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Macro Location Analysis
EvoEstate Risk rating is of an informative nature only & can not be considered investment advice.
Regarding the LTV, in the state just with the land not parcelled it is 444%.
On the other hand, when the project is completed, the LTV will be 15%.
The Las Casas de las Lanas operation is located at Lieu-dit Landes de Roberton - 40230, Saubrigues at the strategic crossroads of the seaside towns of Hossegor, Capbreton and Biarritz.
The Las Casas de las Lanas estate consists of 81 plots of land with an average surface area of 350 m², where investors can customise timber-framed cottages from 37 to 65 m² with 2 or 3 bedrooms and 1 or 2 bathrooms. The properties are offered on a turnkey basis with multiple tourist services such as a heated swimming pool in winter and a playground. The properties are delivered furnished and equipped with a covered terrace. The estate extends over nearly 5.2 hectares of secure land.
Visuals of the cottages :
The buildings are eco-responsible, using renewable, durable and resistant materials.
The operation is being carried out by the Nature et Résidence group, which specialises in the management of leisure, camping and senior real estate through its subsidiaries. The group's chairman is Luis Do Souto, who has many years of experience in property development and leisure park development.
The Raizers financing of €2,000,000 will finance the acquisition of the land as well as 70% of the roads and other networks (in order to start commercialisation). The Raizers debt will be repaid by the first sales. The rest of the programme will be self-financing as sales are made.
Zoom on the program
Number of units
Sales price incl. VAT
67 500 €
95 000 €
162 500 €
4 131 m²
13 162 500 €
Each plot is on average 350 m² and the price of the cottages varies between €80,000 and €110,000 depending on the size chosen by the investor (between 37 and 65 m²).
It has been verified on two previous projects that the price of each plot effectively represents about 40% of the total sale price and falls within this price range.
The land has planning permission for a residential leisure park of 81 plot surrender pitches suitable for light leisure accommodation (LHA).
The following works will be carried out on the land for the development of the Park:
- Construction of roads, pavements and soft paths;
- Construction of a common recreational area (swimming pool, spa, sauna, meeting room) and a 3,000 m² reception and parking area for visitors;
- Construction of play areas for children;
- Creation of green areas;
- Demolition of a small shed to the north of the project
- Total floor area of the project: 4,920 m² ;
- Dismountable and transportable HLL, placed on stringers facilitating the reversible character of the site occupation.
Visuals of the common areas:
Commercialiation is carried out internally by the Nature et Résidence Group, which has a team of 8 marketers.
Commercialisation has not yet begun, as the construction of leisure parks requires work to begin. On other projects of the same type and in less touristy sectors, Nature et Résidence achieves an average of 35 sales per year per operation. In the case of a sale, 100% of the funds for the land (plot) are recovered by the operator, and the buyer then orders his bungalow (light leisure accommodation) on which Nature et Résidence takes a margin of €19,000, of which €10,000 is paid at the time of ordering.
The leisure park residence market is a niche market that has taken advantage of the Covid crisis to develop. Nature et Résidence is one of the leaders. Other projects of the same type but located in different geographical areas and already partly commercialised represent the panel of comparables on prices per m² calculated from the sale price (cottage and plot) in relation to the surface area of the plot.
It can be seen that our project is totally within the market price and this with a very sought after and more strategic location than the rest of the panel.
Comparables used :
- Cottage de la Baule in Guérande: chalets of different sizes available, plots of approximately 350m² - 87% sold (reservation contracts and compromise) - launch June 2020
- Les Clos de Gascogne in Labouheyre: chalets from 40 to 65m², plots from 350 to 450m² - 74% sold (reservation contracts and compromise) - launch June 2020
- L'Orée d'Arzal in Brittany: chalets from 42 to 80m², plots from 350 to 450m² - 77% sold (reservation contracts and compromise) - launch June 2020
- Eco resort Your Nature in Belgium: program already financed by Raizers with opening planned for April 2022, 95% marketed in June 2020 for a launch in October 2019.
