STRONG DEMAND FOR MGM’S LATEST ALPINE DEVELOPMENT
“We were so keen to buy that our sales office meeting was little more than a formality,” say British buyers
Work is underway on the construction of Le Cristal de l’Alpe, a new four-star residence de tourisme in Alpe d’Huez in the Central Alps region of France.
This computer-generated image shows how Le Cristal de l’Alpe in Alpe d’Huez will look when it is completed at the end of next year.
Located just 100 metres from the ski lift, the residence will comprise 65 properties ranging from studio apartments with floor areas of 15 sq m to four-bedroom homes of 82 sq m.
But demand for properties in this location has proved to be so strong that all but 14 of the apartments already have been sold off-plan.
The opportunities to develop new buildings in Alpe d’Huez are rare and MGM’s is the first for about four years. The residence is being built on a site previously occupied by an English-owned hotel. It offers panoramic mountain views while being only a few minutes walk from shops, restaurants, and leisure facilities.
Early off-plan buyers at Le Cristal de l’Alpe were Lincolnshire couple Mandi Plummer, who is a management consultant, and her solicitor husband Alan.
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For the last six years, the couple, whose home is in Stamford, have enjoyed many holidays in Alpe d’Huez, sometimes taking Alan’s three grown-up children with them.
Says Mandi: “Alan, Will, Tommy and Elle are awesome skiers and the resort has something challenging for everyone.”
Although the Plummers have been looking for a place of their own in the resort, the only suitable properties available to buy were in the old town, away from the ski slopes.
In January this year Mandi was walking through the newer part of the town, noticed that a site had been cleared for construction work just 100 metres from the ski lift, and made a note of MGM’s London office telephone number from the site board.
“We were so keen to buy a four-bedroom family apartment in this location that our meeting in MGM’s London sales office was little more than a formality,“ recalls Mandi who says they made their decision to buy there and then.
The Plummers purchased their property at a cost of €500,000 but only had to pay €350,000 because they were able to take advantage of a discount of €150,000 in respect of the VAT which is waived under the leaseback system and a rental credit’ rather than a rental income.
“This has already proved to be a good investment for the Plummers,” says MGM’s Richard Deans who reports that, in the short period since they bought their property, demand has pushed property values up by five per cent.
Prices of the properties at Le Cristal de l’Alpe depend on the size and leaseback option selected (see below). Typically the price of a two-bedroom apartment with a floor area of 44 sq m is €251,600. This excludes VAT waived under the leaseback scheme.
Alpe d’Huez is 90 minutes from Grenoble Airport. Chambery Airport is a two-hour drive and Geneva Airport is three hours by road.