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Silver Point goes a long way to meeting the needs of the astute investor, the thinking purchaser who looks a little farther down the line and assesses the investment from all the angles. The Silver Point project is the complete transformation of the former Silver Rock Hotel into 85 freehold units that are being sold to individual owners with a proviso that they must put them back into the rental pool. There are no exceptions as Silver Point will be marketed and managed as an up market boutique hotel and owners will have six weeks usage throughout the year. Any additional time will be available at preferential rates, and those six weeks usage can be transferred.
Amongst the project’s amenities are beachfront location, two excellent restaurants, spa, fitness suite, shop, two pools, water sports facilities and a host of other services associated with an up market hotel operation. Compare that to a conventional condo development with perhaps limited pool and sporting facilities, and little else. But Silver Point goes much further for the savvy investor as the business model is built around the principle that all costs associated with each owner’s unit are absorbed by the rental pool, and the profits distributed equitably amongst all the owners depending on the level of the initial investment into the project. In that respect, each unit has a profit allocation that remains constant and each unit receives the net profit from that allocation.
The rental company is an independent company separate from the unit owners although subject to performance review, and operates through a levy comparable to industry standards. All financial statements including the allocation of profits have to be published and distributed within 30 days of the end of the financial year. In addition, unit owners looking to maximize their rental income will have other significant benefits:
- A sizeable marketing budget to promote the operation
- A professionally managed boutique hotel operation
- Refurbishment at no individual cost
- On site 24/7 property management of their investment
- No hidden or unforeseen costs
- Continual improvements to enhance the hotel operation.
Many overseas owners worry about periods when the property is not rented and potential damage from perhaps a bad tenant, maintenance or weather, but Silver Point handles all these concerns. The owners also have the possibility of an upgrade during their stay as all hotels can deliver different levels of hospitality. The restaurant, spa, fitness suite and other associated amenities will be provided under separate business entities and unit owners will have no liability or risk for their operations.
For those who have not been to Silver Sands beach, it is one of the most beautiful in Barbados and the most popular coastline for windsurfers and kite surfers. Silver Point is located at the eastern end, and the lower level beachfront units sit over ten feet higher than the beach. All beachfront units have spectacular views and all guests will have the additional luxury of a huge deck for sunbathing beside the pool, a two tier restaurant, bar and swimming pool overlooking the beach and 24 hr security.
Silver Point is not a timeshare, fractional ownership or buy-to-let. It is a hybrid of conventional property ownership with many innovative features that enhance the potential for capital growth and investment return, while reducing many of the risks associated with normal overseas property purchase.
For the savvy investor the best way to evaluate the Silver Point investment opportunity is to list the most important things they want from their investment, look at how many of them are offered by Silver Point, and then compare the analysis with any other development or property purchase.
Silver Point may not be for everyone, but it is certainly the choice of the savvy investor!