Byam House Group Resale Share:
Preliminary Information
33% share price £250,000.
This page contains is a summary of information about the resale share in Byam House, English Harbour, Antigua. Persons interested in the possibility of taking up this share are invited to contact steve@ownergroups.com or to call Steve Last on +44 1628 486350.
The following is an outline of the property characteristics and the basic organisational and financial aspects of the group. A fully detailed prospectus including floor plans etc will be available shortly.
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1. Property summary. Byam House is a waterfront villa built approximately 12 years ago. It has 4 bedrooms each with its own bathroom. The property is structured to be unobtrusive and made up of several connected buildings on different levels. There is a "main" building with a large covered deck looking seawards, onto which opens the kitchen and a sitting room. Adjoining this is the master bedroom suite. There is another covered deck that leads to the L shaped guest wing which has 3 bedrooms. One bedroom on the 1st floor with a small sundeck and the other two have French doors opening directly onto the swimming pool deck. The pool is not huge but quite adequate. There is a large garage beneath the main building, plus large private storage cabinets for each owner. The garden runs down to the beach and the house actually has title to this. The group assets include a Toyota Land Cruiser 4WD wagon and water sports equipment including a 4.5m Nova marine RIB and a Hobie cat. The property is immediately alongside the Galleon Beach resort, which provides a number of services on contract including maintenance, cleaning services, guest reception, security and water taxi round to English Harbour for those who don't want to use the RIB. There are restaurants and bar etc within easy walking distance.
2. Organisation. This group has been running for 6 years and has three members, one of whom is now reluctantly selling due to changed family circumstances - the family will want to return on a rental basis. Title to the property is vested in a British Virgin Isles company in which each owner is a shareholder and signatory to a shareholders syndicate agreement. (There are no other shareholders and OwnerGroups has no part of the equity.) This agreement covers the rights and obligations of the members, based on principles of maximising individual freedom of choice and fairness of treatment. The heads of agreement will include but are not limited to Shareholdings, Capital and Running Costs, Voting, Share Sale and Transfer, Meetings, Budgets, and Disposition of Assets and Profits.
3. Usage. The members agreement addresses how usage time and rentals are dealt with, as well as use by friends and family. Each owner is entitled to 4 months usage a year at times of their own choice, spread over 3 four-month seasons, with unused time contributed to the rental "pot". Typically owners take a 3 or 4 week spell once or twice a year plus additional weeks as and when desired.
4. Share price and operating costs. The share price is £250,000 for a one-third share in Byam House and its associated assets. There are some buyer's legal costs but these should not be too onerous, we are currently confirming just how much it will be including obtaining an Antigua Alien Landholder's Licence. The running costs per share are £300 per month which covers all expenses, and is usually reduced by some rental income. Please look at other pages on this website for further background. An economic evaluator will provided shortly to enable you to test the value of participation against your own personal desired usage and economic circumstances.