In recent years, discerning visitors have been discovering the benefits of Cornwall and in particular the attentive service and sophisticated surroundings of Gwel an Mor.
The multi award-winning resort has now expanded to include The Residence, a development of luxury single storey retreats, available to buy on a freehold basis.
Perched on a picturesque cliff top overlooking the Atlantic Ocean, these five-star properties are designed in a beautiful, contemporary style and built to sustainable principles.
You and your family can now own your Cornish home from home.
What do you think is the main attraction for people buying at The Residence?
For many of our owners, the mix of lifestyle and investment is appealing. It provides quality accommodation in a great location for all the family and at the same time offers a reasonable investment return.
Additionally, peace of mind, knowing that a professional management team is looking after the property, dealing with bookings, housekeeping and any maintenance issue that may arise – making it the ideal lock up and leave.
As the resort has grown, re investment in facilities, ensures a high occupancy rate which gives buyers confidence in the medium to long-term viability.
What Purchase Options are available for The Residence?
We offer the choice of either a two or three-bedroom configuration on a freehold basis, prices ranging from £324,000 to £349,000 including an extensive and quality furniture pack.
How does this work?
We release a limited number of plots each year, allowing buyers to choose the plot they prefer and opt for either of the lay outs. Buyers then buy the freehold title of the plot with one contract and enter into a separate building contract. We then build out the phase at one-time, minimising disruption to the resort.
There are good reasons why we work this way:
- The two separate contracts enable us to reduce the buyers’ exposure to stamp duty (it only applies to the plot purchase).
- Buyers are able to personalise the property, whilst remaining within our standardisation of furniture and facilities. For example, owners may choose floorings, colour schemes, furniture styles and colours as well as art work.
What sort of investment returns can I expect?
We offer owners flexible rental options, including guaranteed annual returns, ranging from 5% of the purchase price to 7% depending on the amount of owner usage.
Outside of this, there is a rolling arrangement, where owners block the weeks they wish for personal, friends or family usage and make the remainder available for rent. Obviously, the more you use the lower the return.
Of course, you are not obliged to rent at all and may decide that you wish the property for personal use only.
In terms of capital appreciation, we have had a couple of resales in the past few years where there has been an increase in value form the initial purchase price in line with market forces.
What running costs or charges are applied?
If you choose the guarantee return, valid for two years there are no charges. After two years, the annual management fee would apply. This is £4,500 p/a and looks after all communal areas and also contributes to the facilities, allowing access to the pool, gym, steam room and sauna. This is fixed for the first three years, and thereafter can only increase in line with inflation and must be reasonable.
In the rolling rental, you can expect the annual management fee, as described above plus metered utility charges for electricity and water. If you decide to rent, the resort charges 25% of gross revenue as a marketing and reservation fee, plus a housekeeping fee for each changeover.
What is the life expectancy of The Residence properties?
As they achieve full building regulation certificates (the same as any other new build), they have a minimum lifespan of 70 years.
Additionally, they come with a latent defects insurance, valid for 10 years, underwritten by Allianz.
Are there any restrictions for usage?
The resort is open 365 days a year and The Residences have full residential status meaning that there are no restrictions. In fact, if you wanted you could live full time in the property.