Marseille (Bouches du Rhone) - RESIDENCE MARSEILLE PRADO

Type: Studio, one and two bedroom apartments
Living area: From 22.30 m² (studio), 30m² (1 bedroom) 57m² (two bedroom)
Projected delivery date: 3^rd quarter 2010
Lease length: 11 years
Yield:
5.09% without any personal occupancy
5% with two 2 night week-ends per annum (Friday to Sunday or Saturday to Monday) or one 3-night week-end.
20% discount on all properties operated by Lagrange (over 200 nationwide).
Price: From 116 000 EUR (studio), from 158 000 (1 bed), 240 000 (2 bed). Prices excluding VAT, including furnishings. VAT is financed by the developer on this programme.
Personal occupancy: Week-ends for a very slight reduction in yield
Additional features: SPA and well-being centre, wifi and air-conditioning throughout, laundry service, breakfast room and reception with sitting room.
Nearest airports: Marseille

The property:

France’s second largest city and a major centre for art and history, Marseille is a vibrant melting-pot of Mediterranean cultures. Centrally located in the smart business and shopping area of “Le Prado”, just a stone’s throw from the “Canebiere” and the Marina, this new four-star leaseback residence, managed by one of France’s leading leaseback operators “Lagrange City”, will consist of 69 studio to two bedroom apartments offering top quality accommodation and all amenities for a business and a tourism clientele.

This leaseback property will be part of the “Lagrange City” range of 23 luxury business residences to be opened in all the major French cities. In the near future, the group will also expand into some of the major European cities (London, Madrid, Rome etc.).

A new concept designed to meet the new needs of corporate travellers by providing comfortable, top-class accommodation with self-catering facilities allowing for longer, more restful stays. The residences are all located in central city locations, close to the business and shopping districts and public transport. Marseille Prado is no exception, as it is very centrally-located next to the busy “Prado” district and very close to the Marina and the famous wide thoroughfare leading from the port to the centre: “La Canebiere”.

The area:

The city that has given its name to the French National Anthem, Marseille is a fascinating melting-pot of Mediterranean cultures. With a population of over 1 600 000 it is France’s second largest city after Paris and has the largest commercial port of the Mediterranean.

A major trading port since it was founded by the Greeks in 600 BC, Marseille has had a tumultuous history and many buildings and monuments bear witness to its extraordinary past. The old port today is a private Marina lined with restaurants, shops and bars, while the new port to the west of the city dominates the local economy.
Marseille is a major French centre for trade and industry, however new sectors of the economy are now developing rapidly in fields such as medical research, high technology and the image industry. The arts and culture play an important role, not just in the economy but also in the daily life of the inhabitants who enjoy nightlife unrivalled by any other French city. Marseille has been elected to become “European Capital of Culture” in 2013, a factor which will no doubt further contribute to the city’s entry into a new era.

Now a modern city, benefiting from a remarkable transportations network, be it by air, sea, road or train. Since the TGV line opened Marseille is only 3 hours (750 km) from Paris and has direct lines to Geneva, Strasbourg, Nantes and Lille, which is widely thought to have caused property prices to double in just five years. Marseille also has an underground and a tram system.

Marseille is a major tourist destination with a well adapted infrastructure; this buzzing city is full of galleries, museums, monuments and eateries and boasts a very long stretch of sandy beaches lined with restaurants and cafes. The coastline to the east is reputed for its “Calanques”, intricate rocky coves only accessible by footpath or by boat. Here you will find tiny ramshackle restaurants serving fresh fish and Pastis, the local drink flavoured with aniseed. The area around Marseille boasts some of the most spectacularly beautiful coastline in the world, which, surprisingly is still relatively undiscovered.

Our opinion:

An excellent investment all-round with exceptional growth potential. A quality construction (Nexity George V, France’s foremost developer), in a very central city location operated by a reliable, long-established management company of international reputation.

Summary
Living area:
Bedrooms: Studio, one and two bedroom apartments
Projected delivery date: 3^rd quarter 2010
Lease length: 11 years
Return on investment: up to 5.09%
Personal use: Week-ends with a slightly reduced yield and 20% discount
Price range: 116 000 € to 240 156 €