic in Polzeath by contacting us now. Call us as follows: Brian 07770 934644, Helen 07770 937897 or Christopher 07770 946251 – or John Bray Estate Agents on 01208 863206.
Download our full colour brochure here (NB some prices have changed – please ask us for details).
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What’s now available?
Fractions are still available in all apartments except numbers 5 & 9 – see above. Remaining are six 3 bedroom / 2 bathroom apartments which can sleep 8 including a sofa bed. One apartment (number 7) has two bedrooms. All have a sofa bed meaning all can sleep an extra 2.
Four 1st floor apartments:
- Living room with sofabed.
- 3 bedrooms
Five 2nd & 3rd floor apartments:
- Living room with sofabed
- 2 bedrooms on 2nd floor (1 in apt 7)
- 1 penthouse bedroom & terrace on 3rd floor
Exceptional sea views from all apartments.
How will they be sold?
On a Fractional Ownership basis.
Fractional Ownership IS NOT Timeshare. It affords much of the freedom and usage benefits offered in timeshare. However, the fundamental difference is that as a fractional owner you possess the legal title – as opposed to a unit of “time.” Therefore, if the property appreciates in value, the value of the fractions is also increased. As with whole ownership, fractional owners can sell whenever they deem necessary or prudent, releasing the capital growth from their “bricks & mortar” investment.
In our case, each apartment is being sold in fractions of 5 weeks. One fraction consists of a week every 10 weeks throughout the year. The remaining 2 weeks will be used for renovation and maintenance. There is no limit to the number of fractions that may be purchased by one person or group.
Leases will be 999 years and apartments can be freely bought & sold. As Fractional Ownership is relatively new to the UK we are happy to introduce interested parties to a solicitor experienced in the field.
The time allocation system we will adopt ensures that all owners have a fair spread of weeks in each season. Each week will move forward one week per annum in a 10 year cycle to ensure fairness amongst owners e.g. if one of your weeks in 2017 is 1st to 8th September then that week will move forward and in 2018 will be 7th to 14th September.
Contact Christopher on Christopher@theatlantichouse.co.uk if you require further explanation.
What if I cannot use my weeks?
You have the following choices:
- Leave it empty.
- Exchange it with another fraction owner in your apartment or one of the others – online notice board will be available.
- Lend or rent out to family or friends.
- Rent it out yourself.
- Ask Atlantic House Management Company to rent it out for the week or certain nights.
Download the 2017/2018 calendars:
These calendars illustrate which weeks belong to each fraction over the next two years:
There are various ways of approaching fractional ownership. To date they have been reserved using various strategies:
- sharing one fraction with friends – reduces cost and ensures full use.
- taking a fraction of the same number/colour as friends in another apartment so their stays coincide.
- purchasing 2 fractions in successive weeks. This will provide you with an outstanding, fully serviced apartment with unrivalled sea views, in blocks of 2 weeks through the year, for substantially less than the cost of a second home of comparable standard in the same area.
- taking a fraction for the week before or after friends in the same apartment thereby enabling one owner to take 2 weeks at a time by borrowing the friends’ apartment for the adjoining week.
- purchasing to rent out. High season rent is estimated at £2,300 per week – full year figures available on request. Please ask about our Rental Plan which is available if you can’t or don’t wish to utilise the apartment yourself. VAT can be re-claimed in certain circumstances.
There are many ways to slice the cake and we welcome any strategies which we can share with others.