DC4MS

A taste of the Tuscan highlife

You’re king of the castello in this estate, says Judith Heywood

IT’S THE CLUB WITH A DIFFERENCE

http://property.timesonline.co.uk/to...cle2445803.ece

IN THE mid1990s businessman Stephen Wise took his wife on holiday in Italy. They spent the first week in a “perfect” Tuscany farmhouse, the second in a run-down villa near the Amalfi coast. That second week was as bad an experience as the first had been good; yet both were booked through the same reputable villa rental company.

This niggling inconsistency sparked off an idea that led Wise and his partners (including Mike Balfour, founder of Fitness First, and Patrick Henchoz, founder of Esporta) to launch the Hideaways Club.

The club seems to incorporate the advantages of other schemes. As a member, you’re a shareholder in a company that owns a portfolio of dream properties, from villas in Croatia to chalets in Chamonix – just like in US “destination clubs” such as Exclusive Resorts. But unlike in those clubs, members collectively own the properties, so you benefit as they gain in value. In this way the Hideaways concept is similar to fractional property ownership.

Be warned, though: you’ll need a spare £200,000 or so for the joining fee. The fees from new members will be used to expand the portfolio to 100 properties over five years, says Wise. “We’re aiming for a mix of developing markets where property prices are moving rapidly, such as Morocco, Turkey and Croatia, and mature markets that may offer a more attractive holiday environment but where property prices are generally rising more slowly, such as France, Majorca, Switzerland and Italy.” Values have grown, on average, by around 50 per cent in five years.

The portfolio contains a mix of locations, including ski resorts, countryside and beaches. But holidays come at a price. That initial £200,000 is invested in immaculate properties; members pay an additional £10,000 a year, basically the cost of running them. That sum will buy you enough points for two peak and two off-peak weeks a year – and you’re unlikely to be disappointed. FAITH GLASGOW The Hideaways Club