We have set up a new company, The Cove Cornwall Ltd, which will act as managing agent and operator of the communal facilities and restaurant.
Do they come furnished?
The apartments are sold unfurnished, but recognising that many buyers are looking to let their apartments, we have provided a standard furniture package, which can be bought for approximately £10,000.
I'm an investor and want to let my apartment, what returns can I expect?
The apartments at The Cove have been designed to provide the perfect holiday retreat, whilst also being a good investment opportunity. With all the facilities of a 5 star hotel, The Cove allows owners to achieve the highest possible yield on their holiday home by letting as luxury serviced apartments. Depending on how often and when owners use the apartment themselves we expect owners to achive a renatl yield of approximately 5%.
Can I use my apartment at the same time as letting it out?
Yes. The great benefit of this type of investment as opposed to an ordinary buy to let, is that you get to live in it as well. Obviously, the more you stay in the apartment, particularly during peak time, will effect the yield, but the agreement with the operator is completely flexible and you can use the apartment as little or as much as you desire. You simply call our reservations line and book. If there is a prior booking we shall attempt to move them to another apartment if at all possible.
Will I have to pay anything when I stay in my apartment?
Only if you wish daily towel change and cleaning. There is a small charge of £10 per night, which covers laundry, servicing and administration.
If I let the apartment, how do I get paid?
We produce monthly management figures which we can email to you. The money will be made by bacs transfer on the 5th of each month.
What commission does the operating company charge?
25% plus vat on all rental income. For this the operating company covers all the costs of advertising, managing of all bookings, giving full concierge service to clients and provision of starter pack and daily continental breakfast.
