Diplomat reveals Rocksure’s new London and Manhattan funds
World leaders in the shared equity ownership of global portfolios of luxury villas and apartments, Rocksure has launched dedicated London and Manhattan Funds this past summer.
Rocksure believes that this is a new and unique opportunity for those wishing to have a stake in high-quality real estate in one or both of the most important and exciting cities in the world. Rather than investing millions of pounds, the Rocksure fund concept requires investment of just £245,000 (London) or US$350,000 (Manhattan) to secure equity ownership of luxury apartments coupled with the opportunity to use them at times of choosing for an average of 18 and 21 nights each year (respectively), during the 10-year life of the Fund. The first 12 founder investors in each fund receive a discount of £10,000 (London) or US$15,000 (Manhattan) on the subscription price.
Each fund will comprise 64 full Units of investment and will purchase four 2-bedroom, 2-bathroom apartments in coveted boroughs such as Kensington, Chelsea and Westminster in London, and in Midtown, Upper East Side and Lower Manhattan in New York. All will be luxuriously furnished and equipped, professionally managed, offer a daily maid service, and provide access to a dedicated concierge service.
Annual usage will be an average of 18-nights for a full Unit in the London Fund and 21-nights in the Manhattan Fund with multiple, half and three-quarter Units also available. As well as enjoying the properties themselves, owners may also lend their apartments to family and friends and, if necessary, roll excess nights forward to the following year.
With high-end two-bedroom apartments in central London already costing £3million or more, Rocksure’s London Fund offers a hassle-free entry into a remarkable market at a fraction of the usual cost. The company perceives this to be a shrewd time to buy as industry experts report that growth in prime central London property has now slowed, with many attributing this to feelings of uncertainty in the run-up to the 2015 General Election. Prices are expected to surge again after the General Election by as much as 8 per cent in 2016 alone.
Meanwhile, New York is ranked as the largest global real estate market by sales volume and stands out among world cities as receiving the largest share of investment by ultra-high net worth individuals in direct residential property. With the Rocksure Manhattan Fund, investors can buy a share of burgeoning prime residential real estate to be enjoyed for 10 years for US$350,000.
Investors in both the London and Manhattan Funds can apply part of their annual usage entitlements to use all of the villas and apartments owned by other Rocksure Funds and to access Rocksure’s partner properties around the world.
Of the latest launches, Founding Director David Rogers explains “These are two cities that are perennially attractive and promise an exceptional lifestyle coupled with strong growth potential. The Rocksure ownership model has been carefully crafted to offer shareholders the chance to own real estate in both these cities for a fraction of the cost of whole ownership and to use them at considerably less than the cost of renting comparable accommodation.”
These are the company’s sixth and seventh funds. Founded in 2006, the company has raised over US$30 million to date and its model of combining property ownership with low-cost use has proved extremely popular with its 150+ investors.
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