LIFE IN THE FAST LANE
they say location is everything in real estate, and Silverstone’s new luxury residences are set to take pole position. The storied UK circuit, which is the current home of the British Grand Prix, will welcome 60 upscale homes come May 2022 that each promise trackside thrills— and some serious revenue.
Priced from $895,000 to $2.34 million, the properties, collectively known as Escapade Silverstone, will sit as close as 39 feet from the crash barrier and offer highoctane views across seven of the track’s celebrated corners.
The modern properties will feature light, airy interiors by Michaelis Boyd. Each has two, three or four bedrooms with en suites and can be subdivided into smaller condos if desired. They are topped off with a designer garage to showcase your collection and a terrace with pinchyourself vistas.
Owners will have the run of a new clubhouse that overlooks the famous track and houses a pool, gym, spa, rooftop terrace, racing simulators (naturally), restaurant and bar. Ownership comes with complimentary tickets to all of the circuit’s events too, including the Formula 1 and Moto GP, along with priority access to the tarmac and expert driver tuition.
The fine print: Each home carries a 125-year lease and will be deemed a commercial property (a “fully managed hospitality investment”) within a company
structure. This means the stamp duty will be lower than traditional residential buildings. In addition, it can be rented out as part of a revenue-sharing model.
There are caveats, though. While Escapade says owners can stay for as long as they wish, it’s best not to exceed 30 days. After this point, the money you make from renting out your property dramatically decreases. At around 100 days, owners have to start contributing to costs. Furthermore, key circuit dates, such as the F1, count as more than one day due to the spike in expected revenue. Looks like it could pay to share the No. 1 spot.
Owners will have the run of a new clubhouse that overlooks the famous track.