We're out.
Although expecting to travel to Casblanca this week to take a look while on business, my trip was cancelled, for shame.
But yesterday we decided to pull out of the deal. The uncertainties regarding future costs and management structure, (we have been burned on this before, by reputable companies), the lack of track record and the non VEFA contract put the prospect too far up the risk curve for us - despite the prospect of high reward.
The amended contract ("we'll give you your money back if we fail to deliver") but without a bank guarantee meant, as our lawyer pointed out, very little - if they fail to build, because they'd gone bust there would be no money to repay anyway. And that would be €43k down the Swannee.
Still looks a beautiful plot, and huge properties for the price: we are genuinely disappointed not to have the stomach to be able to take the risk.
Who knows, if it all come to fruition, maybe we'll buy (with a lower return model obviously ), once all the costs are known and those who have decided to go in at the start want to 'flip'. so, once its up, and provided everything has gone all right, and the existence of the clubroom is confirmed, and the quality of the furnishings is a high as they claim it will be, drop us a PM - we may be in the market!
But right now, we have changed our focus to Berlin...
Jim
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