Grafton, Grafton Road RS385 TT$5,100,000

GRAFTON, STONEHAVEN VILLAS – VILLA 11 This villa development opened in 2001 is one of the most attractive on the island with 14 individual, stand-alone villas on 9 acres of beautifully landscaped, gentle hillside above Le Grand Courlan Hotel at Grafton.  In addition to the villas, this gated development offers a lovely clubhouse/office/conference room plus infinity edge pool, terrace bar and The Pavilion Restaurant which is a very popular venue for weddings.  There is also a laundry, workrooms, Manager’s cottage, 5 staff studio apartments and a plant nursery on the site.  Ownership of a villa includes a share in the entire complex, which is a significant asset investment in a location recognised as prime Caribbean gold coast. Villa 11 is similar to the other 13 villas on site having three air-conditioned, ensuite bedrooms, hall and interior lounge/tv room, fully fitted large modern kitchen and a 50ft covered verandah facing the sea which is furnished as lounge and dining areas.  The back of the villa overlooks protected bird sanctuary and will always be forested hillside.   Its elevated location also ensures good ventilation and the angle of the property provides a high degree of privacy  despite surrounding villas.   The property is being sold fully furnished with French Colonial style furniture and finishes designed by the renowned Architect, Arne Hasselqvist.  Some personal items are excluded from a sale. In addition to the 50 ft verandaoverlooking the sea and infinity pool to the north, there is another 50ft covered front porch looking south to the Alefounder bird sanctuary and hills.  A paved driveway provides parking for 2 cars.   Run like a hotel, ownership of the villas is not freehold but via share ownership so the owner of Villa 11 would be issued one share representing a 14th portion of the business called The Villas at Stonehaven.  There is a shareholder agreement which set outs shareholder rights.  All income is pooled by the shareholders and an elected board overseas the business, holding regular board meetings, an AGM and issuing annual audited accounts.  The Villas and grounds are maintained to the high standard required of a good hotel and upkeep costs are divided between owners, as is Security of the site.  Hotel/villa income offsets the majority of costs of upkeep.  If the complex were ever closed, each owner would own their separate villa and a 14th share of a company that owns the land and other common buildings on the property.   Restrictions on villa owners include limited personal usage of the villa to 90 days per annum if the hotel is not full, and rental at a 20% discount if using the villa when the hotel is fully booked.   Since this villa purchase involves the transfer of shares not the conveyance of real property, the sale is simple and only attracts 0.5% stamp duty as compared with up to 7.5% duty on the sale of a house.  Additionally, the property is a recognised DDA where foreign nationals may invest, subject to licence.

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