- Domaine de la Grenatière in Pomerols: chalets of 40 to 50m², plots of 300 to 380m² - 97% commercialised (reservation contracts and compromises) - 133 plots launched in 2015.
The Las Casas de Las Lanas leisure complex is located in the heart of a forest near the town of Saubrigues in the Landes. The complex is close to the town centre, less than 4km away, and also to the markets of the seaside town of Capbreton, less than 8km away.
The domain is at a strategic point for holidaymakers with seaside resorts easily accessible: Capbreton at 8km, Hossegor at 13km, Seignosse at 22km but also Biarritz at 30km.
It is easily accessible from the A6 motorway and the train stations of Bayonne (28km), Benesse-Maremne (12km) and Saint-Vincent-de-Tyrosse (8km) as well as the airports of Biarritz (30km) and Bordeaux (160km).
The operation is being carried out by Nature et Résidence Group, with a capital of 651,105 euros, registered in the Bayonne Trade and Companies Register under number 514 028 364, on 03/08/2019.
The bond will be issued by SAS Nature et Résidence Groupe at an annual rate of 10% per annum for a period of 24 months. The bond will be amortised and reimbursed as the operator sells its products, with interest paid annually but guaranteed for a minimum period of 6 months.
In order to provide additional guarantees, the repayment of the bond is secured by:
- 1st rank mortgage in favour of Raizers representing the bondholders' mass
- Notarised personal guarantee of Mr Luis DO SOUTO
All documents related to this fund raising are available in the "documentation" tab.
Amounts excl. VAT
Amounts incl. VAT
13 162 500
13 162 500
1 863 €/m² (excl. VAT)
Work (70% of roads and other networks)
1 237 588
1 485 106
Miscellaneous costs (insurance, financial, etc.)
Cost of acquisition
2 119 688
2 443 986
Second part of the work
7 856 463
1 571 293
9 427 755
Cost price after works
10 284 757
1 957 311
12 242 068
Total cost of ownership
10 984 757
2 017 311
13 002 068
1 341 493
In % of turnover
Net margin incl. Management fees
1 650 099
In % of turnover
VAT on the margin
*VAT on reintegrated margin
The operator follows the following steps for the commercialisation and construction of its projects:
- Purchase of the land, completion of the infrastructure works and VRD (70%) and the parcelling out of the land (financed by the Raizers loan);
- Start of the commercialisation of the plots. Once the plots have been reserved, the operator collects the share of the plot to finish the remaining 30% of the VRD work and a deposit of €10,000 to order the cottages before they are delivered.
- Once the commercialisation funds are sufficiently large (approximately 30 lots), the operator builds the common areas.
For the construction of the cottages, the operator will not advance any costs. It will take a deposit of €10,000 from the investors at the time of ordering and then pay the builder after delivery and the investors' full payment. On the sales of the cottages, the operator will take a total margin of €19,000
He will carry out 70% of the VRD work, during which time he will start commercialisation and will have the first cash flow. The Raizers loan will be reimbursed once about thirty units have been sold.
Cost price at acquisition including VAT
(= total expenses before tax + VAT - financial costs - commercialisation costs)
Operator equity contribution :
443 986 €
Bond issued on the platform :
2 000 000 €
2 443 986 €
2 443 986 €
Presentation of the operator
Mr. Luis DO SOUTO is the founding partner of Nature & Résidence Group, specialised in the development, promotion, construction and management of real estate programmes and serviced residential estates throughout France. This solid group with more than one million euros of equity is one of the leaders of the leisure residence market in France.
Mr DO SOUTO has over 20 years of experience in the leisure property business, starting with the management of several campsites through the Côte Ouest Campings Group. He now manages the Nature et Résidence Group and a dozen leisure park programmes throughout France.
SARL Loumaga – Chairman Nature et Résidence Group (100% owned by Luis DO SOUTO)
More details can be found in the documents section.