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Key Features
* Fort McMurray is home to the Canadian oil sands, the single largest oil supply in the world. (An accessible 311 billion barrels.)
* Fort McMurray's population increased 8.5% per year between 1999 and 2006.
* An expected 30,000 people will move to the area before 2011.
* House prices have risen on average 23% in the past 5 years.
* Gross yields up to 26%
* A unique opportunity to acheive high yields in one of the world's largest economies.
* Current hotel occupancy is at over 95% with oil companies resorting to housing workers in camps on site at the Oil Sands.
* The development will offer 150 fully finished ready to live apartments to be run as a hotel for short term lettings.
Description
Fort McMurray lies next to the Athabasca Oil Sands, the largest of the four main Canadian oil sand deposits. Increasing oil prices and growing tensions in the Middle East and Russia makes this source Americas first choice to combat their dependency on Middle Eastern Oil.
Currently 62% of Fort McMurray's population is working for an oil company or contractor. The large workforce required is placing a strain on the local housing market, to keep up with current demand for labour oil workers are being flown in on a daily basis and oil companies are housing workers in camps on site.
The population of Fort McMurray has doubled in 5 years due to this demand and is expected to increase by another 30,000 by 2011 to over 100,000 people.
Due to the rapid rise in population there is already a housing deficit of 4,000 houses and with the prediction of growth a further 10,000 houses will be required. In total 14,000 houses will be required before 2011.
Location
Fort McMurray lies in the Boreal Forest at the confluence of the Athabasca River and the Clearwater River at 370m above sea level. It is 435km NE of Edmonton and 60km west of the Saskatchewan border on the western side of Alberta.
Our development is located in Downtown Fort McMurray, ideally situated near the superstores, restaurants, bars and other amenities Fort McMurray has to offer, whilst still being within a 30 minute commute to the oil sands.
The Properties
The Executive Suite development offers workers and visitors the ideal mix of the amenities of Downtown Fort McMurray and ease of access to the Oil Sands.
Offering 150 units all finished to a turnkey specification the Executive Suites offers more comfort than a usual hotel with the convenience of short stay letting. Ideal for a worker on a month by month contract.
A management contract is currently under negotiation and will include all the services expected of a hotel, including changeover, cleaning, maintenance, reception services for the rooms and communal areas.
The development also includes a gym, communal patio garden and retail space, which will include a restaurant and bar as well as shops.
Payment Schedule
* A non refundable deposit of CAD$9,000 is required to reserve your unit. Each unit will be held for 48 hours to enable your reservation
* CAD$4,000 of this deposit will act as your Property Frontiers finders fee
* Within 10 working days of receipt of the Offer to Purchase Contract sign and pay the first instalment of 20% of the purchase price less the remaining CAD$5,000 from your deposit.
* 80% of the purchase price is payable on completion (estimated Sept 2009)
What's on Offer
* 1bed Apt (56sqm) C$ 350,000 (176,76829
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