Fractional ownership in London

Fractional ownership in London

A successful investment option for frequent travellers

 

There’s a new investment option available for those who love London and need to stay in the city for work or leisure purposes.

Buying a home in the English capital entails a costly financial investment and implies the inevitable complications and costs involved in running a second home from afar. Staying in a hotel allows avoiding these problems, but makes even the most frequent visitors feel like they’re never at home. From now on it will be possible to opt for an intermediate solution: by choosing fractional ownership, home buyers will be able to match their ownership time to their actual usage time.

Frequent travellers to London can opt for the 47 Park Street residential club membership and buy a “fraction” of an apartment to use it for at least 21 nights per year. The impeccably-appointed one- and two-bedroom apartments are run like a five-star hotel; therefore, members can enjoy the comforts offered by a luxury hotel while feeling at home.

The Marriot 47 Park Street club was built in 1927 as a private residence for the 1st Baron Milford. It is located at the very heart of Mayfair, within walking distance of Oxford Street and Hyde Park. It has been converted into 49 private, spacious and stylish residences.

The initial prices of a 40-year membership range from 111 thousand to 260 thousand pounds depending on the size of the apartment. The final objective of the 47 Park Street Membership is to make residents feel truly at home while being far from home; indeed, those who travel a lot need spacious and cosy living areas and to find a familiar atmosphere. For these reason, they can leave their personal belongings that will be placed in the residence before their arrival. They will find their family photographs on the side table and their clothes in their wardrobes.

Most members come from Asia, the Middle East, Europe and the United States of America. Only one fifth of the residents are British.

Members who don’t manage to use their apartment for 21 days can lease out their residence to use it as a hotel room or exchange it with a stay in one of the 3,000 hotels and resorts belonging to Marriot Group in 66 different countries. Usually, there’s the opposite problem: the majority of clients want to spend more time in Park Street; consequently, they are given the possibility to buy additional days at a very low cost.

Fractional purchases are becoming very popular and represent a successful investment option. Differently from timesharing it allows purchasing a fraction of the property and not only the right to use it for a certain period of time; therefore, it is easier to re-sell one’s share of ownership or to benefit from the property value increase.

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