Apartment, cpl fee: 8.00, residential property
The suites are located within an Abbey building which is set in 17 acres of mature gardens and parkland. Originally the site of a Norman castle, the keep can still be seen today.
The Abbey itself was painstakingly restored in 1981 to provide twenty spacious self-catering suites, each with its own unique character. These suites are now available to purchase individually as a holiday investment property offering year round, guaranteed rental returns as well as flexible holiday options. Each suite will be the subject of a meticulous renovation programme with designer fixtures and fittings providing a modern and contemporary finish in a historic building. All items within the fixtures and fittings package are sourced with luxury, taste and prestige very much in mind and include luxurious bedroom furnishings, an LCD TV with HD and high quality sound system.*
The suites have been utilised extensively and successfully by the developer for more than 12 years. In recent years, occupancy levels year round have averaged 85% for the whole year. The attraction of taking an apartment suite within such a historic building has worldwide appeal and, for this reason, the developer is able to offer the apartment suites with an exciting guaranteed rental arrangement for 10 full years. The suites will be rented to the developer for 52 weeks of the year for ten whole years, who will offer, as a separate arrangement, four weeks of free holiday accommodation each year at the Abbey itself or any other of the developers holiday villages in the UK, Ireland or Europe.
Overview
6% Net yield guaranteed for 10 years
No service charge/utilities to pay
No cleaning and no maintenance costs
Hands-off investment
Prices from £;225,000
Suites available sleep up to 2 or up to 4 people
PLUS
Up to 4 weeks of free holiday accommodation every year for 10 years
These 4 weeks can be exchanged within alternative prestigious holiday villages and affiliate resorts run by the developer or their affiliates which are located in the UK, Europe and further afield
The Abbey and its grounds have recently been formally zoned for long term tourist development and the developer is now committed to a phased development and refurbishment of the Abbey into a sustainable tourist attraction featuring a new anticipated £;2 million spa leisure facility, bar, restaurant and up to 50 new-build eco holiday properties.
Local activities include golf, walking and horse-riding or why not soothe the soul with a pampering spa treatment. For a different day out, enjoy a flutter at the races or get the spirits soaring at the local flying school.Worked Example
Holiday suite - Sleeps 2
Net Purchase Price - £;225,000
25% deposit - £;56,250
VAT (@13.5%) - £;30,375 (reclaimable subject to status. a short term loan can be taken to pay for this)
Stamp duty (@7%) - £;NON (the developer will pay the Stamp Duty for purchases of Phase 1)
TOTAL COST TO BUY (excluding legals fees and mortgage arrangement fees) - £;58,250
Cash flow
NET guaranteed rent - £;1,125 pcm
Mortgage interest
Mortgage repayments - £;919 pcm (75% LTV** cap rep over 25 years @ 4.3% variable rate)
Ground Rent - the developer will not charge ground rent to the first phase purchasers
Cash positive by: £;206 pcm or £;2,472 pa
Location
Kilkenny is only 20 minutes drive away and is a small city whose cathedral dates back to 870 AD. The city also boasts the ancient Kilkenny castle in its beautiful riverside location, the Black Abbey, and no less than 77 pubs - 6 of them side by side in one street! There is also a championship standard golf course set in 120 acres of parkland and a number of horse riding centres. The area is also ideal for walking and cycling.
Just half an hours drive away is Dunmore East, one of the many small picturesque fishing villages for which this coastline is famous for. It has one of the finest small uncommercial harbours in Ireland, offering fine sailing and sea fishing. Nearby there are numerous coves, ideal for swimming and scuba diving.
Half an hour south is the coastal town of Waterford which now has a provincial airport connecting the town to destinations across Great Britain and Europe.
*Please see photo section for computer images from the interior designer.
**75% LTV based on net purchase price of £;225,000