The first property available to buy a share of is a penthouse on Mayfair’s Queen Street
(Picture: Pacaso)A Mayfair penthouse with a private roof terrace, a lakefront chalet in the Cotswolds designed by Philippe Starck or an Ibizan villa could be yours for a fraction of their multi-million-pound price tags thanks to a start-up selling co-ownership of high-end holiday homes, which launches in the UK today.
Pacaso, founded in the US in October 2020, buys properties, refurbishes them and turns them into limited liability companies. It then sells them in one-eighth increments, up to half a property.
Owners can access the homes for a certain number of days per year — 44 days for a one-eighth share.
Now the concept is expanding to the UK, with the first property on offer a £7.3 million three-bedroom duplex penthouse on Queen Street in Mayfair.
A one-eighth share costs £1,084,000 with a minimum 30 per cent deposit of £325,200 required.
A £1.5 million three-bedroom house in the Lakes by Yoo development in the Cotswolds will be the next property on offer. A one-eighth share will cost £293,250.
“Both London and the Cotswolds have been on our radar since we first launched in Europe last year,” said global president Razor Suleman. “We’ve seen an incredible amount of demand for both of these destinations, and are excited to be able to offer people a new way to co-own a luxury home.”
The company has sold 400 units in 35 destinations so far, but it has not always been popular with residents.
From Maui to California’s Napa Valley, some neighbours have been waging campaigns against the firm, fearing an influx of short-term holiday makers and an exacerbation of existing housing crises.
Mr Suleman said: “Unlike properties that sit vacant for the majority of the year, or are occupied by short-term renters, homes purchased through Pacaso are occupied 90 per cent of the year by a small group of families who have a real pride of ownership and who plan to invest in their community in the long term.
“All Pacaso owners sign a code of conduct and rentals are strictly prohibited. We’ve found as community members learn more about Pacaso, they’ve gone on to build warm relationships with their neighbours and understand that the Pacaso model actually solves the issues associated with traditional second home ownership.”
