Ian and Cameron Fraser are the latter-day standard-bearers for this other auld alliance. Born in Aberdeen, they were only aged two and three when their father, William, an architect, took the family to Antigua in 1967. Educated back at Abelour and Gordonstoun, the boys are helping to develop the mainstay of the island’s economy and its 70,000 population, tourism. Following their father’s restoration of Redcliffe Quay, 2 acres of Georgian waterfront stores in the harbour of St John’s converted into shops and restaurants, the brothers have built a second pier for cruise ships and constructed a luxurious five-star resort, Cocobay, on the west coast.
Their latest project is Nonsuch Bay on the east coast: 40 acres of virgin hillside on a spit of land protected by a coral reef rising to 150ft above sea level. One side runs down to a sheltered half-moon bay and the other to a natural harbour where yachts shelter in the worst weather. Here the Frasers are building a marina and 24 three-bedroom, three-bathroom “town houses”, each with a private plunge pool and moorings, with prices from £467,700. Half have already been sold off-plan, while only 14 of the 69 smaller apartments around the bay remain.
The hillside is divided into generous plots for villas costing from £297,000. Build costs are from £1,020 per square metre, as the villas are designed to withstand 155mph hurricane winds. Each will have glorious views over the lapis-blue sea.
“The new government here is highly supportive of investment in high-end tourism,” said Cameron. “Its PPF schemes will improve the infrastructure and encourage development that’s sensitive to the island’s ecology”. The Frasers’ partner in the project is La Perla Living, a Dutch developer and manager. It will run the on-site amenities — restaurants, tennis courts, pools, spa, tennis court and private dock — as well as providing optional rental services.
Rental returns are estimated conservatively at 4% to 5%, but capital appreciation is impressive. Owen Pritchard bought a one-bedroom apartment 18 months ago. “The value of the property has almost doubled,” he says. “I thought I’d get good capital growth in the medium-to-long term, but this is better than I could have hoped.”
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Ian Cameron says: “There is little organised, luxury residential development on Antigua, compared with, other islands.” In comparison, Barbados seems overcrowded with luxury villas and all-inclusive hotels. At the high end of the market, current prices for a one-bedroom apartment of 100 sq m with a terrace in a gated luxury development are about £2,830 per sq m. By contrast, the apartments in Nonsuch Bay are a fifth less expensive and arguably better designed.
There are only two other big gated developments on Antigua: Jolly Harbour, built over a decade ago, and Jumby Bay, an island off the northwest coast. Properties in Jolly, crammed on top of one another around the casino and shopping centre, are cheaper — the place is tired and tacky. Jumby Bay is primarily a very expensive hotel with suites and villas dotted around its 300 acres. Villas occasionally come up for sale for millions.
But the truly exclusive properties on Antigua are to be found at the ultra-exclusive Mill Reef club, although membership — by invitation only — means they never come onto the open market.
A pair of ospreys swoop suddenly across the bay. “They make their homes here,” says Cameron. You can see why.
Nonsuch Bay is marketed through Newfound Property International, 020 8605 9560, www.newfoundproperty.com
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Hosted inspection tours cost £600pp. Flights from London Gatwick take 8 hours with BA or Virgin, fares are from £500-£800