Sea View Drive, Student Accommodation in St Georges

St Georges      Student Accommodation     

Properties from U.S. Dollar 136,900 - U.S. Dollar 151,700

8% NET returns assured for 3 years
Luxury freehold studio apartments with balcony
Huge demand from growing student population
Walking distance to world-class university
4 weeks personal usage in June / July
Swimming pool & rooftop terrace
Fully managed by highly respected company

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Overview

The business case for Sea View Drive is exceptionally compelling given the severe shortage of student accommodation on the island of Grenada.

Offering exceptional off-campus residences for students at the world class St. George’s University, this stunning, purpose built development occupies a highly prized location just a pleasant 10 minute walk from campus in the True Blue area on the south side of the island.

Set within landscaped gardens and next to a white sandy beach. 60 luxury studio apartments all with balconies are supplemented by wellness, sport and entertainment facilities.

In addition to 8% NET returns for 3 years, ownership at Sea View Drive entitles investors to the added bonus of 4 weeks personal usage per annum during July & August when the university is closed for summer break.

St. George's University & Student Accommodation

Boasting world class status, the highly regarded St. George’s Medical University is the one of the largest sources of doctors for the US workforce. Responsible for over 20% of Grenada’s entire GDP in 2017, the university is the largest single contributor to the island’s economy.

Having experienced consistent year-on-year growth the university now has over 7,800 enrolled students which equates to approximately 7% of the island’s population. However, with less than 2,000 on-campus beds, demand is outstripping supply and approximately one third of students are now forced to reside outside the True Blue area of the island.

Sea View Drive’s excellent location, facilities and high specification apartments are expected to prove popular with American & Canadian students who make up 84% of the student population and have higher expectations and accommodation budgets.

Looking ahead, the admissions department of the university forecast 5% yearly growth in enrolments over the next 5 years generating even more demand for the already under-supplied student housing market.

Once completed, Sea View Drive will be be operated by Trust Hospitality who have 25 years experience within the Americas and the Caribbean working with brands such as Hilton, Sheraton, Marriott, Best Western and IBIS.


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Property Highlights

The 60 freehold studio apartments at Sea View Drive all have air-conditioning, en-suite bathroom, kitchenette with integrated appliances, bedroom and living areas.

With high spec finishing and fittings, queen size beds and spacious closets, each apartment has a balcony overlooking either tropical gardens or the alluring Caribbean Sea.

To exceed student’s expectations, co-study and communal areas together with a swimming pool, rooftop terrace and landscaped gardens have been designed to help promote a community among residents.

High speed wi-fi, bike storage, parking, laundry facilities on each floor and onsite management are also considerations high on the wish-list of the university’s students.

Finally, keyless access and 24 hour CCTV provide a high level of security and ensure students have peace of mind.


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Location

Located south west of Barbados, Grenada is a member of British Commonwealth, with a stable political system and low crime rate.

With its idyllic natural beauty which drew in over half a million visitors last year, Grenada also boasts the Caribbean’s fastest growing economy averaging 5% growth each year since 2013. This has helped to create a healthy real estate market which has seen sales double between 2013 and 2017 and the highest ever sales volumes in 2018.

With a real estate market which has historically been driven by domestic buyers and holiday home owners, Grenada is becoming increasingly popular with international investors thanks to reasonable asset costs and attractive potential returns.

The specific location of Sea View Drive is in the True Blue district on island’s the south west corner. In addition to it’ close proximity to the university, the development is just a few minute drive from some of the island’s best beaches and harbours.



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Financial Overview

Purchase Price & Payment Schedule

  • Prices for high-end studios start at $136,900 freehold.
  • Units can be reserved for only $5,000.
  • Payment schedule:

    1. Reservation Fee: $5000
    2. Exchange: 30%
    3. Basement: 25%
    4. Structure: 25%
    5. Completion: 20%

Transaction Costs

  • An Alien Landholding Licence is required for overseas investors to purchase real estate in Grenada. This is charged at a reduced rate of 5% (normally 10%) and is payable upon exchange, along with a $555 application fee.
  • In addition to the Licence, buyers are required to pay a legal fee of 2% and stamp duty of 1%.
  • Property Tax is charged at 0.5% per annum.

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