Caracola Beach & Spa Resort
Caracola Beach & Spa Resort Margarita Island (Isla Margarita) provides an incredible opportunity to make money through capital growth as well as rental return. If you then combine this with the very attractive tax benefits of the Margarita Island, you have the optimum in overseas property investment.
The Caracola Beach & Spa Resort is a frontline beach development on the picturesque Isla Margarita in the Caribbean. The apart-hotel complex is situated directly on the beach front and almost every unit has a spectacular view of the Caribbean Sea.
This emerging market in the Caribbean has seen investment from major world leading brands such as Hilton Hotels, Cartier, BMW, Benetton, Tiffany's, Hard Rock Café and MacDonald's. The island does not have a rainy season, is outside the hurricane belt and temperatures are between 24 - 38 ºC all year round.
17 Reasons to Invest in Caracola Beach & Spa Resort
- 10 Year >7% Nett Guaranteed Rental Income
- The rental guarantee is backed by an insurance bond, through Chubb insurance
- SIPP compliant
- Developer and rental & management company with proven track record
- Full consumer protection with Escrow is offered
- Low cost of entry; pre-launch prices start at €79,000.
- This emerging market in the Caribbean has seen investment from major world leading brands such as Hilton Hotels, Cartier, BMW, Benetton, Tiffany's, Hard Rock Café and MacDonald's
- Direct Flights from the UK, Europe, North & South America
- Financing is expected to be available prior to completion, secured on the property, backed by the fidelity bond of the rental agreement
- Frontline beachfront location
- No annual maintenance or service fees
- Freehold
- Fully Furnished
- Only 30% deposit required
- Usage rights offered (unless you buy through a SIPP)
- Almost every unit has a spectacular view of the Caribbean Sea
- Excellent On-Site Facilities such as Spa, nightclub, Kids Club, restaurants
Location
Isla Margarita, known as the “Pearl of the Caribbean” is located just off the North East coast of Venezuela. Although situated within the Caribbean, Margarita is not in the hurricane belt. Its natural beauty and tropical climate make Isla Margarita an increasingly popular tourist destination.
Visitor numbers reached 2.3 million in 2007, up from 2m in 2006 and 1.5m in 2005. A recent survey indicated a shortage of 110,000 beds on the island.
The country shows consistently strong economic growth: As the 8th biggest producer of oil in the world, petroleum revenues have driven growth at yearly levels of over 9% per annum. This emerging market in the Caribbean has seen investment from major world leading brands such as Hilton Hotels, Cartier, BMW, Tiffany's, Hard Rock Café and MacDonald's.
The Caracola Beach & Spa Resort is overlooking the stunning Caracola Beach, on the eastern fringes of the island’s main town, Porlamar. The resort is placed beside the Hilton Hotel in a very well communicated location.
Despite the closeness to the mainland, just 38 kilometres, Margarita remains practically untouched by the influence of the mainland. Life goes on in a typically relaxed way, the Latin lifestyle mixed with European & American influences make for a developed democratic and friendly environment.
With over 300km of coastline, you may wish to bask in the sun or perhaps explore more active pursuits and sports on offer. Margarita provides residents and tourists alike with a huge variety of both relaxing and active ways to spend the day. The island does not have a rainy season and temperatures are between 24 - 38 ºC all year round.
How to get there
From the UK: First Choice operates a direct flight service from London Gatwick and Manchester airports. Flight times are approximately 9 hours. You can fly to Caracas, (35 minutes from Isla Margarita) from any of the following airports: Aberdeen, Belfast, Birmingham, East Midlands, Leeds, London Heathrow, Gatwick, Stansted and Luton.
From Europe: Air France, Iberia, Alitalia, Air Europe, Conviasa, Lufthansa, KLM, Condor or TAP Portugal all fly to Caracas.
