Five units at Newstead for whole ownership
Newstead Belmont Hills Golf Resort and Spa is offering five of its 45 fractional units for whole ownership purchase.
It was enquiries from individuals and companies, who wanted to know if it would be possible to take full ownership of a unit, that led to the resort seeking permission from the Bermuda Government to allow it to do so.
Approval has been granted for five units to be offered for sale. The properties on the market are two one-bedroom suites, two two-bedroom suites, and one three-bedroom home. Prices start at $950,000 for a one-bedroom suite. The units are available to Bermudians and international buyers and investors.
“People who love Newstead have enquired. They said this [place] is really nice and, if we are ever able to sell a whole unit, they would be interested,” explained Lisa Mello-Card, sales representative.
The resort is on Harbour Road, in Paget, and has commanding views across Hamilton Harbour to the city. Newstead's 60 bedrooms are contained within the 45 fractional ownership units, which range from studios to three-bedroom suites.
There are more than 100 fractional unit owners, with either a one-sixth or one-twelth stake in the studios and suites.
Ms Mello-Card said the units appeal to a range of clients, including business people, retirees and companies that rent accommodation on the island.
“You have the ease of being in a central location, and there is worry-free maintenance; we take care of everything,” said Ms Mello-Card.
The waterfront property contains the Beau Rivage restaurant, there is a harbourside infinity pool, and unit owners can use the Belmont Hills Golf Club in Warwick. Other facilities include a spa, tennis courts, a water taxi between Newstead and Hamilton, and a shuttle taxi to take people to the beach and golf course.
The five homes for sale are on the same level as the main entrance.
Newstead was opened in 2008, as the worldwide recession hit. It eventually went into receivership. Then, two years ago, the Newstead and Belmont properties were taken out of receivership when they were bought by hedge fund manager Larry Doyle.
Work is being completed to meet building control requirements for the whole-ownership units, such as each having their own metered electricity.
Ms Mello-Card said Newstead was not planning to ask for permission to sell any more units, beyond the five identified.