“And it’s invest, invest, invest!” These are the words legendary F1 commentator Murray Walker might use to describe the new flagship development at the trackside of Silverstone, the UK’s most iconic motorsport venue.
Escapade Living, a lifestyle-led property developer, has unveiled a luxury development just metres from the track.
Working in collaboration with the world-famous racetrack, Escapade Silverstone – made up of 60 residences and a clubhouse – will offer guests the chance to live out their racing ambitions and provide ‘unparalleled sightlines of the circuit’. The development will also seek to redefine access to motorsport.
Offering trackside luxury
Until now, for those seeking higher-end accommodation when track events are held, London has often been the only option.
But Escapade Silverstone is aiming to change that. Designed for high-performance living, the clubhouse and facilities include state-of-the-art simulator rooms, briefing rooms, a driver-focussed gym, oxygen swimming pool and sauna, restaurant, bar and private dining room.
The residences themselves include cantilevered terraces, allowing spectators to get even closer to the racetrack.
‘Light-filled and with high acoustic specifications’, they have underfloor heating, comfort cooling and en-suite bathrooms. When an owner is not staying in their residence, it will form part of the wider accommodation available to guests at Silverstone and ‘offer a healthy net yield’.
The developer behind the scheme says Escapade Silverstone will enable owners to capitalise on the 1.2 million visitors that the circuit welcomes every year in a normal year (this number has obviously been drastically affected by Covid-19 and there is no knowing for sure how long-term this impact will be).
The development is described as a ‘reimagining of leisure, lifestyle and investing: putting capital into something that provides entertainment, enrichment, enjoyment and learning, while also making a return’.
It’s an end-to-end investment, with all residences fully managed, from all upkeep and maintenance to the organising of stays and revenue distribution.
Additionally, owners will be granted founding membership, giving free access for all major race events, use of the clubhouse – even when they’re not staying – priority track access and exclusive invites to owner-only events, track days and trips.
Residences are provided on a 125-year lease and owners will be able to use them as they wish up to a certain number of nights a year. Usage nights are calculated to enable maximum utilisation of a property – for owners as guests and investors.
Escapade Silverstone says income made on residences is not pooled. Instead, owners are forecast to receive 5-6.5% net yield from their individual property, taking into account how much they themselves use it. They are also free to sell their property at any time.
Separately, Escapade Silverstone says it will provide climate-controlled car storage, enabling owners to securely store vehicles when not in use.
Less than 500 metres from the edge of the Silverstone circuit, this facility will offer full pre- and post-use preparation and inspection – allowing guests to turn up and make the most of their time on the track.
“We’re delighted to be working with such a world-renowned venue as Silverstone for our first development,” Will Tindall, Escapade Living’s chief executive, said. “Escapade Living creates destinations that are entirely of their surroundings, while also providing owners with the opportunity to make a return on the unique world-class property. The residences overlook arguably the most exciting complex of corners on all of the F1 calendar.
“In our opinion, real luxury doesn’t feel expensive; it feels comfortable and natural. That’s what Escapade Silverstone provides. And more than that, it is completely integrated with the circuit – an authentic experience borne out of the world’s foremost racetrack and, as a finished product, baked into it.”
He added: “The millions watching Silverstone’s Grand Prix double bill will do so virtually. But as the world unlocks, thousands will return to Silverstone to share the joy and spectacle of speed. When they do, we hope Escapade will be the ultimate place to stay as a guest, or as an owner.”
Stuart Pringle, the managing director of Silverstone Circuits, said: “Silverstone has always been a centre of excellence from a racing, technology and engineering perspective. But we aim to be a global, all-weather destination, welcoming guests from around the world on a daily basis to enjoy motorsport together, and to do it in surroundings which enrich that experience.”
He added: “We are delighted to be working with Escapade Living in creating a peerless hospitality experience. Escapade Silverstone will enable motorsport lovers to buy residences right on the edge of the circuit. For us, its immersive, bespoke, guest-led offering hails the dawn of something special.”
The Escapade Living team includes Twelve Architects, interior design firm Michaelis Boyd and project management consultancy Tower Eight.
Described as the motor racing equivalent of building houses next to Centre Court at Wimbledon, the scheme claims that investors don’t only benefit from strong projected yields, but favourable tax treatment from HMRC as well. There is no ATED (Annual Tax on Enveloped Dwellings) – an annual tax paid mostly by companies owning UK residential property valued at more than £500,000 – and only commercial rather than residential stamp duty.
To coincide with the two recent F1 races at Silverstone at the start of August, a limited number of residences were made available for sale, with these two, three and four-bedroom residences priced between £650,000 and £1,650,000.
In operation from May 2022, the development received planning consent at the end of 2019 and is set to break ground in October 2020.
Lewis Hamilton’s dramatic final lap blowout happened just yards away from the site, highlighting how close to the action the residences are.
Escapade Living is a luxury property development and design firm aiming to redefine ‘experiential travel around the concept of high-performance living’. It was founded by Tindall and Jerome Darker, both experienced development and investment professionals, and is headquartered in London. Its first development is Escapade Silverstone.
You can watch an overview video of the scheme here.
This post has originally been featured in Property Investor Today.