Luxury homes at a fraction of the price: holiday home co-ownership company launches £7.3m Mayfair penthouse

The concept has already proved popular in the States and is now launching in the UK with a Mayfair penthouse
The first property available to buy a share of is a penthouse on Mayfair’s Queen Street
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.

Inside London’s first Pacaso property
Pacaso

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.”

Create a FREE account to continue reading

eros

Registration is a free and easy way to support our journalism.

Join our community where you can: comment on stories; sign up to newsletters; enter competitions and access content on our app.

Your email address

Must be at least 6 characters, include an upper and lower case character and a number

You must be at least 18 years old to create an account

* Required fields

Already have an account? SIGN IN

By clicking Create Account you confirm that your data has been entered correctly and you have read and agree to our Terms of use , Cookie policy and Privacy policy .

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in