Success prompts French developer to launch a new Alpine project
The success of the French Alpine ski apartments which form part of a new four star leaseback development in Le Grand Bornard’s family friendly ski resort of Le Chinaillon has prompted the developer to build another one in the same village.
With all but two of the 180 apartments sold within the 12 traditionally styled chalets completed in December in Le Village de Lessy, MGM French Properties has announced plans for a further 120 apartments in a new mountain side résidence, Le Roc des Tours.
‘Construction work on the south-facing apartments overlooking the ski slopes is due to start later this year and the first phase of 55 properties will be ready for occupation before the end of next year,’ said Richard Deans who heads MGM’s UK sales office in London.
Located an altitude of 1,300 metres in the Les Aravis ski area, midway between Mont Blanc and Lake Annecy, Le Chinaillon is five minutes away by car or local bus from the Savoyard market town of Le Grand Bornand. Geneva Airport is less than an hour away by road.
Le Chinaillon is said to be one of the most family friendly ski resorts in the region. It has year round popularity, with skiing and snowboarding giving way to walking and golf in the summer months, as well as sailing and water sports on Lake Annecy.
‘The news for skiers is that if talks between rival mountain villages finally come to fruition, Chinaillon’s 90 kilometres of tree lined ski runs could be linked with the 130 kilometres of nearby La Clusaz and Saint Jean de Sixt,’ explained Deans.
Unusually for an MGM résidence, a bar and restaurant will be incorporated within the new development. Other facilities will include a sauna, jacuzzi, steam and fitness rooms. An OdesCimes spa and beauty centre will have a variety of massages and body treatments on offer.
Off plan prices of the new apartments at Le Roc des Tours range from €217,000 for a one bedroom property with a floor area of 37 square meters to €435,000 for a three bedroom home of 75 square meters. Prices exclude French VAT at 19.6% which is waived under the leaseback scheme.
MGM offers investors a variety of leaseback options. Typically a two bedroom leaseback apartment comes with a guaranteed gross annual rental income of around €5,500 as well as three, four or six weeks of personal use of the property. MGM’s flexible approach means that dates can be arranged to meet the requirements of clients.