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Studio for sale

£186,829

Christ Church, Worthing Beach, Barbados Property ID: 19235410

Property description

The Sands is located on the lively south coast of Barbados. Surrounded by nightlife, great eateries, top class restaurants such as Champers and Tapas beach bars and sports bars.

Shopping is less than a quarter mile away, supermarkets are also a walk away.

Banking and municipal buildings are located just to the west but again are within easy walking distance.

The Grantley Adams International airport is only a ten minute drive away.

All of these amenities and yet when walks through the modern buildings and past the clean lines of the pool one is greeted by the azure waters of the south coast and the wonderfully broad and deep beach speckled with coconut trees to relax under or to climb up and grab a snack.

The original property, constructed as a ‘condo-hotel’ in the early 1970’s, was bought by the Palm Hotel Group in 2005 and operated as an all-inclusive 130-room hotel until it ceased trading in 2010.

Located on 2.48 acres (107,930 sq ft), the Sandy Bay beachfront is widely acknowledged as one of the very best locations in Barbados.

SBH construction and refurbishment plans will see the hotel extensively renovated to deliver a stylish 4* Resort-Residences Property, operated and managed by a highly acclaimed hotel management team.

The resort will offer a well balanced and flexible accommodation mix; comprised of Studio, One and Two-Bedroom Apartment Units. It will also include two restaurants, a beachfront bar, spa, gymnasium and fitness facilities, plus; owners and

guests will enjoy well-appointed reception, concierge and communal lounge and business centre facilities.

The Look

PURCHASE/INVESTMENT OPPORTUNITY

‘Advance Purchase Discount’ on ‘Turn Key’ Hotel Units – for Purchasers/Investors paying:

[i] 50% Deposit at Exchange of Contracts;

[ii] 25% at Construction Start; and

[iii] 15% at Practical Completion

10% Retention paid at Property Handover

Purchaser/Investor free to assign or sell individual units purchased immediately after exchange of contracts.

All properties sold with discount must participate in the hotel rental pool.

The Hotel Management Company will assure a 3.5% per annum investment return to for the first three years of the management period – returns provided nett of the following: -

1. Utility bills

2. Annual property tax

3. Buildings insurance

4. General cleaning, laundry & housekeeping services; plus furniture, furnishings & replacement/upgrade every 5-6yrs

5. Annual management & maintenance fees will be included as part of hotel/rental ‘pool’ package, alongside day-to-day cleaning and general upkeep & replacement as required through the management period

6. A simple, transparent and cost efficient property management and maintenance program will be operated

7. Monthly income statements will be provided and quarterly

A Personal Use Allowance of 6 weeks per annum/per unit is available to the Purchaser/Investor (12 weeks on request) and right-to-buy extended use entitlement will be available throughout ownership at very attractive rates.

Hotel Management and Property Rentals

Resort Marketing, Management and Operations will be delivered by the Mango Bay Group.

The Mango Bay Group is chaired by Mr. Peter Odle, Caribbean Hotelier of the Year (2000) and President of the Barbados Hotel and Tourism Association, the Caribbean Hotel and Tourism Association and Chairman of the Barbados Tourism Authority – among many other public and private boards.

Over the past five years, the group has delivered the following results:

Mango Bay Hotel – Ave Occupancy 70-76% (a 76-room all-inclusive and the Group’s flagship property)

Island Inn Hotel – Ave Occupancy 65-70% (a 25-room all-inclusive in the historic Garrison area)

Sunswept Hotel - Ave Occupancy 65-70% (MBG managed for 13 years until lease expiry in 2013)

Additional MBG operations include restaurant, catering & laundry businesses – all complimentary to hotel operations.

The group is supported by strong administrative infrastructures (Sales & Marketing, Finance, HR, IT and Business Development) and has offices in England, Germany, Canada & the United States.

Mango Bay operations are represented annually at all major international trade shows relevant to Caribbean Travel – ie: World Travel Market (London), ITB (Germany) and Caribbean Marketplace (Miami).

Discussions with leading international travel and tour operators/operations servicing Barbados have been held with reference to:

Hotel re-opening plans and schedule have been very well received and formal contracts will be activated 8 -10 months ahead of project completion.

Project Timing