From U.S.A: The following airports have frequent departures to Caracas: Atlanta, Boston, Charlotte, Chicago, Cincinnati, Dallas, Denver, Detroit, Houston, Las Vegas, Philadelphia, Phoenix, San Francisco, Seattle and St. Louis
From Caracas there are numerous daily ‘shuttle’ flights to Isla Margarita, with a flight time of only 35 minutes. When flying into Margarita you arrive via Del Caribe International, which IsIa Margarita’s only airport with both international and domestic terminals. Caracola Beach & Spa Resort is just over 24km from the international airport. The drive, along modern roads, takes approximately 30 minutes.
Residences
The Caracola Beach & Spa Resort Comprises of 1,244 apartments and duplexes spread over 15 floors, overlooking the stunning Caracola Beach. Almost every unit has a spectacular view of the Caribbean Sea.
|
Unit Type |
Size* |
Prices From |
|
1 bedroom |
58m² |
€79,000 |
|
2 bedroom |
>85m² |
€103,000 |
|
2 bedroom duplex |
103m² |
Price on request |
* Living space incl. outdoor space
Construction will be to the highest standard in accordance with stringent building regulations and comes with a 10 year building guarantee. Each apartment will have a balcony or small garden, fully fitted kitchen (including white goods) as well as air conditioning systems. The freehold residences will come fully-furnished. The development will also have plenty of semi-covered parking.
The project is designed to be very eco-sensitive.
Facilities & Services
For relaxation you may wish to soak up the sun on the beautiful world-class beach, enjoy a massage or beauty treatment in the spa or perhaps indulge yourself in buying some special goodies in one of the lovely shops. If you want more action, you may wish to kite-surf, play beach volleyball, windsurf or take a leisurely swim in one of the resort pools.
Within the resort you will find a multitude of services and facilities which includes
- Four Swimming pools including thrilling slides and lazy river rides
- Beach activities area for rentals of Jet skis, kayaks etc
- Restaurants
- Bars
- 5,000 sq.ft. Spa
- Fitness centre
- Kids club
- Arcade / Game Room
- Hairdressers
- Retail outlets incl. duty-free shopping
- Nightclub
- Business centre
- Security guard
- Concierge services
- Housekeeping
Guaranteed Return and Personal Usage
There is a 2 x 10 year bonded guaranteed rental programme; first 7% net (re-newable after 5 years to increase to 8.25%, if resort occupancy reaches 75% in year 5) and then 9% net (re-newable) for the second 10 years.
The rental guarantee is bonded by means of a Fidelity Bond, which is basically an independent insurance policy with Chubb Insurance. Each owner is individually named on the policy as a beneficiary of the policy and is insured for a total of 10 million dollars per annum. If the operator, Geneva Hospitality, were to go bankrupt, each named owner on the policy will receive their income for the full 10 years.
You can have personal use of the property if you do not buy through a SIPP (UK owners only). Your usage is limited to certain times of the year and the amount of weeks’ usage will be deducted from the income on a pro-rata basis.
Purchase Details
To reserve a unit a €3,000 reservation fee is required.
There are three payment options;
- Pay 30% deposit less €3000 reservation fee within 28 days (or 90 days for a TRANSFER SIPP )
- Pay 50% deposit less €3,000 reservation fee to qualify for a 5% discount
- Pay 50% less €3,000 reservation fee within 28 days (or 90 days for a TRANSFER SIPP ) to qualify for a 7% discount
Full consumer protection with Escrow is offered.
On deposit pay 1.5% for legal & administration fees*
Pay balance on completion** plus additional 1.5% legal and administration fees*
There are no annual maintenance or service fees but owners have to pay for property insurance, which is expected to be €60-100 per annum.
Construction will start 3rd quarter of 2008 and is planned to be finished in 2010.
Caracola Beach & Spa Resort has been given outline approval by a small number of SIPP providers (UK buyers only), including Pointon York, as it meets all the qualifying criteria.
Buyers can sell prior to completion (once the development has sold out).
*includes estimate of legal and administration fees
**Mortgages for the balance are expected to be available prior to completion, secured on the property, backed by the fidelity bond of the rental agreement. Competitive market rates are expected to apply at the time.
Hot Properties Worldwide is an authorised sales representative of Caracola Beach & Spa Resort
